$45 Million Worth of Real Estate Sells Along Town Line Road

Gary DePersia, a real estate broker with The Corcoran Group in East Hampton, has sold three listings, worth $45 million, within short distance of each other and all within the span of five months.

The listings are on either side of Town Line Road, which straddles the towns of Southampton and East Hampton.

“Yes, Hamptons real estate is really sizzling but what’s interesting here is the signal about Town Line Road. It’s the Hamptons’ new hot address with new construction being king on both sides of the road, and, Wainscott challenging the supremacy of Sagaponack,” DePersia said.

On the east side of the road, DePersia sold two contiguous Val Florio-designed and Lifton-Green-built houses in Wainscott.

The first, which was completed in late 2012 and which closed in June, is an 11,000-square-foot, eight-bedroom gated estate on two-acres, just six properties down from the ocean. It was was listed at $14.9 million.

The other, listed at $16.95 million, closed last week. An 11,950-square-foot, eight-bedroom gated-estate framed by ocean, pond and farm fields, it was built this year. It went into contract just two weeks after being finished and going on the market.

DePersia described both as modern, shingle-style houses with four fireplaces, and a wine cellar, a gym, and a sauna in each. They each had accommodations for staff, a three-car garage, a gunite pool, and a tennis court.

“As the only developer to have accomplished the sale of two properties in this price bracket within months of each other this year, Lifton-Green has thrown the gauntlet down and re-affirmed their position among the hierarchy of Hamptons builders,” DePersia said.

On the Sagaponack side of Town Line Road, DePersia sold a $13.95 million house that was completed this year, as well. Sitting on 1.3 acres with three sides of agriculture reserve, the 6,000-square-foot, seven-bedroom main residence is a contemporary, barn-like building designed by architect Michael Behringer.

The property was developed by builder Michael Frank with input from the the Sagaponack Village Historical Board to complement the original 1840s 1,600-foot farmhouse, which was relocated and restored as a four-room, two-bath cottage connected by a tunnel to the main house.

With new zoning rules anticipated, this compound with 11,000-square-feet of living space, and a total of nine bedrooms and 10.5 baths, DePersia doubts it will be duplicated.

“Each side of Town Line Road has the same open, farmy and beachy feel. Yet there is more room for growth on the East Hampton side where the Town has been more generous with less building restrictions as compared to the Village of Sagaponack," DePersia said. "Wainscott is poised for increased popularity among those seeking the benefits of new construction homes over the coming years.”

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