Sagaponack has, undisputedly, the most expensive ZIP code in the country
Sagaponack’s 11963 ZIP code once again took the cake as America’s priciest neighborhood, according to a ranking compiled by PropertyShark. The Southampton village took home the title for the third consecutive year, despite its 35 percent drop in median sales price to $5.5 million. Sagaponack outranked second place Atherton, California and a strip of Soho and Tribeca (10013), which placed third. PropertyShark created the list by examining the prices for which homes sold, rather than listing prices. [PS]
“Catastrophic” fire in Sag Harbor destroys Compass, BHS offices on Main Street
A massive fire last Friday ravaged Sag Harbor’s Main Street, gutting four buildings, including the Compass and Brown Harris Stevens storefronts. The real estate offices at 84 and 96 Main Street were destroyed, and the iconic Sag Harbor Cinema also collapsed, save for its facade. The fire, which started around 6 a.m. near the theater, may have been ignited by a bucket of cigarette butts, according to Sag Harbor Village Mayor Sandra Schroeder. Investigators said the fire did not appear to have been intentional, 27East reported. Though the damage was “catastrophic,” the Sag Harbor chief of police said no one was injured. In a statement, BHS said it has already found a new space. [TRD] [27East]
The decades-long stalemate between East Hampton Town and the Bistrian family continues
After 35 years of failed negotiations, not much has changed. The Bistrian family says it will begin looking into development plans for their 30 acres in Amagansett, a tract of farmland that East Hampton Town would like to preserve. Bonnie Krupinski, a Bistrian sibling, told 27East that they are now “evaluating a number of options,” as they are unsatisfied with the town’s latest offer of $22 million. She said the offer is at least $10.5 million below a recent appraisal. For the family to move forward with development, it would need the town to Provide Road access to the property. [27East]
East Hampton Town considers a toothier “save the farmland” program
As East Hampton dukes it out with the Bistrians, the municipality is also considering a more systematic approach to preserving other plots of farmland. Namely, board members are considering using the community preservation fund to purchase “enhanced development rights” on already-preserved land. Under current preservation laws, certain privately-owned farms are barred from using the land outside of farming. The “enhanced development rights” proposal, however, would impose further restrictions, including a statute that would protect the land from being used as a giant lawn. [EHS]
Coal baron’s waterfront compound in contract at huge discount
The 16,000-square-foot waterfront mansion at 66 Seafield Lane is finally in contract, New York Post reported, more than six years after it was appeared on the market for $39 million. Its most recent ask was $16.75 million. The property was designed in 1903 by Lincoln Memorial architect Henry Bacon for William Atwater, a coal baron. The three-story home features nine bedrooms, nine bathrooms, six fireplaces and a billiards room. Douglas Elliman’s Enzo Morabito has the listing. [NYP]