It wasn’t so many years ago that the New York Times Key Magazine published a story about the Hamptons real estate market after the economic collapse of 2008. Make no mistake, it was a depressing article about how the real estate market had essentially frozen in place. Just to refresh your recollection here is a link to the piece which was originally published in March 2009.
No doubt that the real estate market has recovered since then, and there have been several deals that would lead one to think that the Hamptons might be nearing a breakout of sorts…the age of the $100,000,000 deal is approaching.
We recently learned that an assemblage on Lily Pond Lane in East Hampton comprised of three parcels, owned by two parties, is selling for just shy of $100,000,000 to a single buyer, reportedly a young hedge fund manager. Here is a Google Earth aerial.
Maurice Cuniffe built the extraordinary white house, on the tall bluff overlooking the ocean, in 1996 after having purchased the original house for $6 million or so from what remained of the holdings of a certain Harvey Meyerson. Meyerson, coincidentally, partnered with Bowie Kuhn to create the law firm Meyerson and Kuhn. The high flying Meyerson eventually found trouble and spent several years as a guest of Uncle Sam for defrauding clients. Cuniffe also later bought an adjacent building parcel from Charles Bullock to complete his holding.
The second element of the assemblage was the former Estate of Maude Walker, a 2.8 acre parcel with a modest one level home which makes up the northern half. This property sold to an LLC in 2007 for $17,500,000, but the timing wasn’t right for the contemplated flip and the property languished on the market for years at an asking price of $19,900,000.
Now, here’s the interesting twist to the story. Nine West owner Vince Camuto recently sold his Gin Lane oceanfront estate for a record setting $75,000,000, the buyer identified as a young hedge fund manager.
Less than two months later that property has come back to market at a purported $95,000,000. The new owner in East Hampton, and the seller on Gin Lane, are one and the same. Now there’s a fellow who is definitely “long” real estate in the Hamptons.
Even if we aren’t there yet, $100,000,000 deals in the Hamptons seem to be nearing after the Great Recession. For more information on real estate in the Hamptons visit www.hamptonsproperties.com