Hamptons-sized house flip: Estate asks $72M

Property was part of $118.5M off-market deal just months ago

Tri-State /
May.May 03, 2022 09:00 AM
70 Cobb Road (Google Maps) New York, Mansion

70 Cobb Road (Google Maps)

One of the biggest Hamptons residential deals ever could soon be one of its biggest flips.

The estate at 70 Cobb Road in Southampton is about to be listed for $72 million, Mansion Global reported.

It is part of the compound that Arthur and Jason Rabin sold for $118.5 million just a few months ago.

Hedgerow Exclusive Properties will be marketing the property, which includes a 17,000-square-foot main residence and 3,000 linear feet of bay frontage.

The off-market deal for the Rabins’ four parcels was the second biggest deal in Hamptons history, and about $13 million larger than the previous year’s No. 1.

The new listing only features about half the land from the previous sale. It spins off the largest parcel.

The buyer of the parcels executed the sale via four LLCs, each named with a variation of “Cobb Road Associates.” Hedgerow Exclusives was rumored to have handled that sale as well, though it declined to comment at the time.

The nine-acre property features 270-degree views of Mecox Bay and is situated on its own private peninsula. The main residence features 21 bedrooms, a tennis court, a pool with a basketball hoop, a spa and a pool house.

The home also has a private dock into Mecox Bay, big enough for several boats or water toys.

Buyers in the Hamptons don’t have many options. Hamptons inventory was down 42 percent year-over-year in the first quarter and 16 percent from the previous quarter, according to a Douglas Elliman report by Miller Samuel. There was only a 5.1-month supply of homes on the market at the end of the quarter.

The median Hamptons sale price rose 7.7 percent annually to $1.4 million. The market share of sales of $5 million or above was the third highest on record.

[MG] — Holden Walter-Warner





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