On this Hamptons beach, even a tiny plot fetches $10M

Retail investor Mickey Drexler bought less than an acre in Amagansett

Tri-State /
Apr.April 20, 2022 12:35 PM
Mickey Drexler with Hamptons beach (Google Maps)

Mickey Drexler with Hamptons beachfront home (Google Maps)

In Amagansett, it’s not size that counts — it’s proximity to the water.

Retail investor Mickey Drexler dropped $9.5 million on a home in the Hamptons neighborhood, Dirt reported. The size of the home isn’t clear, as the transaction was entirely off-market, but the plot of land is less than seven-tenths of an acre.

The oceanfront home has more advantages in Amagansett than being on a body of water. The property separates itself with additional water within the lot, a pool fenced into the front yard of the property. The property does have more than 110 feet of ocean frontage, complete with a deck and terrace.

Both sides of the sale were represented by Douglas Elliman’s Martha Gundersen and Paul Brennan.

Drexler has dabbled in East End real estate before.

In 2015, he sold the Montauk estate that once served as Andy Warhol’s favorite fishing escape for $50 million, eight years after purchasing it for $27.5 million. Adam Lindemann, founder of the gallery Venus Over Manhattan, bought the 5.7-acre estate.

Last year, the former CEO of J. Crew and Gap paid $16.5 million for a 7,100-square-foot house in Miami Beach, adjacent to a home Drexler already owned. The purchase helped the retail investor secure 1.3 contiguous waterfront acres.

During the pandemic, Drexler also parted ways with an Idaho estate and a pair of neighboring lots for $11 million. He was initially seeking $13.9 million, but the home plot alone was asking only $8.9 million prior to the sale. Architect Thierry W. Despont designed the 6,600-square-foot home in Ketchum’s Knob Hill neighborhood, which was purchased by a couple from Napa Valley.

Despite his previous real estate moves, Drexler is still looking to nab his white whale in the form of selling a Tribeca townhouse. He first listed it in 2016 for slightly less than $30 million, but has not been able to sell it despite a price cut and a period off the market.

Last year, the house was listed again for less than $30 million, Dirt reported.

[Dirt] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Silverback's Josh Schuster and Hopson's Chu Mang Yee with rendering of the project at 131-141 East 47th Street (LinkedIn, Getty, Ismael Leyva Architects)
    Schuster out as Hopson borrows $156M for Midtown tower
    Schuster out as Hopson borrows $156M for Midtown tower
    Mayor of New York City Eric Adams (iStock/Adams via Paul Dilakian)
    Mayor proposes restoring unstaffed voucher discrimination unit
    Mayor proposes restoring unstaffed voucher discrimination unit
    Neil Patrick Harris and David Burtka in front of 2036 Fifth Avenue (Getty Images, Google Maps)
    Neil Patrick Harris sells Harlem brownstone in neighborhood record
    Neil Patrick Harris sells Harlem brownstone in neighborhood record
    Darien First Selectman Monica McNally and Great Island in Darien, Connecticut (Darien Republicans, Google Maps)
    Fairfield County town nears private island purchase for over $100M
    Fairfield County town nears private island purchase for over $100M
    From left: Oaktree Capital Management co-chairman Howard Mark; Helmut Lang; Hess CEO John Hess; and 8 Tyson Lane in East Hampton, Long Island (Getty Images, Oaktree Capital Management, Google Maps, Hess)
    Helmut Lang finally sells East Hampton estate
    Helmut Lang finally sells East Hampton estate
    A photo illustration of 6 South Oxford Street in Fort Greene (Compass)
    Townhouse set to smash Fort Greene price record
    Townhouse set to smash Fort Greene price record
    Mayor Eric Adams and Extell's Gary Barnett (Photos by Paul Dilakian)
    Real estate’s titans talk building, selling, and reinventing the city
    Real estate’s titans talk building, selling, and reinventing the city
    Ryan Serhant and Bess Freedman (iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
    Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...