Realty Check – Latest Hamptons Real Estate News

Uptown Guy
Billy Joel has proposed to renovate his Sag Harbor property but the members of the Architectural Review Board are not having it. The Piano Man had hoped to elevate one of his Bay Street buildings and combine it with another to create one large residence, but the board felt the resulting structure would be so large it wouldn’t reflect the village’s character.

Free Spirit
The 1900-built family home of Jemima Kirke, best known for her role as Jessa in HBO’s Girls, is on the market for just under $3M. The waterfront Springs home is 2,000 square-feet, but according to listing agent James Petrie of Compass, the zoning would allow for a 3,778 square-foot structure. Features include a private beach, cedar deck, pool and spa.

Dutch Treat
Interior designer Peter van Hattum is selling his five-acre East Hampton estate called “Hertenhof,” which roughly translates from the Dutch as “Deer Court.” The 5,253 square-foot, six bedroom home boasts a circular drive, double-height entry and French doors in the master bedroom that open onto mature gardens, heated Gunite pool and pool house. Listed by Greg Schmidt and Jackie Dunphy of The Corcoran Group for $4.3M (down from last summer’s $4.95M.)

Further Cuts
A Further Lane mansion built in 1907 on 2.4 acres has undergone a major price cut. Purchased in 1996 for $1.8 million, the property has been extensively renovated. Since going on the market in 2015 asking $26.5M, the price has been chopped more than twice in one month for a more than $7M markdown. The home, which was once part of the Maidstone Club, is now asking $19.45M. The 4,500 square-foot home features a formal dining room, three en suite bedrooms on the main level, and a finished lower level with wet bar, gym, theatre, and guest bedroom. Martha Gundersen of Brown Harris Stevens has the listing.

Ch … Ch …  CH … Changes
Having joined Corcoran as Senior Managing Director in August, Joseph Salvi has returned to practicing law. The short stint gave him a “far greater appreciation of the real estate brokerage community,” but the call of law was too strong he says. He has re-opened his practice at a new location on Hill Street in Southampton.

After four years as one of the top producer with the Raphael Avigdor team at Elliman, James Peyton has moved to Corcoran. As a life-long sailor, James says he knows how to navigate the waters. “Cruising off shore you have to understand the conditions and be prepared, whether it’s on the water or in real estate.” An announcement from Avidor stated that he will continue to “work closely with James.” In April Peyton’s brother, John, became CEO of Realogy Franchise Group, Corcoran’s parent company.

Lavish Lifestyle
Paul Manafort, who needs no intro here, is accused in a federal indictment of laundering money by having spent over $12 million on a “lavish lifestyle” of luxury items including his Bridgehampton house. Bloomberg Politics has unearthed “stratospheric payments he made to home improvement companies when his renovation work was estimated at far less.” Special Counsel Robert Mueller has reported that a Hamptons firm got $5.4 million in wire transfers from Cyprus over 71 payments. “But building permits over the same period examined by Bloomberg show that renovations by Manafort’s Hamptons contractor were estimated to cost $1.2 million,” according to the publication.

Historic Town
Southampton Town Supervisor Jay Schneiderman has proposed that downtown Bridgehampton become the first New York State-recognized historic district in Southampton Town outside a village. (The villages of Sag Harbor, Sagaponack, Southampton and Quogue are already on the State Register of Historic Places.) In noticing modern structures being built in the business district, he is seeking protections to help preserve the history of the hamlet so that it doesn’t lose its “historic touch.”

Horsing Around
The 23-acre equestrian compound on East Hampton’s Cedar Street that has been lingering on and off the market for years has seen yet another price chop. When we last looked, in 2015, it was asking $55M. Since then it was taken off the market only to be back in business as of last March when it was asking $39M. It is now $35M. Besides its 11 parcels, which can be developed, it has a 12 bedroom main house, assorted guest houses, stables, barn, riding fields and tennis court. Zachary and Cody Vichinsky of Bespoke and Dana Trotter of Sotheby’s International Realty share the listing.

Ups & Downs
Talk about a price cut! A pair of adjacent lots on Georgica Pond have gone from $85M early this year to circa $49M. The new ask does not include the plans for a new 14,000 square-foot home that were offered with the earlier price. However, the new price is way more than the $32M the property asked at one point recently. What you do get is a 6,000 square-foot house that contains wood beams that were once part of Anne Boleyn’s estate in Kent. Lori Schiaffino of Compass has the listing.

And now for a price rise.  An 1830 Greek Revival-style house that sold for $4.23M last year is on the market for $11.25M. You do the math! Having undergone extensive renovations, the Southampton residence now has five bedrooms, 4.5 baths, an arcaded wooden porch and a front gable roof with return cornices, deep caves and large Italianate brackets. Listed by the John Wines team at Saunders & Associates.