Former Water Mill home of Eastdil’s late founder listed for $30M

Bespoke lists Ben Lambert’s compound at 366 Cobb Road

Ben Lambert and 366 Cobb Road (Getty, Bespoke)
Ben Lambert and 366 Cobb Road (Getty, Bespoke)

A Water Mill compound formerly owned by Eastdil Secured founder Ben Lambert has hit the market for $30 million.

Bespoke is marketing the property at 366 Cobb Road, which is located on 3.4 acres and includes a nearly 8,000-square-foot main residence, 2,500-square-foot guest cottage, and 170-square-foot pool house. Outside includes a private dock and non-conforming tennis court.

366 Cobb Road (Bespoke)

366 Cobb Road (Bespoke)

Lambert, founded the commercial real estate agency in 1967, before the firm would go on to be known for landmark properties like the General Motors Building in New York City and Chicago’s Willis Tower. The chairman died in 2021 and the Cobb Road property is being held in a trust.

The main residence has four bedrooms, six full bathrooms and three half bathrooms, along with five wood-burning fireplaces and an elevator. The guest cottage, located at 360 Cobb Road, has three bedrooms, three bathrooms, one wood burning fireplace and an attached two-car garage.

366 Cobb Road (Bespoke)

366 Cobb Road (Bespoke)

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The Hamptons luxury market initially benefited from the pandemic as wealthy Manhattanites rushed to the East End to purchase secondary homes. However, in recent months, a lack of inventory has hampered the market.

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Bespoke Managing Director Joseph De Sane said in such a tight market, properties like 366 Cobb Road are hard especially hard to come across.

“It’s been tough enough to find a good piece of real estate, let alone something that offers you this size parcel on water,” De Sane said.

Rising interest rates may not have as much of an impact on East End buyers, whose purchases are not predicated on having to get bank financing, but a lack of inventory, bidding wars and uncharted price increases may cause buyers to pull out of the market, causing a slowdown.

“If we can bring a little order to any market, I think it gives everyone an opportunity to catch their breath and get calibrated, which is never a bad thing long term for real estate,” De Sane said.