Hamptons Cheat Sheet: Shelter Island homeowners sue over rental rules, Water Mill spec mansion lists for $32M … & more

By James Klatell and Grace Guarnieri | August 30, 2017 05:15PM

Clockwise from top: Shelter Island, a $32 million Water Mill spec home, Southampton’s La Parmigiana.

Shelter Island homeowners file lawsuit against “devastating” rental rules 
Rules designed to limit the amount of rambunctious short-term visitors on sleepy Shelter Island have rankled six local homeowners, who filed suit for a repeal of the law earlier this month, the New York Post reported. The regulations passed in April prevent homes from being rented out more than once in a 14-day stretch, but the homeowners say those rules will only prevent them from making enough money to stay on the pricey island. [LLNYC]
Water Mill spec mansion lists for $32M
A new 11,000-square-foot Barnes Coy-designed home has listed in Water Mill for a pretty penny. The nearly three-acre property at 951 Flying Point Road comes complete with tennis courts, an elevated pool and waterfront views of Channel Pond, Mecox Bay, and the Atlantic from a private dock. The interiors of the nine-bed, 11.5-bath home that’s currently under construction will be decorated with the modern Italian flare of Massimo Castagna. The home will also feature a six-car garage, a gym and an elevator. Bespoke Real Estate’s Zachary and Cody Vichinsky have the listing. [Behind the Hedges]
Only one townhouse left on the market at Southampton condo development
This is the last chance to become the owner of a new townhome at the 79-unit Bishops Pond development in Southampton. Ten new townhouses were added in a second round of construction at the site, and there’s one three-bedroom, 2.5 bath unit left to be sold. It will set you back $1.699 million — a special price offered by the site’s developer the Beechwood Organization. [Curbed]
Mamma mia! La Parmigiana’s Southampton home listed for $6.85M 
For 45 years, La Parmigiana has occupied a 5,500-square-foot brick building in the heart of Southampton, but not for much longer. Celestino Gambino, who founded the casual Italian joint in 1974, died in 2010, but his family just listed the building with Wald Real Estate Associates for $6.85 million. Grandfathered restaurant rights will be transferred to the new owner, Newsday reported. La Parmigiana will be open as usual until a sale is made. [Newsday]
Tiny Wainscott house listed for $2,415 per square foot
Yes, you read that right. With a price tag of $1.995 million, the 1963 cottage at 6 Windsor Lane in Wainscott would cost $2,415 per square foot. The two-bedroom, one-bathroom home has 826 square feet of living space and sits on less than a quarter acre. Laura White at Saunders Real Estate has the listing.