$40 Million On Further Lane - 27 East

Real Estate News

Real Estate News / 1397303

$40 Million On Further Lane

icon 3 Photos

Image from “New New York” by Jake Rajs.        COURTESY MONACELLI PRESS

Image from “New New York” by Jake Rajs. COURTESY MONACELLI PRESS

author on Apr 26, 2018

It took a while, but thanks to the combined efforts of Frank Newbold at Sotheby’s International Realty and Ed Petrie at Compass, 290 Further Lane in the Village of East Hampton has been sold, for $40 million. We’re told that this is the highest price paid for a property in the Hamptons in 2018 since the Villa Maria compound in Water Mill, which closed in February for $36 million. Officially, correct—with an asterisk—the Lasata property, also in the Village of East Hampton, sold this past winter in two transactions for a total of just over $40 million.

The owner of 290 Further Lane, Ellen Marcus, widow of James Marcus, had higher hopes two years ago when the property first hit the market and was listed for $69 million. Two subsequent cuts later brought it down to $59 million. Apparently, this was not appetizing enough for the market, and the property was then offered at $49 million. At a final sales price of $40 million, it can be said that the undisclosed new owner is getting a lot of bang for his or her buck.

According to Compass, 290 Further Lane is “a stunning oceanfront retreat with all the modern amenities.” This 7-bedroom, 9.5-bath house of 10,000 square feet sits on 6.11 acres, from manicured gardens to sandy beaches, and includes 300 feet of ocean frontage. The Hamptons architect Francis Fleetwood “has captured a remarkable fluidity between indoor and outdoor spaces, conjuring a house with 2,400 square feet of covered porches and porticos that frame unparalleled views. This oceanfront property epitomizes the qualities of both home and grandeur. Upon walking in the front door, you’re immediately struck by an unmistakable sensation of light and effortless luxury.”

Sounds pretty enticing indeed. Among the many appealing features are polished plank-wood flooring and coffered ceilings; an oversized living room and formal dining room offer ample space for entertaining; and there are nearly 360-degree ocean views from the breakfast room. The master bedroom has a richly wrought fireplace with carved mantel, his and hers baths, and “more spectacular sweeping vistas.” The exterior includes green gardens and contemporary landscaping that can be appreciated from the rooftop viewing deck or the outdoor infinity pool. Other amenities are four fireplaces, a professional Viking stove and Calcutta marble countertops in the kitchen, and an indoor spa room complete with a hot tub and endless-current pool.

This may be the last opportunity to provide some information about James Marcus, who died in July 2015 at age 85. His father, Bernard Marcus, was president of the Bank of the United States. His son attended Harvard University, and in 1956 he joined the Wall Street firm Goldman Sachs, becoming a general partner eight years later. But opera was his true passion. In 1976, Mr. Marcus became a managing director of the Metropolitan Opera, and a decade later he became its chairman, a position he would hold until 1993. He was also active in philanthropic organizations, and at the time of his death he was chairman emeritus of Lenox Hill Hospital in Manhattan.

You May Also Like:

South Fork Landlords Concerned Eviction Moratorium Is Being Abused

Governor Andrew Cuomo’s moratorium on evictions during the COVID-19 crisis is overlapping with the first summer rental season that landlords are prohibited from collecting rent for a tenant’s entire stay upfront — though whether landlords really cannot get paid in advance is still a matter of debate. Either way, the convergence of the two issues had raised concerns among landlords and brokers alike that laws and executive orders meant to protect renters who are down on their luck can be abused by squatters who have the ability to pay but choose not to. The worry brought about by the state’s ... 26 May 2020 by Brendan J. OReilly

Dune Road Estate In Quogue Sells For Nearly $10 Million

A 2-acre oceanfront estate in the Village of Quogue recently changed hands for $9.85 million, ... by Brendan J. OReilly

Wainscott Residence With Views Of Pond And Ocean Sells For $10.5 Million

A 1.2-acre Wainscott property with a 7,300-square-foot residence that overlooks Wainscott Pond and has ocean views has sold for $10.5 million, according to The Real Estate Report Inc. Built in 1992, the residence at 60 Beach Lane has eight bedrooms and 7.5 bathrooms. The two above-grade levels have a formal dining room, a library, an open kitchen, a dining room and a den. Both the living room and den have double-height ceilings. The finished basement offers a gym, wine cellar and laundry. Also among the amenities are a heated gunite pool and spa. Michael Schultz had the listing for Corcoran. ... 25 May 2020 by Staff Writer

Berkshire Hathaway HomeServices To Open Corporate Office On South Fork

Berkshire Hathaway HomeServices is opening a corporate office in Noyac on June 1, the first ... 23 May 2020 by Staff Writer

Three-Building Modern Estate In Southampton VIllage Sells For $18 Million

A modern estate in Southampton Village that was completed last year recently sold for $18 million, just $1 million shy of its asking price, according to The Real Estate Report Inc. Three separate structures — a main house, a pool house and a guest house — on 1.9 acres total 9,100 square feet. The main house has five bedrooms and 5.5 bathrooms. A double-height living room with a fireplace, a dining area, an eat-in chef’s kitchen and a den are all light-filled through the wall of glass that overlook the backyard. On the lower level, there’s a bar/lounge area, a ... by Staff Writer

CPF Revenue In April Matched Last Year

Community Preservation Fund revenue in April was on par with the same month a year ... by Staff Writer

Toylsome Lane Designer’s Compound Sells For $5.6 Million

A designer’s two-home compound on a half-acre in Southampton Village has sold for $5.6 million. ... 22 May 2020 by Staff Writer

Q&A: Attorney Barbara A. Rasmussen Explains Benefits Of Mortgage Restructing

Barbara A. Rasmussen, Esq., a general practice attorney based in Quogue, has helped many clients ... 19 May 2020 by Brendan J. OReilly

Amagansett Oceanfront Sells For $21 Million

An oceanfront Amagansett property recently changed hands for $21 million, though there is no listing of the property to be found. The address, 189 Marine Boulevard, had been the site of a 2,600-square-foot beach house built in 1941. It last sold in 2016 for $9.95 million, according to Zillow. A 2018 application with the New York State Department of Environmental Conservation, called for demolishing the existing dwelling, patio, driveway, retaining wall and septic system, in order to build a new residence with new decking, a new sanitary system, a new driveway and a new pool. An existing 1,306-square-foot cottage was ... by Staff Writer

Demand For Hamptons Summer Rentals Has Skyrocketed In Pandemic

The demand for summer rentals in the Hamptons had skyrocketed due to the COVID-19 pandemic, ... 18 May 2020 by Brendan J. OReilly

Welcome to our new website!

To see what’s new, click “Start the Tour” to take a tour.

We welcome your feedback. Please click the
“contact/advertise” link in the menu bar to email us.

Start the Tour
Landscape view not supported