As always, there are a few interesting points to glean from real estate closings this week. First up is 794 Montauk Highway, Water Mill. This is 6.4 acres of vacant land (immediately east of the Water Mill Shoppes) that, since 1986 or so, has had various planned uses, including a supermarket. Most recently the plan was a project known as Water Mill Village.
In 2018, the planned development district (PDD) was finally approved; the complex was supposed to include 38 townhouse units, a clubhouse, pool and sewage treatment plant.
In 2019, the land was in contract with a last ask of $30 million; the original developers were selling to someone who’d finish the project. The property closed on December 30 for just $9.2 million. Seller was Watermill Village Associates II LLC, while the buyer was reported as Watermill Crossing LLC. New name, same condos?
Also closing recently was 1384 Meadow Lane, Southampton. This is a small three-bedroom bungalow on 3.12 oceanfront acres. So? The place closed for $16 million on December 8. Then it sold again on March 8 for $20 million. They must have done a lot of improvements in three months! (Kidding.) The buyer was 1384 Meadow Lane LLC.