Hamptons Cheat Sheet: Why one hedge funder has no use for a $70M mansion, historic Southampton inn could become condos … & more

Hedge funder who broke national sales record lists old East Hampton digs for $70M
Hedge fund manager Barry Rosenstein has listed his oceanfront East Hampton home for $70 million. After buying the Drew Lane property in 2005 for $19.2 million, Rosenstein tore down a 1920s-era cottage and built a modern seven-bedroom, 9½-bathroom home in its place. The property also boasts a two-bedroom guest cottage, a 62-foot lap pool and a separate garage with office space. The Jana Partners founder is expected to move into a new house he’s building on a plot off Further Lane, which he purchased in 2014 for a record-breaking $137 million. [WSJ]

Developers propose condo conversion for historic Southampton inn
The Village Latch Inn on Hill Street in Southampton Village could become luxury condominiums if the town approves a plan submitted by Beechwood Latch LLC. The property has operated as an inn since 1901 and was sold to Beechwood and Southampton developer George Benedict in 2016 for $23 million. The proposed development would create 24 condo units, restore two architecturally historic cottages on the site and add a garage. Some residents have voiced concerns about the project’s impact on traffic and noise levels. [Newsday]

Sagaponack compound with 137-year-old barn relisted for $16M
A four-acre compound in Sagaponack featuring a converted 1880 barn is on the market for $16 million. The historic barn offers three bedrooms and four and a half bathrooms, a barn-style pool house and a nearby guest house has six more ensuite bedrooms. The property at 544 Hedges Lane had been listed for sale in 2015 at $22.5 million and in 2016 for $17.95 million. [Curbed]

Hollywood producer Goldsman cuts price on Southampton home
Akiva Goldsman, the award-winning director, producer and television writer, has lowered the asking price for his Meadow Lane home by $700,000. The traditional five-bedroom home sits on about 1.3 acres and went on the market in March for $5.995 million. The listing markets the property as a development opportunity and notes that there are approvals in place for a 5-bedroom modernist home to be built on the site. [Curbed]

Southampton Town closes on two future affordable housing complexes
The Southampton Town housing authority completed the purchase of two properties that will become affordable housing complexes. The Sandy Hollow Cove Apartments will cost $11 million and will include 28 rental units in two buildings. The Speonk Commons, which will have 38 units, is expected to cost $15.8 million. [27 East]