The Corcoran Group of East Hampton, who brokered the phenomenal sale, has remained discreet for the duration at the request of the parties involved, did confirm the closing on May 31, 2007. Baron is now in the process of constructing a mammoth estate on the oceanfront. From the beach, the mansion looks to be set deep inside high and sweeping dunes, protected naturally by the wide shoreline and thick vegetation. The spanning acreage provides a pricy privacy buffer for the structures on Further Lane.
In the Heart of the Hamptons
Some say that the light is unique in Sagaponack. Maybe it is how the sun reflects off the ocean and onto the soil of the farms, or how it sets on vast, unobstructed open spaces and creates a rich, golden glow. Even when drenched with a misted rain, at dusk the colors of Sagaponack bleed through and softly illuminate the peaks of mansions that are rapidly rising from what once was thousands of potato fields. Encompassed by hundreds of acres of preserved farmland that borders the Atlantic, Sagaponack represents the very heart of the Hamptons. The sought-after locale has already attracted a throng of investors; most of the large tracts of prime land have already been bought, built on, or preserved. “Buyers want the most sought-after zip code in the country,” says Prudential’s Neil Bersin as he looks out over some of the last parcels on the oceanfront. “When a quality piece enters the market, it sells almost immediately.”
In 2005, Alan Schnurman, a New York attorney and savvy investor with incredible foresight, bought forty acres off Daniels Lane, the most desirable street in the village. And although stringent building restrictions pose common roadblocks to approvals in the area, Schnurman went ahead and purchased the land for $25,000,000. After two years of relentless effort, he has obtained approval for eight ocean view building lots, dramatically increasing the value of the land. Affiliate Bridgehampton broker, Charles Fischler, believes the new status of the parcel will cause a feeding frenzy. “The key word here,” he says, “is approved.” Schnurman, who recently sold another 20-acre subdivision on Ocean Road in Bridgehampton for $37,500,000, says he falls in love with his properties and looks upon them not just as deals, but as dreams come true for future owners. Only a fortunate few will see their dreams manifest on these last precious pieces.
The property that is listed at $64,500,000 with Paul Brennan and Neil Bersin of Prudential Douglas Elliman’s Bridgehampton office is backed by a 60-acre preserve on one side and the massive Rennert mansion on 60 acres on the other. Brennan, regional manager for the agency’s East End Division, hails from a local farm and has an instinctual depth of knowledge of the area land, and has watched the metamorphosis first hand. He said that we have only seen the beginning of what can happen here, and that buyers with incredible wealth and stature are already taking serious interest.
North of the highway in Bridgehampton lies yet another world in the Hamptons’ universe. Here lies the horse country that draws equestrians from all over the world. On Mitchells Lane, white ranch fencing runs along stretches of wide green grass where thoroughbreds trot and jump, training for the prestigious Hamptons Classic. The area, once filled with some of the Hamptons’ largest land parcels, is now filled largely with famous equestrians.
News
June 20, 2007What’s Haute New York
