Category: Uncategorized

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Was it something we said? Was Zeldin not strident enough defending Dad? Or is it just the entire family is moving to Florida? We suspect the last. News came on Saturday, via the New York Post, that Donald Trump Jr and girlfriend Kimberly Guilfoyle have sold their Kellis Way, Bridgehampton, house in an off-market deal. They purchased it in 2019 for $4.4 million. According to the Post, the sales price was $8.14 million. Hmmmm, really? Almost double in two years? It’s a nice place, though the old listing photos make it a little bland, and Kellis Way, despite being south the highway, isn’t where we’d choose in Bridgehampton. It’s right next to the shopping center and Kellis Way doesn’t connect to any through streets.

James Giugliano, of Nestseekers, and Shawn Egan were reportedly the brokers on the deal.

 

News comes this morning that 70 Further Lane, East Hampton, has traded off the market, selling for $59.5 million just last month. The seller was 70 Further Lane LLC, while the buyer was 70 Further Lane Holdings LLC. (Well, that’s imaginative!)

We, of course, know that 70 Further Lane was the home of legendary short-seller Jim Chanos, who’s been called the Darth Vader of Wall Street, the Catastrophe Capitalist, and the LeBron James of short selling. He is of course most famous for correctly predicting and shorting Enron. Recently, the billionaire was known for shorting Tesla, but he’s now changed to a put position.

And we guess he hit his strike price on 70 Further Lane! The property is what we’d call “semi-oceanfront,” as in, there are just dunes between the house and the ocean, but we think this is one of those properties where the Nature Conservancy owns the dunes. (If we’re wrong, let us know.) The house looks comparatively modest for the area, on a long, thin 2.97 acre plot.

What do you think? We’re fairly sure this will be on a top 10 list of sales for 2021.

 

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Kit houses were the latest thing in North America a hundred years ago. It’s estimated that between 1908 and 1940, more than 100,000 kit homes were sold. These houses made the latest technology–central heating, indoor plumbing, electricity–available at an affordable price. The purchaser would receive all of the supplies by rail for assembly either by the homeowner or a local builder.

Sears issued its first specialty catalog, Book of Modern Homes and Building Plans, in 1908, featuring 44 house styles priced from $360-$2,890. This house in Jamesport is the Hamilton model from 1926, which cost $2,195. (By the way, $2,195 in 2021 dollars is $32,616.71. This property is in contract at $590,000. A good investment! Though of course, the $2,195 didn’t include the land.)

This house, repped by Cheryl Schneider and Regan Battuello at Daniel Gale Sotheby’s, is rather obviously owned by an artist or artistic soul. We were initially repelled by the zesty citrus colors the wood trim is painted, but finally decided we liked it a lot. Obviously, too, the living room, dining room and kitchen have been knocked together into one large room.

Set on 0.46 of an acre, there’s plenty of room for a pool. We hope the new owner keeps its vintage quirky charm.

• 210 Manor Lane, Jamesport [DG]

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We’re crazy in love with this adorable house, perfect for a small family or a downsizer, which is repped by Sarah Minardi at Saunders. Set on a manageable quarter acre of land, the house manages to combine country charm with up-to-the-minute chic. Outside, there’s a deck and patio, as well as an outdoor shower (and how much do we love the stone chimney?); inside, there’s just enough space for everything you need. The kitchen is small but adequate with marble counters. There’s a master bedroom on the first floor, along with a full bath, plus two bedrooms upstairs share another bath.

The best part? The price, $895,000. Won’t be on the market long, we bet.

• 59 Hog Creek Road [S]

Ah, good ol’ 290 Further Lane, East Hampton. The gigantic (10,000 square feet), almost-oceanfront (the Nature Conservancy actually owns the dunes in front of the house) property debuted on the market back in 2016, asking $69 million. Designed by Francis Fleetwood in 1995, the house had belonged to James and Ellen Marcus. Before his death in 2015, James Marcus was a retired partner at Goldman Sachs and the former board chairman of the Metropolitan Opera. Sadly, though, the house was suffering badly from a case of the 90s. The price was cut $20 million in 2017, finally selling in 2018 for $40 million. That was the highest Hamptons home sale of 2018.

Last autumn, the property was relisted, with many, many buckets of white paint applied, asking $68 million via Bespoke.

It turns out that the property closed on December 18 for $57,040,000 to an LLC. This makes the sale number 3 on the list of top 10 sales for 2020. Congrats to all involved.

So what do you think? Of course the market is hot now, unlike in 2018. Is the refreshed house going to sell quickly for $68 million? Let us know in the comments.

• 290 Further Lane [HRE]

 

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Croquet on the rolling lawn. Badminton. Lemonade on the patio, served by uniformed staff. One of the original East Hampton summer mansions, Onadune harks back to a slower, more gracious past. And now it can be yours for $25 million.

 

It was built by John Custis Lawrence between 1903 and 1907. Lawrence designed a number of great houses in East Hampton, mostly in this breezy Arts and Crafts style. This was, by the way, the fourth (and final) house that Mrs. S. Fisher Johnson built in East Hampton. And who were the Fisher Johnsons? The business guide New York 1894, Illustrated, reported:

S. F. JOHNSON & CO. Bankers and Brokers, No. 18 Wall Street.— This well-known concern was founded originally in January, 1869, by Johnson & Day, who were succeeded by Gwynne, Johnson & Day. and in 1879, Messrs. S. Fisher Johnson and Charles W. Miller formed a partnership under the present firm title. Both are thoroughly experienced men, and devote their close attention to the wants of their patrons.

So yep, more Wall Street bankers. Mr. S. Fisher Johnson retired in 1905–we hope, to spend more time in East Hampton–and the partnership was dissolved. Unfortunately, they didn’t get to spend too much time at Onadune, since he died in 1915 and she in 1922. They rented Onadune to John D. Rockefeller in the summer of 1907, when the house was new.

Onadune was eventually sold to someone called Edward de Clifford Chisholm, who was, wait for it, a Wall Street banker. Not surprising: even back then, it takes Wall Street (or similar) money to keep up an estate like Onadune. Sadly, by the late 80s, Onadune was in a state of severe disrepair; new owners broguht in local starchitect Peter Cook to bring the house back to its former glory. The place was last sold in 2006 for just over $15 million.

Onadune is looking mighty fine today, we must say. The original house, with its coveted third story, is in fine fettle; the original carriage house still exists with amenities we love like a wine room, dish room, and potting room. There’s also a pool house with living room, great kitchen, a bedroom, bath and laundry. In all, there are 14,000 square feet of living space on the estate, 11 bedrooms, 8 baths, and 3 half baths.

Interested? Contact Scott Strough at Compass, the listing agent. We’ll be expecting G&Ts in the sunroom.

• 30 The Crossways & 52 Georgica Road [C]

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Last week, the Sag Harbor residence of John and Elaine Steinbeck hit the market, asking a cool $17.9 million. Set on 1.8 acres of waterfront on Bluff Point Lane, the house is a modest 1930 two-bedroom cottage; there are also several outbuildings, including Steinbeck’s “Writing House,” which is basically a shed (below).

What a difference a week makes. Last week, locals were pondering changing the name of the new Steinbeck Park, because after all Steinbeck was not a long-term Sag Harbor resident. Now, with the property on the market, locals are all atwitter that this extremely important literary landmark be saved.

We’ve got an idea. Move the house and the writing hut to Steinbeck Park. That way people can visit it easily, and no one has to worry about a new owner tearing the house down. Which, of course, they will, because anyone paying $17.9 million is not gonna want this place.

The value is in the land. (Not that we think the place is worth $17.9 million, for what it’s worth.)

This solution should make everyone happy. The seller get cleared land to offer for a new build, the buyer can build new, and the town can keep the house and the writing hut. Not sure exactly how the money would shake out, but perhaps the seller can donate the buildings and the village/town pay to move them.

What say you? Let us know in the comments.

East Hampton Point is a property that’s been on and off the market for, well, 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. What do you get for all that? 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.

According to our sources, the place has just been sold, and, we assume, sold privately, without using an agent. What we don’t know is how much was paid and who is the buyer. We’re guessing a company will come in and do a spanky renovation, much like what was done with Gurney’s and Montauk Yacht Club (but we’ve been told they’re not the buyer).

Edited to add: Heath Freeman of Alden Global Capital is the buyer, we hear.

Know anything? Email us! Anonymity guaranteed. We’ll keep you posted as this story develops.

 

 

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Have you been looking for a modern house in Sagaponack? Beautifully presented, right on Fairfield Pond, with ocean views? Then have we got a place for you. If you move fast, we bet you can make a really good deal right about now.

Why? The owners, Philip and Lisa Falcone, are being sued. “Melody Business Finance LLC […]is undertaking a so-called uniform commercial code foreclosure and on April 13 will publicly auction interests in Falcone’s properties at 142 Crestview Drive, Sagaponack, and 22 East 67th St. in New York. Melody is working with a Newmark team that includes Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Brock Cannon on the collateral auction,” Bloomberg reported.

Falcone, a former billionaire, is the founder of Harbinger Capital, a hedge fund that managed $26 billion at its peak in 2008. But US regulators accused him of borrowing from the fund to pay personal taxes, as well as other misdeeds. Falcone admitted no wrongdoing when he settled with the Feds, although he was barred from the securities industry for at least five years. Last year he and wife Lisa were sued for defaulting on $65.8 million in loans and violating the terms of lending agreements by selling two paintings used as collateral, including a Warhol.

So what does this mean to you, Joe and Sally Househunters? You can presumably make a good deal by scooping up this place. Gary DePersia at Corcoran has the listing. There is a massive 14,000 square foot house, with 8 bedrooms, 9 baths, and 5 half baths, as well as the usual rich-person amenities: roof deck, multiple outdoor seating areas, waterfall, pool, rec room, billiards room, home theater, and our favorite, the spa room with hot tub and cold plunge. Everything has been thoughtfully designed with interesting textures and natural materials, and we really like how comfortable every room looks. Downside is the lack of a tennis court (no room). We say so what, play on someone else’s court.

Asking price is $27.95 million, which we think is pretty realistic, given the many amenities and Crestview’s proximity to the ocean. However–owner should be motivated, shall we say. Good luck, Joe and Sally.

• 142 Crestview Lane [C]

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Ah, Martell’s. Time was a young Hamptons Hot Sheet editor would ride her pennyfarthing downtown to this shop to purchase molasses candy and a new slide whistle. “What news?” she would ask the proprietor. “Has Mr. McKinley won election? Why, hello, Mr. Roosevelt.” OK, so actually it was a little more recent than that, but still, Martell’s is a Montauk institution. One you can buy right now, along with a gas station with two garages and a three-bedroomed apartment upstairs. If you’re really ambitious, you can expand upward, as neighboring buildings have done.

Interested? The lot, with a breezeway between buildings and plenty of space in back, is asking $5.475 million. Frankly, there’s not a lot of commercial space on the market in Montauk, so if you’re looking to make some money in The End, this property could make a lot of sense.

• Iconic Montauk Main Street Commercial Property [OE]