Ultimate Equestrian Living

In 1987 a horsey couple, Jane and David Walentas, purchased Carwyham, a 115-acre farm that had been owned for generations by the Corwith family till it was bought in the 1950s by local patriarch Sayre Baldwin. The Walentases rechristened their property “Two Trees” and promptly turned it into one of the finest equestrian facilities on the East Coast, building two new barns, an indoor riding arena, two polo fields, 100 stalls, and founding a riding school.
In 1995 Peter Brant and Neil Hirsch founded the Bridgehampton Polo Club and brought the world’s best teams and ponies to the sprawling fields. Mercedez-Benz became the coveted sponsor and flocks of beautifully dressed and behatted spectators sipped champagne and nibbled on catered comestibles while watching the likes of Nacho Figueras and other internationally ranked players wield their mallets.

But land in the Hamptons became so valuable that even such tradition made way for the mighty dollar. In 2010 the Walentases put the entire farm on the market for $95M, but eventually dropped the price to $55 million before changing strategy and selling off portions.

The family home, a 17th-century farmhouse original to the property, was renovated several times over the years. It was sold in May for $3,650M. The couple built a modern ocean-front house in Southampton where they now reside.

The Farrell Building Company bought a parcel for $11.7m with plans to build five estate properties on jumbo lots. According to the Corcoran Group’s Gary DePersia, lot 1, a traditional home, has been sold. In early summer the company held a party and tour of three houses – lots 2, 3 and 5 – each on two acres and selling in the $8 million to $9 million range. Each dwelling has the Farrell signature double-height entry halls, generously proportioned great rooms with coffered ceilings and state-of-the-art, high-style kitchens. Lot 5 is a barn-like structure, in keeping with the equestrian history of the place. On about two acres, there’s 8000 square feet upstairs plus 3400 sf in the lower level and seven bedrooms. Of course there will be a pool, pool house, and tennis court.

David Walentas is himself a New York developer who has owned, managed and developed vast real estate holdings under the company name: Two Trees. The firm’s portfolio is currently valued at more than $4B and includes more than 2,000 apartments and three million square feet of commercial and industrial real estate throughout New York City.

So it is no surprise that Walentas is developing 12 properties at his farm, each in the $10M range. Eleven range from 1.8+ acres to 3+ acres, and one is 9.7+ acres, all located on a private cul-de-sac with, of course, bucolic farm views. The estates are being marketed by Christopher Burnside of Brown Harris Stevens. Two of the three initial homes were designed by Fleetwood & McMullan Architects. Eric Woodward designed another. Exterior features for each residence include a 50-foot gunite pool, spa, pool house and tennis court.

Woodward’s house at number 8 Two Trees Lane is completed and contains “all amenities you would expect from a renowned architect,” according to Burnside. “The construction is high level, not standard.”

The 8100 sf home features eight bedrooms, eight full and three half-baths, living room with coffered ceiling, kitchen with marble countertops, paneled formal dining room, an elevator serving three levels (including the finished lower level), a heated 3-car garage, four interior fireplaces and one outside fireplace.

The Fleetwood designed structure at number 14 boasts more than 11,000 square feet with an open kitchen with large center island, butler’s pantry, living room with custom built-ins and triple French doors opening to rear porch. A second house by the firm is being finished now and will be available this fall.

The design of a fourth house, number 6, has recently been completed on the drawing board. Smaller than the others at 5200 sf, it will be built to the same standard as the others and feature the same cedar shingles and wood roof, but will not have a tennis court or pool house – allowing for a considerably lower price. “It’s being put in at the entry-level price of $7M,” says Burnside. There’s been so much interest in the house, which will start construction in the fall, “that it will probably sell before it’s done.”

“All of the properties overlook the riding facilities and polo field,” says Burnside, who stresses that all vistas are protected. “There’s a covenant that the owners will never lose their views or be hedged out.”

Speaking of riding facilities, the actual horse farm is also for sale. The iconic 65-acre property is listed at $17.995M but is not developable. Comprised of 88 stalls, two indoor riding arenas, three outdoor rings, and paddock and fencing areas, the farm must always remain an equestrian property.
The fact that the farm will stay is a significant part of Two Trees’ appeal. “It’s the only really high-end building going on north of the highway with any kind of views and an equestrian farm,” says Burnside. “I don’t think there’s anything close to it being duplicated.”

Burnside is particularly enthused that someone has bought one of the remaining parcels and is having their home custom designed by James Merrill. Top flight modern architects Rob Barnes and Chris Coy are possibly also being brought in for a project. “Once you start putting high-end architecture in, it won’t look suburban, each one will be unique.”