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"The most expensive home sold on Long Island in 2022 went for $84.5 million and 10 homes fetched at least $40 million, as the luxury real estate market stayed hot during a year of rising interest rates.
The top sale last year was at 153 Lily Pond Lane in East Hampton and all 10 were in the Hamptons. The upper echelon of the Island’s real estate market was more muted than in 2021, when eight homes sold for more than $50 million compared with five last year.
But it wasn’t long ago when sales of that magnitude were rare. None were recorded from 2017 to 2019, according to an analysis from appraisal firm Miller Samuel for Newsday.
“There were a lot of transactions over $20 million but it wasn’t as intense as the last couple of years,” said Jonathan Miller, CEO of Miller Samuel. “I think that’s more of a product of the collapse in supply than the lack of demand.”
In that way, this rarefied segment of the market isn’t all that different from the rest of Long Island, where the pandemic and years of historically low interest rates led to a surge in demand for housing, Miller said. One question for 2023 is how the luxury market will perform in an environment with higher interest rates, which tend to negatively affect the value of investments such as stocks.
The Hamptons market is going into 2023 with the same problem of limited inventory, said Tim Davis, an associate broker at Corcoran, who was involved in two of the 10 most expensive sales last year.
"Right now there are three houses for sale in Southampton on the ocean," he said in an interview in late December. "If I had 15, it would be a different story."
Davis said he has seen buyers’ budgets expand in recent years but there is less interest in properties that require extensive renovations.
“If you look at the buyer pool that is spending this kind of money, their wealth has multiplied over time — considerably in the past five years. Their threshold for spending and ability to spend has increased,” Davis said. “Their tolerance for taking on projects has lessened. A house that is in triple-mint condition, has been renovated, gone through that two- or three-year process, is an easier sale.”
Some properties might only hit the market once in a generation, which helps boost demand when they are listed, said Preston Kaye, co-founder of brokerage Hedgerow Exclusive Properties, which was involved in three of the 10 most expensive sales last year.
“The availability of some of these rare and unique properties — contiguous, beachfront lots; new construction homes on the ocean — that was a catalyst for why we saw some large tickets being punched in 2022,” Kaye said.
What potential buyers can and cannot build on the land also greatly affects its valuation, Kaye said. “Acreage is not created equal,” he said.
When properties with those desirable characteristics become available, there are often buyers who have been waiting for the right opportunity, said Joe Fuer, a senior managing director for Compass, which was involved in three deals among the top 10 in 2022.
"There are people who will wait years and years to be in the spot they've coveted and have been eyeing for a while," he said. "There is a lot of patience in the ultra-luxury part of the market."
The price points for the top sales are far from typical in the Hamptons, where the median sale was $1.6 million in the third quarter. That represented a 23% increase from the same period during 2021, defying a slowdown in appreciation of prices on the rest of Long Island.
“Buyers are willing to pay for the right properties,” said Joseph De Sane, a broker and managing director at Bespoke Real Estate, which handled the $50 million sale of 7 Fairfield Pond Lane last year.
This year, De Sane said he expects “we will see a more disciplined approach to buying and value will continue to be a priority.”
Below are the top 10 home sales of the year on Long Island. The list includes deals compiled for Newsday by Miller Samuel as well as information shared by real estate brokerages and in media reports. It reflects deals that were recorded as of Dec. 15.
1. $84.5 million: 153 Lily Pond Lane, East Hampton
Billionaire business executive Ronald Perelman’s 9.25-acre estate in East Hampton ranked as the top sale of 2022, maintaining its title all year after closing in early January. The 10-bedroom home boasts floor-to-ceiling windows that look out on the estate’s 385 feet of ocean frontage. The home has three fireplaces, and the grounds include a tennis court, pool and hot tub.
The 11,435-square-foot home had been listed for $115 million in 2021 but didn’t find a buyer at that price. Perelman is the chairman and CEO of MacAndrews & Forbes, a diversified holding company that includes the cosmetics brand Revlon. He purchased the property in 1986 for $4.25 million, according to property records. Harald Grant, an associate broker at Sotheby’s International Realty, listed the home. Ed Petrie, an associate broker at Compass, brought the buyer.
The price tag came up shy of last year’s largest sale, a $118.5 million deal for a massive estate on Cobb Road in Water Mill that closed in the final days of 2021. The most expensive Hamptons sale on record was billionaire financier Barry Rosenstein’s $147 million purchase of an 18-acre estate on exclusive Further Lane in East Hampton in 2014.
2. $70 million: 160 Ox Pasture Road, Southampton
This home, known as the Linden Estate for the trees that adorn its grounds, sold in November, setting a record for a non-waterfront property in the Hamptons. The 18,000-square-foot home was built in 1910 and designed by architect Grosvenor Atterbury in the style of “Arts and Crafts on a grand mansion scale,” real estate broker Tim Davis told Newsday in November. The 9.1-acre property includes an outdoor and indoor pool, a grass tennis court, and a carriage house with a connecting greenhouse. The primary bedroom suite totals about 3,000 square feet.
Elsewhere on the property, there are two detached four-car garages, a guesthouse and a dwelling for staff.
The sellers were fashion executive Jurgen Friedrich, a retired executive with the fashion company Espirit, and his wife, Anke Beck-Friedrich. They purchased the property for $8.5 million in 2002, according to property records.
Davis, of the Corcoran Group, co-listed the property with Sotheby’s Harald Grant. Davis represented the buyer.
3. $67.5 million: 8-10 Tyson Lane, East Hampton
These two parcels, which were owned by Austrian fashion designer Helmut Lang, sold to separate LLCs in off-market sales that were recorded in public records in June and July.
The 8 Tyson Lane property, which includes the estate’s nearly 8,800-square-foot main house, sold to MFGEH LLC for $30,375,000. The parcel at 10 Tyson Lane is home to three buildings including a guest house and a garage. It sold for $37,125,000 to Hampton Wyeth LLC.
Lang had purchased the compound, which had included a third parcel that sold last year, for $15.5 million in 1999.
This stretch of Meadow Lane between the ocean and Shinnecock Bay was busy with major sales this year. The properties at 1080 Meadow and 1100 Meadow were once part of a compound owned by billionaire media executive Robert F.X. Sillerman.
The parcel at 1080 Meadow contains a beach house, two golf greens and a golf house on 5 acres, according to Behind the Hedges, a website covering East End real estate news.
The adjacent parcel at 1100 Meadow spans three acres with 200 feet of ocean frontage. It has a six-bedroom, 5,000-square-foot house adjacent to a tennis court and a gunite pool, according to listing information from Hedgerow Exclusive Properties, which co-listed the property with Sotheby’s Harald Grant. Hedgerow also represented the buyer.
The listing noted the property has space for a new 10,000-square-foot house.
Sillerman, who owned radio and TV stations and died in 2019, sold 1080 Meadow and 1100 Meadow for $38 million apiece in 2016.
Sillerman founded the concert promotion business SFX Entertainment. That company, which was sold to Clear Channel Communications in 2000, would later be spun off as Live Nation.
5. $50 million: 7 Fairfield Pond Lane, Sagaponack
This contemporary-style home sold in January in an off-market deal. The 10,000-square-foot oceanfront home is set on three acres and has nine bedrooms and 300 feet of shoreline. Bespoke Real Estate represented the buyer and seller, whose identities were kept anonymous by LLCs.
Designed by Bates Masi Architects, the house has floor-to-ceiling glass sliding doors, which can fit within adjacent walls. “Passersby see directly through the house to the sky and landscape beyond,” the luxury real estate website The Pinnacle List wrote of the home’s design.
Amenities include a rooftop deck with a kitchen and spa, a gunite swimming pool and a tennis court, Behind the Hedges wrote in February. There’s also a dining room with horizontal slats to display the owner's wine collection.
The home previously sold for $18.3 million in 2006, according to property records.
6. $48 million: 1116 Meadow Lane, Southampton
This property, which was once part of the Sillerman estate with 1080 and 1100 Meadow, sits on about 3.65 acres with 200 feet of oceanfront.
The 12,800-square-foot home has Alaskan yellow cedar shingles, painted white wood windows and white brick masonry, according to an application that came before Southampton Village’s Board of Architectural Review and Historic Preservation in 2021.
Sotheby’s Harald Grant represented the anonymous seller in the transaction. The property previously sold for $36 million in 2020, property records show.
These two parcels in Sagaponack sold in May to the aptly named 35 Spud LLC. Two houses were connected through a breezeway to create a 5,200-square-foot house with seven bedrooms.
The house has a roof deck, as well as several sun decks, that look upon its 250 feet of ocean frontage. Other amenities include a gunite pool with ocean views and an indoor lap pool, according to the listing. The 3.8-acre lot includes a 2-acre vacant plot north of the house which could accommodate a 7,000-square-foot house. Christopher Covert and Chris Coleman of Compass listed the house, and Hedgerow Exclusive Properties represented the buyer.
This six-bedroom home on Sagaponack Pond sold in an off-market deal in September. The 7,400-square-foot house is located on 4.1 acres and has six bedrooms, according to property records.
The seller was divorce lawyer Irving Shafran, who had owned the home with his late wife, Judith Shafran, a book editor, according to The Wall Street Journal. The sale included an additional 1-acre adjacent lot.
Christopher Covert at Compass and Hedgerow Exclusive Properties represented the seller, while Hedgerow Exclusive Properties represented the buyer.
9. $42 million: 11 Beach Plum Court, Napeague
This modern oceanfront home in Napeague, located between Amagansett and Montauk, sold in an off-market sale in April, according to property records.
The 10,000-square-foot black-cedar home was designed by Christoff : Finio Architecture, according to The Wall Street Journal. It has two parts that are connected by a glass bridge. The seller was financier Adam Levinson, managing director of investment firm Graticule Asset Management Asia in Singapore, the Journal reported.
This two-parcel property covers four acres and has 300 feet of ocean frontage. It is located across the street from the grass tennis courts of the Meadow Club of Southampton.
An earlier house on the property was nicknamed The Ark because it withstood a hurricane in 1938. That house was rented by the Bee Gees, and Woody Allen purchased it in 1982, according to the real estate listing. That structure was destroyed in a fire about 20 years ago.
The northern end of the property has a nine-bedroom home with eight fireplaces. Off the living room, the house has a connected solarium covered in windows. Closer to the shoreline, there is a guest house, pool and private boardwalk that leads to the ocean.
The most recent owners of 2 Meadow Lane were Janet and Howard Stein, according to property records, while Five J Daughters Corp. owned 2 Gin Lane. Howard Stein, who was one of the fathers of the mutual fund industry, according to his obituary, died in 2011.
The property was listed by Corcoran’s Tim Davis who also brought the buyer."
"An oceanfront estate in Southampton will be up for auction in January, after previously being listed for $150 million. The annual property taxes are $212,694, and include two residences.
Called La Dune, homes are located on Gin Lane and come to a total of 22,000 square feet. The main house contains 10 bedrooms and 10½ bathrooms, with 11 wood-burning fireplaces.
The estate will be offered at a no-reserve auction by Concierge Auctions, in partnership with Harald Grant of Sotheby's International Realty, Tim Davis of The Corcoran Group and Cody Vichinsky, who is the president and founding partner of Bespoke Real Estate. The bidding process will begin on Jan. 10, leading up to Sotheby’s "Visions of America" event on Jan. 24 in Manhattan.
The first owner of the property, built in 1888, was Robert Morrison Olyphant, who served as president of the Delaware and Hudson Railroad during that time, said Harald Grant.
"I think it's important to know, this home stood 135 years through various hurricanes and it’s still fine," said Grant. "That gives it a huge plus when people are spending that kind of money to purchase a property like this. And it sits on its own peninsula."
The guesthouse was built in 2000, and includes nine bedrooms, eight full bathrooms and two half-bathrooms. It also contains a six-car garage. The guesthouse complements its larger counterpart: "It’s built similarly, but on a smaller scale," said Grant.
"It’s very rare, I think, to find two properties that are contiguous," he added. "They look as though they were built together."
The houses sit on four acres. New heating systems have been installed and some roofing was repaired recently, said Grant. Each residence has its own in-ground pool — other notable features include a home theater, 400 feet of beach access and a tennis court.
"The properties are what old Southampton used to be," said Grant. "It still has the charm of when it was built in 1888."
The property is served by the Southampton Union Free School District."
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