Previously, we were the first to mention that East Hampton Point had been sold. Then, we exclusively revealed the buyer, Heath Freeman of Alden Global Capital. Now, we’ll tell you how much he paid.
Asking prices for the place have been up, down, up, for as long as we can remember, including a high of $55 million back in 2006. Last ask for the restaurant-marina-accommodation complex on five acres was $27 million.
Mr. Freeman drove a hard bargain, we think: he paid $17.28 million, almost $10 million off the asking price. What did he 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.
Now all Mr. Freeman has to do is renovate the Point and turn a profit. Easier said than done, but this prime spot has been ripe for upgrading for a long time.
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