The Real Deal New York

Hamptons Cheat Sheet: Grey Gardens sells for $15.5M, two Hamptons towns rank among 10 most expensive zip codes in US … & more

By Heidi Patalano | December 27, 2017 08:00AM

Clockwise from top left: Grey Gardens in East Hampton, Village of Sagaponack, Canoe Place Inn in Hampton Bays, 40 Further Lane in East Hampton.

Famed Grey Gardens mansion sells for $15.5M to undisclosed buyer

One of East Hampton’s most notable (and notorious) properties sold to a mystery buyer for $15.5 million. Originally built in 1897, the 12-room, 6,000-square-foot home was once owned by Jacqueline Kennedy Onassis’s first cousin, “Little Edie” Beale. The 1975 documentary depicting Beale and her mother living impoverished in the dilapidated mansion inspired an HBO special and a Broadway musical. Journalists Sally Quinn and Ben Bradlee bought the Georgica Pond property for $220,000 in 1979, using it as a summer residence until Bradlee’s death in 2014. Listed in February for $20 million, the 1.7-acre spread went to an unnamed couple for a $4.5 million discount, listing agent Michael Schultz of The Corcoran Group Told The Wall Street Journal. [TRD]

Sagaponack dethroned as the nation’s most expensive zip code

For the last two years, the exclusive enclave topped Property Shark’s list of the most expensive zip codes in the country, but Sagaponack fell far in 2017 — to the 15th slot. The site credits an increased number of sales at lower price points for dragging the area’s median sales price down to $2,819,000. Water Mill was ninth in the ranking, with a median sales price of $3.1 million and Wainscott clocked in at tenth place with a median of $3 million. [Property Shark]

East Hampton gives 13 homes historic landmark designation

New legislation passed earlier this month by the East Hampton Town Board will protect 13 centuries-old homes from demolition, substantial alteration or relocation. The law will also allow current and future owners to build a second home on each property, which 27 East reported, would otherwise be in violation of zoning codes. [27 East]

Hampton Bays’ Canoe Place Inn redevelopment gets special zoning extension

The Southampton Town board voted earlier this month to allow special zoning for Canoe Place Inn redevelopment project for another two years, 27 East first reported. The developer of the project, R Squared Development LLC, a division of Rechler Equity Partners LLC, will build 37 townhouses, in addition to restoring the Canoe Place Inn and adding 1,900-square-foot clubhouse and a catering hall. The 5.6-acre property sits along both banks of the Shinnecock Canal in Hampton Bays. [27 East]

Will a half-mil price cut finally move this swanky East Hampton manse?

Here’s hoping a minor price reduction pulls off a Jedi mind trick that finally moves the 40 Further Lane property off the market. Originally listed in 2015 for $26.5 million, the 6,500-square-foot, five-bed, five-bath home sat for two years, finally getting a $7 million dollar reduction in October 2017. Now, Curbed reports that listing agent Martha Gunderson of Brown Harris Stevens has shaved just a bit more off the top, now asking $18.995 million for the 2.4 acre compound that features a heated gunite pool and pool house. [Curbed]