Hamptons Cheat Sheet: Southampton properties merged into $73M mega listing, Peconic Bay fund earns $99M in real estate taxes … & more

TRD TRI-STATE /
Feb.February 05, 2019 06:00 PM

Clockwise from top left: For sale Southampton properties combined into one mammoth $73M listing, a shingled Water Mill mansion lists for $10.5M, sale of Westhampton waterfront home closes above $6.6M ask and nonprofit director Andrea Grover cuts her Sag Harbor home price to a ‘bargain’ $795K.

For sale Southampton properties merged into $73M mega listing
Two Southampton properties — 359 Meadow Lane and 660 Halsey Neck Lane — are now being listed together as a 12.2-acre compound with a $72.5 million ask. The two properties have individually been on and off the market since 2017, but have now been merged by Bespoke Real Estate, which has the combined listing. The Meadow Lane portion had previously listed for $37.5 million, while the one on Halsey Neck Lane, known as the Four Fountains, had an ask of $35 million. Four Fountains was most recently owned by Bruce Bockmann, a former managing director at Morgan Stanley who now serves as chairman of The Spur, a co-working space in Southampton. The 15,700-square-foot compound has 15 bedrooms, two guest homes, two pool houses, three garages and about 700 feet of water frontage. The lucrative listing comes as the overall Hamptons housing market has slowed down with a 35 percent drop in sales during the fourth quarter of 2018 compared to the same time a year earlier. That dip wasn’t as severe in the luxury market, which saw a smaller decline. [TRD]

Peconic Bay fund earned $99M from real estate taxes in 2018
A public program managed by five towns on Long Island’s East End earned $98.97 million last year, 3.2 percent more than it had in 2017, 27east reported. The Peconic Bay Community Preservation Fund draws its money from a 2 percent real estate transfer tax in the towns of East Hampton, Riverhead, Shelter Island, Southampton and Southold. That money then goes to preserving historic properties, farmland and open community space, along with building parks and addressing water quality issues. Southampton pulled in the most of any of the towns, collecting $53 million, but still posted a 6 percent drop from 2017. The fund’s purchases in the town exceeded $16 million in 2018 and included the $7.6 million acquisition of the former Lobster Inn in Shinnecock Hills. Southampton also used the fund’s money to buy a construction site where builders uncovered remains believed to belong to a Shinnecock Indian Nation member. The town also floated buying the blighted Bel-Aire Cove Motel in Hampton Bays with the fund’s money, but that plan was shelved. Officials reportedly believe the dip in Southampton revenues could be attributed to a decline in home sales due to ongoing economic uncertainty. [27east]

New documents show slowdown in East End developer permits
Housing inventory in the Hamptons has surged in recent years, and now developers have filed fewer permits for “building, renovations, demolitions, electrical work, coastal erosion mitigation and renewals,” among other matters, according to 27east, which obtained documents under New York State’s Freedom of Information Law. Across the South Fork, the number of new permits rose just 2 percent last year when compared to 2017, a much slower growth rate than the two years prior, the outlet reported. In 2018, signs of building bounced back in most East End villages, with the biggest decreases in Southampton (down 3 percent) and East Hampton (down 1 percent), according to 27east. The slowdown comes as Nassau and Suffolk counties gained about 10,100 construction jobs between late 2017 and late 2018, according to numbers recently released by the Associated General Contractors of America, a trade association. Long Island Business News reported that represents a 13 percent increase over the previous year, bringing the total number of those employed in construction for both Long Island counties to 89,700. [27east]

Shingled Water Mill mansion lists for $10.5M
An 8,500-square-foot Water Mill home built in 2012 by Farrell Building Company, a top Hamptons homebuilder, has hit the market for $10.5 million, according to Curbed. The home at 167 Montrose Lane has seven bedrooms, eight bathrooms, coffered ceilings in the great room, a second-floor private balcony for the master suite overlooking a nearby nature preserve, billiards room, gym and staff quarters. The 1-acre property, which is also available to rent for the summer, is an acre that holds a pool, spa, outdoor kitchen and large patio. The land was last bought in 2011 for $2.6 million and a year later the home was finished. The listing is held by the Corcoran Group’s Gary DePersia, a top East End broker who has several big-ticket residential properties on the market. [Curbed]

Westhampton waterfront home sale closes above $6.6M ask
Home sales in the Hamptons might be slipping, but the final price for a newly-built oceanfront home at 611 Dune Road in Westhampton came out to $6.7 million, just above its last ask of $6.599 million, Curbed reported. The 5,069-square-foot home came on the market in October and was snatched up by a buyer within a month. The home has six bedrooms, six bathrooms, two half bathrooms, ocean views throughout and a private balcony for the master suite. The property, which sold for nearly $2 million as an empty lot back in early 2015, now also has a pool, a large deck, an attached two-car garage and 100 feet of direct ocean frontage. Douglas Elliman’s Enzo Morabito handled the listing, while the Corcoran Group’s Ashley Farrell brought in the buyers. [Curbed]

Artist’s Sag Harbor home gets price cut to a ‘bargain’ $795K
Andrea Grover, the artist and executive director of Guild Hall of East Hampton, has slashed the ask of her shingled Sag Harbor home to $795,000, making it “one of the few bargains around,” according to the New York Post. The 1,650-square-foot home at 56 Pine Neck Lane was built in 1930, Curbed reported. Grover, who was a curator for the Century Arts Foundation at the Parrish Art Museum until being hired by Guild Hall in mid-2016, bought the home for $525,000 in 2010. She listed the home for $825,000 in December 2018. The most federal tax records for Guild Hall show that Grover earned $64,113 in total compensation from the nonprofit cultural institution for her partial year of employment in 2016. Her predecessor, the retired Ruth Appelhof, earned nearly $210,000 from Guild Hall that same year. Grover’s home has three bedrooms, two-and-a-half bathrooms, hardwood floors in the living room and cathedral ceilings in the living room. Douglas Elliman’s Rima Mardoyan Smyth and Ryan Struble are handling the listing. [New York Post]


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