The Real Deal New York

Hamptons Cheat Sheet: Chronic flooding threatens to sink the value of Hamptons homes … & more

By Aidan Gardiner | June 26, 2018 03:00PM

Clockwise from top left: Chronic flooding threatens sink worth of Hamptons homes, East Hampton home slashes asking price, Hampton Jitney owner’s Quogue home lists for $5.795M and Gurney’s spent nearly $57M on the Montauk Yacht Club.

Chronic flooding threatens to sink the value of Hamptons homes
Hamptons homes are very likely to lose value given that they’ll face chronic flooding as climate changes and sea levels rise over the coming years, according to Bloomberg. Behind only Central California, the area has the second highest level of its property tax revenue at risk among U.S. municipalities with a high likelihood of chronic flooding in the next 12 years, the outlet reported. Climate change is expected to bring constant floods that would tank property values, erode infrastructure and sink tax revenue, all of which will make it harder to fund projects to battle the rising seas. [TRD]

Gurney’s spent nearly $57M on the Montauk Yacht Club
Gurney’s forked over nearly $56.7 million to buy the Montauk Yacht Club and effectively cobble together one of the largest marinas on the East End, new records show. The three properties that comprise the Montauk Yacht Club were bought separately: 32 Star Island Road for $46.8 million, 88 South Elmwood Avenue for $6.95 million, and 379 West Lake Drive for $2.95 million, according to a report by 27East. Gurney’s owners, George Filopoulos of Metrovest Equities and Lloyd Goldman of BLDG Management, plan to undertake a $13 million upgrade of the new acquisitions, which will begin after the summer season. [27East]

East Hampton home now listed for $10M less than original ask
The ask on an East Hampton home has been brought down to $11.995 million. That’s about $10 million lower than what it originally went on the market for. Now being listed under Martha Gundersen of Brown Harris Stevens, the 5,600-square-foot home, built in 2014 and designed by Craig Lee, features six bedrooms, six-and-a-half-bathrooms, a cook’s kitchen, a chef’s cooking fireplace, a built-in sound system for every room and water views. The 2.53 acre property includes landscape architecture by Michael Derrig and a pool. [Curbed]

Hampton Jitney owner’s Quogue home lists for $5.8M
Missy Lynch, owner of the Hampton Jitney bus service, listed her waterfront Quogue home for $5.8 million, Curbed reported. The 7,025-square-foot home, which was built in 1990, has six bedrooms, six bathrooms and a wraparound porch that looks out on Penniman Creek. The five acre property has a gunite pool and dock permits and the home is listed with Corcoran’s David Cox. [Curbed]