With available homes in the Hamptons a rarity, one investor has decided the time is right to cash in on a nearly 25-year-old land deal.
An 18-acre lot of undeveloped farmland in Bridgehampton is hitting the market for $21.9 million, Mansion Global reported. Known as Millstone Hill Farm, the land has been cultivated by the same family for generations, according to the publication, and is for sale for the first time since it was approved for a six-lot subdivision.
Seller Lloyd Zuckerberg, a partner at Samson Investment Partners, purchased the land about a quarter-century ago from the estate of real estate investor Edward Gordon for $4.5 million.
Each of the six lots is cleared for the construction of a house with a pool and a tennis court. Another part of the property has been designated as a conservation easement.
A buyer would likely turn around and sell the subdivided lots to individual buyers, who would each be able to snag about three acres. John Reagen Architects has already drawn up renderings for possible concepts on each lot, according to Mansion Global.
Douglas Elliman’s Paul Brennan and Martha Gundersen have the listing.
Surrounded by almost 1,000 acres of agricultural reserve land, the property is in close proximity to the Southampton Hunt Polo Club and is situated north of the highway, Brennan told the publication.
Building a house with a tennis court and swimming pool will take time, but prospective Hamptons buyers may struggle to find alternatives. As of earlier this month, only 450 homes were available for sale in the area, according to Hamptons Market Data, a historic 55 percent drop from the previous year. The median sales price for a Hamptons home last month was more than $2.3 million.
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[MG] — Holden Walter-Warner