Hamptons Cheat Sheet: Chris Cuomo lists Southampton home in East End buyer’s market, Gurney’s to open second Montauk locale in May… & more

TRD TRI-STATE /
Feb.February 26, 2019 11:00 AM

Clockwise from top left: Chris Cuomo looks to sell his Southampton for nearly $3M, Hamptons’ 10 priciest home sales of 2018 reveal a buyer’s market, Gurney’s second Montauk location to open in May after $13M renovation and Riverhead extends deadline for $40 million Enterprise Park deal.

Chris Cuomo’s Southampton home hits market at nearly $3M
CNN newscaster Chris Cuomo and his wife, fellow journalist Cristina Cuomo, founder of Hamptons wellness publication the Purist, are looking to sell their Southampton home for $2.9 million, the New York Post reported. The brother of New York Gov. Andrew Cuomo and son of late Gov. Mario Cuomo has listed his home at 74 Corrigan Street with Harald Grant of Sotheby’s International Realty. Property records show the couple bought the 0.6-acre estate for $1.3 million in 2005. The 3,000-square-foot, shingle-style home, built in 2008, has five bedrooms, four bathrooms, a covered front deck and a living room with a fireplace, among other features. The upstairs master suite has a marble bath with double vanities, as well as two guest bedrooms that share a bathroom. The property also has a vegetable and cutting garden, outdoor shower, pool and hedges. [NYP]

Hamptons’ top 2018 home sales show tough times for sellers
The median Hamptons home price peaked last year at nearly $1 million after rising for six consecutive years. Now, buyers are driving down the prices on luxury listings, brokers told The Real Deal in a story for its inaugural tri-state issue. “All of a sudden people got real,” said Rylan Jacka, a broker at Sotheby’s International Realty who had a hand in one of 2018’s biggest trades. “They got serious and said, ‘I want to sell,’ [while] their brokers probably said, ‘Well, you’ve got to get down to this number.’ And they actually did it last year.” The deals that closed at or near their ask may have kept luxury prices comparatively strong, reaching a median sales price of $7.85 million in the fourth quarter, a nearly 37 percent increase over the same time a year prior, according to data from Douglas Elliman. The priciest home sale of last year, 290 Further Lane in East Hampton, went for $40 million. A recent fourth quarter report by Town & Country Real Estate found home sales volume rising in several East End municipalities. Brokers are hopeful for a lucrative luxury market in 2019, as well as a spike in pricey short-term rentals[TRD]

Gurney’s second Montauk location to open after $13M reno
The owners of Gurney’s, a Montauk institution that has expanded in recent years under new ownership, plan to open their second location in the hamlet in May when a $13 million renovation of the former Montauk Yacht Club wraps up, Newsday reported. Developers George Filopoulos, of Metrovest Equities, and Lloyd Goldman, of BLDG Management, bought the site on Lake Montauk last year for $56.7 million. After that purchase, they set about renovating the lobby, ballroom, guest rooms, restaurants and meeting areas of what will be known as Gurney’s Star Island Resort & Marina. The resort will have 107 rooms, three pools, a kid’s club, a private beach and a 232-slip marina, which the owners also plan to upgrade. Filopoulos and Goldman bought the original Gurney’s from its longtime owners, the Monte family, in 2013. The developer duo fully renovated the facility, transforming it from a beachside destination for middle-class families to an upscale draw for affluent vacationers. [Newsday]

Southampton waterfront estate gets price chopped to $25M
An 8,000-square-foot mansion on an estate that once sought $65 million when it hit the market in late 2016 now has an asking price of just $24.9 million, according to Mansion Global. The steep price cut came after a vacant 2.78-acre front parcel first listed with the property sold on its own in April 2015 for $15 million, a move that trimmed the price of the main home at 412 First Neck Lane to $32.5 million, listing broker Tim Davis of the Corcoran Group told the outlet. Known as Normandy House and first listed with Bespoke Real Estate, the Normandy-style home was built in 1930 and designed by Polhemus & Coffin, but has undergone extensive renovations in recent years. The property currently has nine bedrooms in its main house, including a master suite with a private balcony, a separate two-bedroom guest house and about 400 feet of frontage on Lake Agawam. It is within walking distance of the Atlantic Ocean. In order to attract interest in the 5.56-acre estate, now being marketed by Corcoran, Davis told Mansion Global that he encouraged its owners to look for a buyer before summer hits. “In order to do that, we suggested this pricing to get offers and serious interest right away,’” Davis said. The home, which property records show was purchased by its anonymous owners for $28 million in 2013, also has a pool, pool house and a sunken tennis court. [Mansion Global]

Southold may halt Mattituck development for traffic study
The Southold Town Board is weighing whether to ban all development along Mattituck’s Main Road for six months to review a study of traffic through the area, according to Newsday. If the board goes through with the plan, officials would freeze all building applications and site plan reviews for properties between Bay Avenue and Pike Street. The moratorium would halt a site plan review for a proposed 20,000-square-foot Brinkmann Hardware store in Mattituck. The family-owned chain has already drawn the ire of locals worried about traffic problems, according to Patch. Under the current plan, the board would lift the development moratorium after six months, but officials said they could extend it if they felt the need to. “It’s a good time to take a step back, particularly in Love Lane, which is the main retail area for the [Mattituck] hamlet, and say, ‘Let’s get a grip on this now, let’s wait for the traffic study and see where this goes,’” said Southold Councilman Robert Ghosio. [Newsday]

Riverhead extends deadline for $40M Enterprise Park deal
The Riverhead Town Board narrowly voted that Calverton Aviation and Technology could extend its previous Feb. 19 deadline to close or opt out of its $40 million deal to acquire more than 1,600 acres of land at the Enterprise Park in Calverton, Newsday reported. The deal’s backers, a partnership between Luminati Aerospace and an aviation subsidiary of Canada’s Triple Five Group, now have 90 more days to complete “due diligence” on the property. Stuart Bienenstock, director of business development for Triple Five, said the would-be buyers are still working on “comprehensive programming” for the site, but he declined to elaborate on those plans. Bienenstock said he and his partners will release specifics in the coming weeks. As part of the deadline extension, Calverton Aviation and Technology has to pay $500,000 to Riverhead, which will put that money into an escrow account tied to the Enterprise Park and Riverhead’s Community Development Agency. The Enterprise Park was once home to defense contractor Northrop Grumman, which relocated its manufacturing facilities there to other states more than two decades ago. [Newsday]


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