Sotheby’s International Realty has taken over representing the unsold units at the Watchcase condominiums in Sag Harbor, according to Deborah Srb, an associate broker and senior global real estate advisor at Sotheby’s.
“The owners have lowered the price and given these units a face-lift to make them more competitive,” Ms. Srb said.
The 1881 factory complex was renovated to make 64 condominium units as well as 17 bungalows and townhouses in 2015. The owner and developer of the complex at 15 Church Street, Cape Advisors, used renowned designer and Sag Harbor local Steven Gambrel, Beyer Blinder Belle Architects and Planners, and Baldassano Architecture to flip an industrial compound into luxurious, multimillion-dollar condominiums. The complex features a heated outdoor pool surrounded by landscaped gardens. Inside, there is a fitness studio, private spa treatment room and club room. The renovation price tag: more than $40 million.
The Corcoran Group was originally tasked with filling the condos. A change of direction on the part of Cape Advisors dropped Corcoran as the listing brokerage, Ms. Srb said. Corcoran had brokered the sale of more than 40 units in the price range of $1.55 million to more than $10 million since the opening of Watchcase. Bespoke had the deal for a year after Cape Advisors dropped Corcoran. Now, the units that Ms. Srb have taken on are at a hefty price reduction.
She added that exciting new renovations—in the ballpark of a few hundred thousand dollars—are ongoing at the 13 unsold condo and townhouse units, including private elevators being installed, possibly in the next week. The new work is being completed by Koral Brothers and designed by Texer Nam.
Sotheby’s boasts multiple Watchcase condos on its website—eight townhouses, one factory unit, one studio, a resale of a one-bedroom unit, and three penthouses—including a three-bedroom, 3.5-bath penthouse for $5.5 million. The 2,819-square-foot unit on the fourth floor spills over three levels, including two master bedroom suites. One of the bedrooms has a terrace that overlooks the pool. The second bedroom is larger and includes a five-fixture bathroom and adjoining 1,822-square-foot roof terrace. The living room and dining room are in an open floor space set up, which leads to three rooftop terraces and garden plantings, wood decking and a fire pit.
Ms. Srb said this was one of the many units that saw improvements.
“The original layout in many ways didn’t make sense. There were open spaces that led from one entertainment room to a loft, private bedroom without as much as a wall or doorway in between,” she said. “In other units, we just needed to refresh the walls with a coat of paint, or replace the furnishings with a more modern look.”
By and large, Ms. Srb said she anticipates the units to be sold much faster this go around. The condo market is still very much alive and well, she added. “Condos are perfect for those empty nesters or folks who don’t want the frustration of owning a home and want to just wake up in the morning and walk around, and entertain at night on the rooftops of beautiful Sag Harbor. … People want condos, but they want them done right.”