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Realty Check

By Laura Euler - May 11, 2021

How much? 
Everyone in real estate is on tenterhooks until we find out how much Southampton’s Jule Pond, part of the former Ford estate, sold for. Once known as Fordune, the enormous (42 acre) oceanfront estate is in contract for a record sum, Bespoke said. “This trade represents the highest price achieved for a single property in Hamptons’ history.” Even better for them, Bespoke represented the buyer and seller in this transaction. Jule Pond was on the market for four years, initially at $175 million but with a last asking price of $145 million. Now, we’re sure you remember that the record for a Hamptons property was the $137 million hedge funder Barry Rosenstein paid for the Browne estate on Further Lane. But, if you recall, that property is made up of three parcels — so, the plot thickens. Watch this space.

Later, Hamptons 
Paper mogul and art collector Peter Brant and supermodel wife Stephanie Seymour have sold their oceanfront Sagaponack house in an off-market deal for $26 million. The deal closed January 15 this year, just two days before the tragic death of their son Harry. The couple purchased the 2.6-acre property at 159 Trees Lane, on Gibson Beach, in 2006 for $6.1 million. There’s a pond, a pool, and a comparatively modest house on the land. The Brants used to be fixtures on the Hamptons summer social scene, especially at polo matches. Brant is a serious horseman. In the future, they’ll spend spare time in Florida; last year they purchased an oceanfront house in Palm Beach for $46.75 million.

Not Fun Any More 
Another enormous trophy property, also listed by Bespoke, is in contract. Pharma billionaire Stewart Rahr, who once called himself Stewie Rah Rah, the King of All Fun, is in contract to sell Burnt Point, his 24-acre estate on the Wainscott side of Georgica Pond. Rahr first listed Burnt Point back in 2015, asking $95 million. The sales price is reportedly $50 million, which is only $5 million more than he paid for it in 2005. Back then, it was the most expensive home ever sold in New York State. The property first made headlines in 1996, selling to commodities trader David Campbell for a record setting $10 million. Campbell commissioned architect Francis Fleetwood to build the house, which was completed in 1999. Campbell then put the estate on the market in 2000, asking $50 million. (The name comes from a forest fire around the turn of the twentieth century that denuded the point.) The property offers 2,000 feet of frontage on Georgica Pond and views to the ocean. The house is a massive 18,000 square feet with eight bedrooms; part of it is a self-contained four bedroom and 4.5 bath guest wing with its own balcony and sitting room. Outside, there’s a tennis court with pavilion; pool, hot tub and waterfall; professional greenhouse; boat house; dock on a small beach; and a pretty waterside gazebo.

That Was Fast
A property that closed recently is 1384 Meadow Lane, Southampton, a three-bedroom bungalow on 3.12 oceanfront acres. The place closed for $16 million on December 8, then it sold again on March 8 for $20 million. They must have done a lot of improvements in three months! The buyer was an LLC.

Another fairly fast sale happened just down the road at 1210 Meadow Lane. We gather from the lack of interior photos that the inside is fairly dire — the dated 1980s post-mod exterior is bad enough — so the sale was based on the land value. With a last ask of $37 million, the land and location had better be impeccable, and they are. As featured on our February front cover, the property offers 3.32 acres on the ocean side of Meadow Lane, with 200 feet of oceanfront and sunset views to the bay. There isn’t a tennis court, but there’s room for one if the buyer wants. No wonder the property, repped by Douglas Elliman’s Michaela Keszler and Madeline Hult Elghanayan was snapped up in just weeks.

It Takes a Water Mill Village 
We’re not entirely sure what’s going on with the next property. 794 Montauk Highway, Water Mill, is 6.4 acres of vacant land (immediately east of the Water Mill Shoppes). Since 1986 or so, the land has had various planned uses, including a supermarket. Most recently the plan was a project known as Water Mill Village. In 2018, the planned development district (PDD) was finally approved; the complex was supposed to include 38 townhouse units, a clubhouse, pool and sewage treatment plant.

So far, so good. In 2019, the land was in contract with a last ask of $30 million; and we were told the original developers were selling to someone who’d finish the project. The property closed on December 30 for just $9.2 million, quite a drop from $30 million. Seller was Watermill Village Associates II LLC, while the buyer was reported as Watermill Crossing LLC. Guess we’ll see what happens next.

Rent the Trump House! 
We’re also slightly confused about what’s going on with the former Donald Trump Jr house. As previously reported, Don Jr and girlfriend Kimberly Guilfoyle supposedly sold their Kellis Way, Bridgehampton, house off-market for $8.14 million. Crazy price, as they paid $4.4 million for it in 2019. James Giugliano and Shawn Egan of Nest Seekers were reportedly the brokers on the deal. Nobody has seen an official transfer, so many brokers are wondering about it. Then we saw screenshots of a rental offering on the brokers’ site. The current owner, 23 KW LLC, is making the place available for rent via Shawn Egan. $625,000 for MD-LD! Another crazy price. Hey, we just report the news, folks.

To the Point 
Not such a crazy price was paid by Heath Freeman of Alden Global Capital, the buyer of East Hampton Point. Asking prices for the place have been up, down, up, for as long as we can remember, including a high of $55 million back in 2006. As previously reported, last ask for the restaurant-marina-accommodation complex on five acres was $27 million. Mr. Freeman drove a hard bargain, we think: he paid $17.28 million, almost $10 million off the asking price. Well done! Now all he has to do is renovate the Point and turn a profit. Good luck to him.

Passivhaus
A one-of-a-kind secluded oasis, this new construction 7,000 square foot home in East Quogue features cutting-edge green energy technology and a stunning modern design — an architectural solution for today’s progressive lifestyle. The first “Passivhaus” in the Hamptons offered to the public, it is designed for maximum energy efficiency and sustainable, comfortable, healthy living. Situated on 3.2 acres on the end of a cul-de-sac and surrounded by 86 acres of preserve, this peaceful retreat offers a 7 bedroom, 6 full and 2 half bath multi-level home with 3,000 square feet of white quartzite stone patios, and 20 x 40 heated Gunite infinity edge saltwater pool. Listed with Antonio Bottero of Compass. 

Goodbye Cowboy
Hal Zwick and Jeff Sztorc of Compass Commercial Real Estate have sold Rick’s Crabby Cowboy Cafe, a restaurant with marina and rental units on Lake Montauk. Zwick and Sztorc represented both the buyers and the sellers, longtime owners Rick Gibbs and Laurie Cancellieri, who have owned the property for more than 20 years. “Rick’s has been a Montauk staple for 25 years. Rick and Laurie should be proud of the environment they created and the legacy they leave behind as the site evolves to new ownership,” said Zwick and Sztorc. This sale is the second major commercial property trade in Montauk this month after Ruschmeyer’s was sold after being listed at $35 million, for which Hal Zwick and Jeff Sztorc brought the buyer.

Ch-Ch-Changes
Douglas Elliman, has announced that The Michael Lorber Team, one of the firm’s leading teams in New York City, has officially expanded its reach into the Hamptons region with the addition of local expert and top agent Adam Hofer. He will be located out of Elliman’s Southampton office. “The Michael Lorber Team already has a deep understanding of the Hamptons market, only made stronger with the addition of our own Adam Hofer,” said Todd Bourgard, Elliman’s Senior Executive Region Manager of Sales for the Hamptons. “It’s always a pleasure working with Michael and Alexander and I’m so fortunate to be joining this powerhouse team,” said Hofer. “Right now there is more connection between New York City and the Hamptons than ever before and we’re looking forward to serving our clients in both of these markets seamlessly and with the combined strength of our in-depth expertise.”

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