Hamptons Cheat Sheet: Southampton new build in contract at $35M, Spur co-working space faces eviction… & more

TRD TRI-STATE /
Feb.February 19, 2019 12:05 PM

Clockwise from top left: Hamptons builder Joe Farrell gets $65M for 268-unit Central Islip rental project, $2M cut from oceanview Montauk compound’s asking price, 1stdibs founder lists Southampton home for $3M less than he bought it for four years ago and a landlord may evict co-working space the Spur from its under-construction flagship in Southampton.

Southampton new build in contract at nearly $35M
A 23,000-square foot new construction home in Southampton has gone to contract at $34.95 million, according to Behind the Hedges. The mansion at 6 Olde Towne Lane, built in 2017, includes a full-length indoor basketball court, a rooftop putting green, a tennis court and a gunite pool. Tony Ingrao designed the home’s interior, which includes nine bedrooms, 16 bathrooms, a glass staircase, a black stone fireplace and four kitchens, one of which is for professional use. The 3.84-acre property was developed by Cold Spring Harbor-based Keane Development Company. Information about the buyer’s identity is not yet known. Corcoran Group star broker Gary DePersia brought in the buyer. Behind the Hedges notes that DePersia shares the listing with fellow Corcoran agent Tim Davis, Douglas Elliman’s Michaela Keszler and Erica Grossman and Harald Grant and Bruce Grant of Sotheby’s International Realty. [Behind the Hedges]

Landlord may evict Spur co-working space from its Southampton flagship
Bruce Lewin, the owner of 630 Hampton Road in Southampton Village, is trying to evict co-working space the Spur and rescind its lease agreement, according to 27east. The Spur is currently building what will become its 5,000-square-foot flagship location on the site, although building has come to a standstill. Lewin, an entrepreneur, bought the property last May for $4.5 million as part of an agreement with the Spur, which immediately entered into a new lease with the landlord. But Lewin’s attorney, Peter Guirguis of Mintz & Gold, sent a letter on Feb. 13 to the Spur’s founder, Ashley John Heather, accusing him of breaking that lease by failing to pay applicable taxes (or providing proof that he did), failing to maintain a safe property and breaching a $1 million loan that Lewin gave him for construction expenses. If Heather, advised by the law firm Farrell Fritz, doesn’t agree to void the Spur’s 25-year lease, Lewin will sue, the outlet reported. Heather has previously said that despite setbacks, he remains dedicated to building out the Spur’s Southampton space. Apart from the potential legal problems, the project is also stalled because aspects of it still need to be approved by the Southampton Village Planning Board and the Zoning Board of Appeals. On Feb. 12, The Spur also announced that it also plans to open another space come mid-March in East Hampton at 44 Three Mile Road, a former popular dine-and-wine spot. [27east]

Hamptons builder Joe Farrell gets $65M for 268-unit Central Islip rental project
Webster Bank and RXR Realty have teamed up to loan $65 million to prolific Hamptons builder Joe Farrell to finance the building of a 268-unit rental building on 30 acres in Central Islip, according to The Real Deal. The project at 300 Carleton Avenue is slated to open in 2021. When complete, the development will have a fitness center, co-working space, outdoor space and a children’s playground. The project would be the fifth building that Farrell’s rental division has begun since 2016. Farrell, who last year listed his own Hamptons home for nearly $50 million, has recently been trying to branch out from the East End’s mansion market to pursue multifamily projects in Long Island and upstate New York. A luxury apartment building he put up in Newburgh will begin leasing in 2019 .The developer also has rental projects in Fishkill and Smithtown and claims to have built 400 projects over the past two decades. [TRD]

1stdibs founder lists Southampton home for $3M less than 2015 price
Michael Bruno, the founder of high-end antiques website 1stdibs, has put the Southampton home that he and his partner Alexander Jakowec acquired in 2015 on the market on the market for $12.95 million, more than $3 million less than they bought it for four years ago, the New York Post reported. The couple seem to want to sell because they’re not spending enough time at their East End estate, opting more often for a home in Maine they bought for $4 million in 2016. The Southampton mansion at 199 Coopers Neck Lane was built in 1910 by architect Grosvenor Atterbury. The more than 14,000-square-foot home has 11 bedrooms, 12 bathrooms and sits on three acres. The listing advertises that the home’s interiors have been “prepped as a blank canvas.” Tim and Thomas Davis of the Corcoran Group have the listing. [New York Post]

$2M cut from oceanview Montauk compound
After seven months on the market, 8 Washington Drive in Montauk has had nearly $2 million shaved off its original ask, bringing its potential purchase price down to nearly $9 million, Curbed reported. The compound, which was designed by architect Robert Lenahan and finished in 2014, has four structures over nearly an acre of property. They include a main house, a two-bedroom guest house, a pool house and a two-car garage. The main house has four ensuite bedrooms that each has a fireplace along with a powder room, dark hardwood floors throughout, an open floorplan, gourmet kitchen, butler’s kitchen and a second-floor master suite with an oceanview terrace. The guest house has three bathrooms, another chef’s kitchen and living room. The listing is shared by Jackie Lowey of Saunders & Associates, Nancy Keeshan of Compass and Gabriella Portella of Corcoran. [Curbed]

Purchase could launch Suffolk and Riverhead “green belt” project
Suffolk County legislator Al Krupski has asked the Riverhead Town Board earlier this month to vote on a resolution at its Feb. 20 meeting to support the purchase of nearly acre-sized lot at 305 West Main Street by the Peconic River and create a “green belt” of properties allowing waterfront access, Newsday reported. There is no current price tag for the property, which is owned by local resident Tom Mielnicki, who has reportedly sent a letter of interest to the county. The belt of properties would be made up of open spaces and parks for residents. Riverhead doesn’t currently have a plan to create the belt, but studies have suggested that the municipality do so. If the town does buy the property, it could tie into the county’s proposed purchase of a 16-acre former duck farm on West Main Street. In December, some board members were wary of that purchase because it may cost too much to maintain the property. [Newsday]


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