Month: February 2021

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]

The most expensive houses in the Hamptons is a frequent topic of discussion. As we all know, however, the number one rule of real estate is location, location, location, and perhaps this is no more evident than in the Hamptons. Therefore, the most expensive houses may not have the most lavish master suites, since OTT master quarters are a relatively new concept. Also, some of the priciest estates have skimpy online photos, for privacy or security reasons that frustrate us looky-loos (we’re looking at you, Jule Pond). Anyway, here are some of the top properties for sale in the area and the room in which the owner will spend the most time.

Here’s the master suite of 700 Meadow Lane, Southampton, currently the most expensive listing on the East End at $175 million. While the views are superb, of course, the suite, according to current tastes, is surprisingly modest. The listing states, “The primary suite features a woodburning fireplace, two walk-in closets, a spacious bath with bookmatched marble above the soaking tub, and a west-facing office alcove for optimal water views at sunset, plus access to the oceanside terrace.” The marble is very pretty, we must say.

Next up is Linden, the gorgeous old-school estate at 160 Ox Pasture Road, Southampton, asking $75 million. Details are sparse on the listing, but we adore the wide window seat in the master bedroom, along with the colorful glass tiles in the bath (main pic), the luxurious marble bathroom fireplace and the pretty wave-design mosaic tile floor.

If you’re seeking oceanfront in East Hampton, consider 290 Further Lane, asking $68 million. The master suite is pretty special, with “an intricately detailed fireplace, his & her spa baths, a TV room and multiple terraces highlight this private oasis.” Because there just aren’tenough places to watch TV in a 10,000 square foot house? The private terraces offer great views.

Next up is the Otto Spaeth House, also oceanfront at 30 Spaeth Lane, East Hampton, yours for $67 million. While the house itself is a midcentury modern landmark, erm, not so much on the master bedroom. It’s more like mid-Mario-Buatta. Still, a good wallpaper remover and all that chintziness will be but a memory. And heck, can’t argue with those views.

Finally, take a gander at 356 Meadow Lane, Southampton, asking a mere $52.5 million. We like how this master bedroom isn’t cavernously huge; the barrel vault leading to the stunning white marble bathroom is extremely trendy right now, even though the house was built in 1982. (Good design: timeless.)

Which would you choose? We would probably go for Linden, long one of our favorite estates in the Hamptons, even though it’s the only property that’s no oceanfront. Let us know what you think in the comments.

 

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Aaaah, it doesn’t get much better than this. Designed by Robert AM Stern, the former dean of the Yale School of Architecture, and completed in 1975, this house is a landmark of postmodern design, worthy of note by such critics as Vincent Scully and Paul Goldberger. Yes! This means it’s time to impress your guests with your knowledge of postwar American architecture!

Save that till after dinner. Everyone will be in a great mood after a long, hard day lounging around the pool sipping drinks or on Main Beach. Then you can modestly point out the views of Hook Pond, which this property abuts, of course the ocean, and even the Maidstone Club’s seventh hole.

The house was originally designed for Norman and Carol Mercer, an artist and a landscape designer. As people will, the owners had gradually changed their house over the years. After their deaths, the couple next door, Jeffrey Gates and R. Michael Moran, worried that the house would be demolished by a spec builder, so they bought it intending to use it as a guest house.

The pair then restored the place to the original specs, in accordance with the Robert AM Stern Foundation, removing a greenhouse and art studio. The clean lines that Stern designed are now clearly evident, especially the octagon shapes, a favorite of Stern’s. For instance, in the upper living room (octagonal), Gates and Moran added an octagonal rug attributed to Stern and a smoked-glass coffee table by the architect. Smoked glass–so 70s! (Probably not a good idea to announce to your guests you’ll be having a key party later.)

So, down to the nitty gritty: the house is 6,263-square-feet, with seven bedrooms and seven baths. 2.2 acres of land provide for plenty of privacy (not to mention a nice view of Main Beach fireworks). Interested? MD-LD will run you $250,000, or even better, rent all year round for $395,000. Mike Moran at Elliman has the listing.

• 33 Ocean Avenue, East Hampton [E]

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Remember Briar Patch, the amazingly large, amazingly expensive property that hit the market in 2014? Of course you do. It was asking $140 million and was (and is) owned by Chris Whittle, probably best known for Channel One. It’s been off the market for a few years but now is back, asking $95 million. Bespoke has the listing.

If it doesn’t sell fairly soon, however, the Suffolk County Sheriff’s office might force an auction. Whittle owes millions of dollars to Avenues Global Holdings, a private school chain he helped to found, which lent him the money. In 2019, the Wall Street Journal reported, Avenues said it might force a sale to try to recoup $5.8 million Whittle still owes.

The land totals 11.2 acres, but has been subdivided into 7.5 and 3.7 acre parcels. It’s right on Georgica Pond. The c. 1931 main residence, known as “Shepard Krech House” (gesundheit) is 10,300 square feet. Homey and attractive, the house was renovated back in 1990 by Peter Marino and still looks fresh as a daisy. It boasts a three story living room, sunken library, and third-story gym.

The really charming guest house was built in 1990, and offers a living room, kitchen and four bedrooms. Of course the grounds are incredible, with mature trees, gardens, a tennis court, and a 60′ pool with cabana.

Is someone going to be able to pick up a bargain? Stay tuned.

• 90 and 100 Briar Patch Road, East Hampton [B]

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The former home of Roone Arledge, who basically invented the modern televised sports landscape wtih a show called Monday Night Football, has sold. 382 Barons Lane, Southampton, was listed in 2017 asking an eye-watering $55 million. In November, the oceanfront property closed for $38 million, a hefty discount.

Why did the property take so long to sell? After all, there are 4.5 acres of land, including 430 feet of direct oceanfront, and views to farm fields to the north. We think the house itself was holding it back. For an 8,225 square foot house, the rooms all feel closed off and small. Add to that interiors that are beige, cream, taupe, and oh right, more beige, a kitchen straight out of the first George Bush administration, and you have not what high-end buyers are looking for these days. The place seems not to have been updated a jot since being built in 1991.

So will the bulldozers be marching along to Southampton? We wouldn’t be surprised. What do you think? Let us know in the anonymous comments below.

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The old church on Madison Street in Sag Harbor has been through a lot in almost 200 years of existence. Built by the Methodists in 1832 originally on High Street, and moved to its present location in 1864, the building was sold and deconsecrated in 2008 when the congregation moved to something more modern. After that, the building struggled to find a use, with elaborate plans to turn it into a private residence and exorbitant asking prices (at one time $23.5 million) eventually coming to nothing. In June 2018, local heroes Eric Fischl and April Gornik purchased the property, selling their SoHo lofts to pay for it, with plans to turn the church, now known as the Church, into a community arts center. Art and writing and culture have long been an important part of Sag Harbor history, and this will be its new center.

Architect Lee Skolnick, who’d worked on projects for the couple before, donated much of his fee for drawing up the designs. Soaring interior spaces pay tribute to the original beams and framing, not disturbing the historic fabric of the building, while modern touches, such as a glass elevator, create an interplay between past and present.

One of the most striking features are the large, plain windows, each of which features a Sag Harbor resident painted by Fischl. (Below, Langston Hughes.) A modern take on the saints usually depicted in stained glass windows.

Inside the spacious volumes are simple, cozy spots to invite thought and discussion. There are on-site accommodation for artists-in-residence, space for creating art, exhibition galleries, a resource library, and a public garden.

The new library (above) is within the original belfry, underneath its historic bell. Below, the original stone foundation and exposed beams are highlights of the new artists’ workshops.

This project is an outstanding example of adaptive reuse of an historic building. Well done and congratulations to all involved.

Don’t believe the hype that everyone in the Hamptons lives in a megamansion. Some very nice freestanding houses can still be found for under a million. Let’s take a look at some, and at the end, vote for your favorite!

First up is 9 Bruce Lane, East Hampton (main picture). In the Maidstone Beach area of Springs, this property offers two super bijou cottages for just $775,000. They’re both renovated (or being renovated) and are set on 0.41 of an acre, with a total of 1200 square feet and two bedrooms and two baths. Live in one, rent out the other for income, we say.

 

Next, take a look at 47 School Street, Hampton Bays. As you can see above, it’s been nicely renovated with all new mechanicals. Asking $779,000, the house offers four bedrooms and three baths, and is set on 0.32 of an acre.

 

Yep, this cape ticks all the “Grandma’s house” boxes: plastic left on lampshade, old school TV, crocheted afghan, motion furniture. In the Clearwater section of Springs, 6 Pembroke Drive is asking $799,000. Obviously a few buckets of white paint are needed to update the two-bedroomed cottage (although we dig the blue bathroom), but with almost half an acre of land, there’s plenty of room for a pool.

 

Doesn’t 38 Lincoln Drive, in North Sea, look like a doll’s house? Inside, the teensy place (just 624 feet) has been cutely updated. Asking $899,000, the property is down a private road for privacy. With 0.36 of an acre of land, there’s room for expansion if desired.

 

Finally, how about waterfront on Little Fresh Pond? 8 Justan Ave, Southampton, is awfully titchy at 744 square feet and 0.12 of an acre, but the views are just stunning. Asking $769,000, there is one bedroom and two baths in the cottage.

The long-raging legal fight over ownership and access to a 4,000-foot-long stretch of beach in East Hampton Town exploded again yesterday, according to 27East. A panel of state appellate court judges threw out the 2016 ruling that dismissed the lawsuit filed by oceanfront property owners in Amagansett and Napeague; the judges ruled that ownership of “Truck Beach” rests with the plaintiffs. East Hampton Town Supervisor Peter Van Scoyoc then stated that the town would go ahead with its plan to condemn the land in the first step of seizing ownership of the land via eminent domain.

The story till now: the dispute is between Amagansett/Napeague homeowners who claim to own the beach in front of their houses, up to the high water line, and the town, Trustees, and residents who say that the beach is public and they can drive on it. The lawsuit, filed in 2009, states that the various homeowners purchased the land in question at various times. The 2016 ruling threw out the suit, and the homeowners appealed.

At issue is a deed dated 1882 selling 1,000 acres to Arthur Benson from the Trustees of the Freeholders and Commonalty of the Town of East Hampton. The deed contains the following:

And also except and reserved to the inhabitants of the Town of East Hampton the right to land fish boats and netts to spread the netts on the adjacent sands and care for the fish and material as has been customary heretofore on the South Shore of the Town lying Westerly of these conveyed premises.

This, says the town, indicates that the public must have access to the beach. Homeowners say the deed gives ownership to themselves and only allows access for fishing, not 4x4s.

So what’s next? A fight over the true value of the beach; condemnation would require the town to pay the homeowners for the land. Homeowners say the land is worth tens of millions; the town says not, since the land is not developable. The town may also appeal this decision.

• Court Halts ‘Truck Beach’  [27E]