Hamptons Cheat Sheet: Ralph Lauren buys another $20M Montauk mansion, Wainscott estate lists for $25M … & more

New York /
Dec.December 11, 2018 02:30 PM

Clockwise from top left: Ralph Lauren adds to Montauk property portfolio with $20 million oceanfront home, an investor’s Montauk compound listed for $21 million goes into contract, an Amagansett home sells for $10.5 million after first asking for $18 million and a Wainscott mansion lists for nearly $25 million.

Ralph Lauren buys $20M home on Montauk oceanfront
Fashion designer Ralph Lauren has gone into contract to buy the onetime Montauk home of playwright Edward Albee, the Wall Street Journal reported. The home, which spans about three acres and has a 2,100-square-foot main house, a guesthouse and a pool house, was last listed with Douglas Elliman’s Paul Brennan for $20 million. The grounds also include a tennis court and pool. Lauren already owns homes on either side of the property. Albee bought the home, which hit the market in July, during the 1960s after writing “Who’s Afraid of Virginia Woolf?” Albee died in Montauk, where he lived part-time until his passing in September 2016. [The Real Deal]

Modern farmhouse in Wainscott lists for nearly $25M
An estate spread over more than eight acres has hit the market for $24.995 million, according to Curbed. The 9,600-square-foot property, styled as a modern farmhouse, includes a main home with eight bedrooms, seven bathrooms and three half-bathrooms. The home has an open floor plan, an elevator to its three floors, a fireplace and coffered ceilings. The master suite has a private terrace, two walk-in closets, an office and a marble bathroom. Outside there is also a heated gunite pool and spa, a pool house, a sunken tennis court, horse paddocks and a two-car garage. The mansion, which is located about a mile from the ocean, was built in 2013 and last sold in 2015 for $18.9 million. The listing is represented by Bespoke Real Estate. [Curbed]

Montauk plan to move downtown to higher ground gains support
Environmentalists and East Enders joined together on Dec. 6 to support a proposal that would move Montauk’s downtown farther inland in a bid to to protect it from the growing effects of climate change, according to Newsday. The plan was outlined in East Hampton Town’s studies of its hamlets. The Montauk plan calls for creating a resort and mixed-use corridor along Essex Street and shifting the downtown center to the intersection with Montauk Highway, which is at a higher elevation. According to the report, the town’s shoreline has moved 44 feet inland since 2000. The report didn’t explicitly identify the businesses that have to move. The plan also needs to undergo an environmental review and local officials still have yet to work out how to negotiate a development of transfer rights with business owners in low-lying areas. [Newsday]

Real estate investor’s $21M ‘Tinder party pad’ goes to contract
A Montauk compound owned by Michael Hirtenstein, a real estate, nightlife and telecommunications mogul, has gone into contract, Curbed reported. The home, which has been on the market since April when it was asking for $21 million, was designed by architect James Biber in 2006 and honored by both the American Institute of Architects and the American Architecture Awards. The property made headlines in 2017 when Tinder spent $135,000 a month to rent the compound, which has 300 feet of ocean frontage and is made up of two properties, each about two acres. The 5,500-square-foot main house has three levels, a gourmet kitchen, a roof deck and wraparound terraces. The 2,400-square-foot guest house has two bedrooms, one bathroom and an eat-in kitchen. Both buildings were built by Men At Work and can withstand hurricane-force winds. The compound, which also has a heated gunite infinity pool, a hot tub and an outdoor shower, was bought by Hirtenstein in 2013. The Corcoran Group’s Gary DePersia is representing the listing. [Curbed]

Amagansett home that took big price cut ultimately sells for $10.5M
A more than two-acre property in Amagansett that originally listed for $18 million in January 2017 has sold for $10.5 million, according to Curbed. It was most recently listed for $11.5 million. The contract was signed in August and the deal closed last week, the outlet reported. The 6,488-square-foot home, built in 1909, has seven bedrooms, 12-and-a-half bathrooms, hardwood floors, beamed ceilings, a large kitchen, several fireplaces and a double-height living room. The property also has covered outdoor porches, a detached two-car garage, a heated pool, a pool house and landscaping. Philanthropist Jane Rivkin, the widow of former investment analyst Jack Rivkin, bought the property in 2010 for $6.5 million, according to Curbed. Corcoran’s Randi Ball represented the listing. [Curbed]


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