Real estate bigwigs go politicking in the Hamptons
As the all-New York presidential election kicks into high gear, both major political parties are holding big-ticket East End summer fundraisers — and those in the industry are squaring off. Loews Corp. co-chairman and Giants co-owner Jonathan Tisch organized a $33,000-per-guest Hamptons fundraiser for Hillary Clinton. Not to be outdone, Douglas Elliman chief Howard Lorber, who donated $100,000 to Donald Trump’s campaign this year, is co-hosting a Trump fundraiser at the East End pad of Jets owner Woody Johnson. Call it a Subway Series of sorts. Meanwhile, a Southampton mansion at 42 Oceanview Drive will be party central for another Hillary fundraiser, this time hosted by Bill White, the chairman and CEO of Constellations Group, and Bryan Eure, a senior vice president at insurance brokerage Willis Towers Watson. That is, unless the home sells first. It’s on the market for $6 million. Could the buyer be a political party spoiler? [TRD] & [TRD]
Douglas Elliman absorbs East End brokerage McCoy & McCoy
Founded 46 years ago, McCoy & McCoy had the only real estate office in Sagaponack, which PropertyShark data show is America’s priciest ZIP code. Dottie Herman, CEO of Douglas Elliman, enthused in a press release announcing the merger that Elliman will now be the only brokerage “in this very special and coveted locale.” William McCoy, the local real estate firm’s founder, said that his company — with a mere five desks — shares the same essential values as the giant nationwide broker with which it is merging. He said their watchwords were: “Live a good life, help people along the way, and get the best returns.”
Buyer of David Geffen’s $67M Ross Estates revealed as local spec developer
DreamWorks co-founder David Geffen made waves earlier this summer when he purchased an estate on Lily Pond Lane for $70 million, a stone’s throw from another property he owns, the massive Courtney Ross estate on the famed Georgica Pond. In June, it was revealed that the billionaire sold the latter four-parcel property in two separate transactions for a total of $67.3 million. Last week, 27East reported that the LLCs behind both transactions are linked to commercial and spec home builder Kouros Torkan’s Villadom Corp. [27E]
New owner of Andy Warhol crash pad struggles to sell his former Montauk manse
Art collector Adam Lindemann made headlines with his $50 million purchase of Eothen, Andy Warhol’s former Montauk estate at 16 Cliff Drive. Now he’s slashed the asking price for the nearby Montauk property he is trying to unload, shaving $4.5 million off the original $29.5 million ask. Designed by famed architect David Adjaye, the 5,000-square-foot, six-bedroom house sits high atop the Montauk bluffs. [Curbed]
Bridgehampton homeowner seeks $10 million, two-year profit
The owner of a 6,000-square-foot, five-bedroom home at 443 Sagaponack Road has listed the property for $15 million — or nearly three times what he paid for it in August of 2014. Represented by Mark Baron and Christopher Burnside of Brown Harris Stevens, the listing boasts “bucolic water views” from all of its main rooms, a covered porch with grill, formal living and dining rooms, a private dock and a koi pond. Sounds nice enough, but it still begs the question: Is it worth it? [Curbed]
New North Sea developments break the mold
North Sea is a woodsy Southampton hamlet located in the north-of-the-highway zone often overlooked by vacationers. But after the Kardashians rented a waterfront estate on Noyac Road in 2015, the mix began to change. Now, on a spit of land next to that property, Coast Development Group has broken ground on a $26 million development project slated to add three hefty 5,000-square-foot homes to the harborfront land. Two of the houses, which will list for $6 million each, are under construction; a third is planned for $14 million. All will boast huge floor-to-ceiling windows, a far cry from the cedar-shake look of much of the area’s other new construction. Glenn Callahan, a Coast Development partner, touted the inland location as an asset, saying, “You can escape the madness of The Drive.”
Historic Montaukett house slated for rehabilitation and landmark recognition
A home at 95 Springs Fireplace Road that represents the last of the Algonquin-speaking Native American tribe, the Montaukett, will be recognized as a local landmark and rehabilitated by the Town of East Hampton. The property known as Fowler House was built in the 19th century and was originally owned by a Montaukett couple who were displaced from their property by the state, according to 27East. “It is an important symbol of Montaukett history,” Marguerite Wolffsohn, the town’s planning director, told board members in a recent letter. [27 East]