Hong Kong developer to list Sands Point estate

Hong Kong-based Euro Properties, which last week sold its stake in a stalled Manhattan condo project for $26 million, is also preparing to unload a waterfront estate at 24 Hicks Lane in Sands Point, the company said in a statement. The 21-acre property with 628 feet of water frontage was just approved for subdivision into six different plots. On the property is a 5,800-square-foot brick colonial main house with a tennis court, gunite pool and a running track. The estate, which can be sold together or as six lots, also has a brick barn, two cottages, a 400-foot permanent deep water dock and a floating dock. Herb Hirsch and Joseph Masini of Berkshire Hathaway HomeServices New York Properties have the listing. The announcement of the proposed Sands Point sale came as Euro Properties divested its stake in a stalled condo tower at 118 East 59th Street. The company was supposed to be the first Chinese developer to build a condo tower in Manhattan, but the 29-unit project lost steam amid Chinese government reforms cutting back on outbound capital flows from the mainland into foreign markets. [TRD]