Hamptons $70M Sale Sets Benchmark for Summer Season

The Hamptons’ busy season isn’t here yet, but the housing market is already heating up with a massive deal for a waterfront property.

A limited liability company acquired 370 and 372 Further Lane for $70 million, Behind the Hedges reported. The identities of the buyer and seller were not disclosed.

The seven-acre property hit the market last summer with an asking price of $89 million. The deal, which breaks down to $7,000 per square foot, closed in two transactions in late February.

The main residence at 372 Further Lane — which made up the bulk of the deal — spans 10,000 square feet and includes 220 feet of ocean frontage.

The U-shaped five-bedroom home is designed to create a terrace with views of the water. The primary suite includes a sitting room, dressing room, sleeping chamber, and a private sun porch.

The property also has a dining pergola, an outdoor fireplace, a heated 55-foot pool, a private path to the beach and a three-car garage.

The inland barn/guest house is addressed separately at 370 Further Lane. The 3,300-square-foot structure has a recreation room, an open kitchen and dining area, two bedroom suites and a three-car garage.

Sotheby’s International Realty’s Frank Newbold held the listing. Douglas Elliman’s Paul Brennan and Martha Gundersen procured the buyer.

The year is young, but the Further Lane deal trounces the next priciest sale of the year on the East End, a $40 million trade at 1320 Meadow Lane that closed in January. That property also saw its share of discounts, initially listed for $85 million and featuring an ask of $49.5 million when it went into contract.

The biggest sale of 2024 was for Southampton’s La Dune, which sold for $79 million at auction.

There were no nine-figure sales in 2024, and just one deal above $50 million, according to analysis by The Real Deal.

— Holden Walter-Warner