Sailing Away!

On Three Mile Harbor, East Hampton Point has been on and off the market for as long as we can remember, at all different prices: $55 million in 2006, $29 million in 2015, and most recently down to $27 million. It includes five acres of harborfront land with a waterfront restaurant, accommodation including 13 individual cottages and seven suites in the main house, and a full-service marina and boatyard with 58 slips. There’s also a ship’s store, pool, and tennis. It would be impossible to replicate the restaurant and marina on Three Mile Harbor today, with current waterfront zoning laws.

The place has been sold to a young hedge funder, Heath Freeman of Alden Global Capital. This could be exciting news, with plenty of money to spruce the place up. Watch this space.