The Real Deal New York

Hamptons Cheat Sheet: Developer takes plea deal for death of Elliman broker, East Hampton spec home gets $20M price cut … & more

By James Klatell | August 16, 2017 04:40PM

Clockwise from left: developer Sean Ludwick, 38 Two Mile Hollow Road in East Hampton, 719 Ocean Road in Bridgehampton.

 

Developer takes plea deal for Sag Harbor crash that killed an Elliman broker 
Sean Ludwick could get up to nine years in prison after he pleaded guilty to aggravated vehicular homicide, leaving the scene of a fatal accident and aggravated DWI in a crash that killed Douglas Elliman broker Paul Hansen. Hansen had been in the passenger’s seat of Ludwick’s Porsche when it crashed in Sag Harbor in August 2015. Prosecutors said Ludwick, a part-time Bridgehampton resident who led Blackhouse Development, dragged Hansen’s body out of the car, dumped it by the side of the road and threw his personal belongings in the woods. “I’d just like to say I’m very sorry,” Ludwick said in court, 27East reported. “I feel awful for the circumstances. I want to extend my deepest sympathies and remorse.” [TRD]

East Hampton spec home gets a whopping $20M price cut

An eight-bedroom, 9.5 bathroom home off Further Lane is on sale for $24.75 million, which probably isn’t all that shocking. But considering that the spec home was originally listed at $45 million in 2013, people are taking note. Sitting on nearly three oceanfront acres at 38 Two Mile Road, there is a 8,242 square foot manse, an infinity pool and a tennis court. Despite all that and more, the property saw price drops in 2014, 2015, 2016 and 2017. And it’s still looking for its forever family. Susan Brietenbach of the Corcoran Group has the listing. [Behind the Hedges]

Hamptons residential sales are up, but megamansions are out of favor, brokers say

It’s a good news, bad news situation at the top end of the East End market. The good: Vacation home sales in the Hamptons are finally picking up again, with the second quarter seeing the number of sales increase by 26 percent from the same time last year, according to Miller Samuel’s report for Douglas Elliman. The bad: Megamansions are falling out of favor. Brokers say rich buyers are increasingly looking for slightly smaller properties that are easier to maintain. “I think that conspicuous consumption isn’t in vogue these days, and that’s why bigger isn’t better,” Elliman broker Paul Brennan told Bloomberg. [TRD]

Late Emmy-winner’s waterfront cottage in Bridgehampton asks $19.5M

The 4.17-acre Bridgehampton plot once owned by Elinor Bunin Munroe, the namesake of the Lincoln Center’s Upper West Side film center, has hit the market asking $19.5 million. The 2,200-square-foot two-bedroom cottage at 719 Ocean Road may be modest in size, but the property’s 375 feet of waterfront on Sagg Pond could explain the price. Bunin Munroe was a graphic artist who won an Emmy for her work on the title credits for a children’s show in 1975. Her husband, George Munroe, was the CEO of copper mining and manufacturing company Phelps Dodge Corporation, the New York Post reported. Douglas Elliman’s Matthew Breitenbach has the listing. [LLNYC]

Golf great Raymond Floyd tees up his Southampton estate for $25M

Not just any weekend duffer can get away with naming his 10,000 square-foot Southampton home “Mulligan,” but for Ray Floyd, who has 22 PGA tour victories to his name, it works. The 74-year-old listed the 3.25-acre spread with Harald Grant at Sotheby’s International for a hair under $25 million. For that price, you get a five-bedroom main house, with two more bedrooms over the garage, plus a two-bedroom guest cottage, along with with a pool and tennis court. While photos show there’s a good bit of grass, no putting green is evident. [Behind the Hedges]

East Hampton votes to enforce septic mandate and offer homeowner rebates

A lot of people come to the Hamptons, and they leave behind a lot of poop. Unfortunately, that’s leaving a lot of nitrogen in the water. East Hampton officials are now taking steps to clean up the problem. The town board voted this week to give qualified homeowners up to $16,000 when they install a low-nitrogen septic system. Also, all new or replacement septic systems will have to meet the new environmental standards after Jan. 1, 2018, 27 East reported. [27east]

Deceased hedge fund manager’s Sagaponack home back on the market – at a premium

The 1.7-acre Parsonage Lane estate owned by Sanjay Valvani is on the market for $13.5 million, which is $1.4 million more than it was originally listed for last July. Valvani died of an apparent suicide in June 2016, following his arrest on insider trading charges. He was accused of using confidential information from a former FDA official to illegally earn millions. Harald Grant of Sotheby’s International has the listing. [NYP]

Correction: An earlier version of this story stated that Sean Ludwick had been sentenced after pleading guilty. He has not yet been sentenced.