Modlin heads to the Hamptons
UPDATED, April 5, 4:00 p.m.: The Modlin Group has set up shop in the Hamptons.
The firm quietly opened an office at 2405 Main Street in Bridgehampton in December. The brokerage has been doing business out east for a decade, but founder and CEO Adam Modlin decided it was time to entrench the firm’s presence in the region.
Christopher Covert, who joined the company from Compass to serve as Modlin’s Hamptons managing director heads the office and a four-person team.
The brokerage’s location in Bridgehampton places it at “the 50-yard line,” Modlin said, comparing it to his firm’s headquarters in Midtown Manhattan with convenient access to the rest of the city.
Founded in 1999, the Modlin Group has grown into one of the most successful boutique brokerages in the city on the back of Modlin’s Rolodex of wealthy and celebrity clients he cultivated through his ties in the fashion industry and family connections.
The firm has $1 billion in lifetime sales in the Hamptons, according to a release on its new outpost. The firm finished 12th in TRD’s 2023 Manhattan residential brokerage ranking with $192 million in sell-side transactions last year.
Some of the Modlin Group’s deals in the East End include the $105 million deal for 91 Jule Pond Drive in Southampton, the most expensive single-parcel sale in Hamptons history. Covert brokered two of last year’s priciest Hamptons deals, one at 194/218 Meadowlark Lane and one at 35 Potato Road/543 Daniel’s Lane, both for $45 million.
Modlin said the firm may soon expand into the North Fork. Along with the Hamptons, the East End residential markets have been constrained by low inventory since the onset of the pandemic after wealthy New Yorkers fled the city for spacious properties and sparked a surge of record prices and activity.
“There was a high velocity of sales,” Modlin said. “That will obviously slow down, but I think the pricing still remains consistent in the upper-tier assets.”
The area has been a center of expansion interest among New York City residential brokerages.
Serhant opened an office last year in Water Mill, marking its second physical location along with its Soho flagship and putting it in line with large firms like Douglas Elliman, Corcoran and Compass, as well as boutique local firms including Bespoke Real Estate and Hedgerow Exclusive Properties.
Tyler Whitman, a broker and former “Million Dollar Listing: New York” star who joined The Agency when it acquired Triplemint, recently started soliciting investor interest for a Hamptons franchise of the Los Angeles-based brokerage.
Correction: An earlier version of this story said the Modlin Group’s deals include the record $105 million sale of 91 Jule Pond Drive in Southampton. The company clarified an error in a press release to confirm the sale took place at 90 Jule Pond Drive.