Realty Check

Bearing Gifts
Now that it’s gift-giving season, we canvassed area brokers to see what kind of gifts they have bestowed on their customers upon completion of a sale. Corcoran’s Gary DePersia tells us he once gave a buyer a generator – valued at $20,000 – as a closing gift. For a customer that bought a $20 million property he gave leather seating for the home theater. Andrea Ackerman of Brown Harris Stevens gave a high-end kayak to a homeowner who had purchased a “beautiful modern house on the bay.” On the other hand, Sotheby’s Angela Boyer-Stump actually received a Tiffany bracelet from a seller. “It had ‘Sold” engraved on the heart,” she says. “So sweet!”

Fantasy Flip
Entertainment business manager Bill Zysblat, who has handled the affairs of such talent as the Rolling Stones, has now entered the legions of Hamptons’ house flippers. Having bought an East Quogue oceanfront property in 2007 for $6.2 million, he is now looking to sell it for $22.95 million. On 2.4 acres between the ocean and Shinnecock Bay, the 7,500-square-foot main house, which had seen better days, underwent a gut renovation in which an elevator, home theater and game room were installed. During the four-year process he also added a guest cottage, saltwater pool, tennis court and pool house. One of the bedrooms has been fashioned in the style of an ocean liner.

All Points East
Compass, the new real estate agency on the block, continues its recruitment of agents from other firms. After hiring Ed Reale to head up the Hamptons’ operation, they have taken on such top brokers as Ed Petrie, Brian Buckhout, Tyler Mattson, Meg Salem and Evan Kulman. The company has opened a storefront office in Bridgehampton and will move into its East Hampton office (in the former digs of Peloton and Tiffany) on the first of the year. It also has its eye on a space on Main Street in Southampton.

What’s the draw? According to Reale, Compass’s “new and different” technological approach provides software that makes things “easier and more efficient for agents and customers.” He cites improved market reports generated in real time and evaluation tools for comps that come replete with graphs and charts. Agents are being chosen for a reputation for teamwork in order to fit into the firm’s “culture of collaboration, support and sharing.”

Changes Brewing
The sprawling mansion on Bowden Square that was once home to the old guard’s favorite restaurant, Herb McCarthy’s, has been sold. The latest tenant, Publick House – inhabiting the space since 1996 – is negotiating a new lease with Bridgehampton Equities, which purchased the property from Garden City-based Pascal Associates. The owner’s spokesperson Jason Zimmerman told 27 East that the brewery/eatery will be accommodated in the short term, but there are plans for a future renovation to “dust off a diamond” and return it to its “original glory.” Beer lovers need not worry, if the parties don’t agree to move forward together, the award-winning brewpub will stick around, according to owner Don Sullivan.

Homeowner’s Revenge
Michael Gaynor, who purchased a Sag Harbor house in January, is suing the village. His complaint: the Architectural Review Board refused to vote on his application to restore and renovate the Madison Street house until the current building moratorium took effect. Gaynor, who calls himself a preservationist, told Curbed: “The house is quite literally falling down.” While most of the house dates from the 1960s, the homeowner plans to restore “the nineteenth century part to the highest standard.” Then build a Federal Style addition. “It’s called additive style—the entire village is additive style.” After he invested more than $100,000 to plead his case, the ARB put the kibosh on his plans. “The real issue though is just dirty government,” he says.

Design Stars
Several local firms won Archi awards at the 51st annual ceremony for design excellence bestowed by the Long Island chapter of the AIA. Bates Masi took home two for residential projects in Amagansett. Stelle Lomont Rouhani won one for an Amagansett project, as well as commendations for homes in Water Mill, Bridgehampton and Sagaponack. Blaze Makoid earned one and commendations for projects in Sagaponack, North Haven and East Hampton. Martin Architects was honored for the Wölffer Kitchen restaurant in Sag Harbor. Mojo Stumer was even commended for a not yet built “contemporary barn” in Water Mill.

Trophy Sale
The century-old Water Mill estate of late hedge-fund pioneer Jack Nash has sold for 30 percent of its original ask in June of last year, according to the Wall Street Journal. The $38.5 million price was cut several times before the shy six-acre property with 500 feet of frontage on Mecox Bay sold for $27 million in October. While its final listing price of $28 million elicited multiple bidders, its precipitous drop seemed to underscore a tapering off in the market, according to the paper. On the other hand, Corcoran’s Tim Davis, co-listing agent with Harald Grant of Sotheby’s, “attributed the decline to a shortage of available trophy properties after several busy years.” Grant added that “European and South American buyers are staying away due to currency issues.”

Fruitful Alliance
The Enzo Morabito and Eklund Gomes teams, both of Douglas Elliman, have joined forces again, this time with the signing of two new exclusives by high-end developer, Jay Bialsky. The Bialsky homes are offered for sale as pre-construction or land, and are located in premiere locations in Southampton. One is a “classically modern” traditional home designed by GRADE Architecture on Gin Lane, while the other is a state-of-the-art modern structure designed by Blaze Makoid on Fowler Street. Both boast over 10,000 square feet with ocean and pond views. The allies are also celebrating having just closed on their joint oceanfront listing on Mid Ocean Drive in Bridgehampton.