Farrell Building Adds Shovel-Ready Packages - 27 East

Real Estate News

Real Estate News / 1407279

Farrell Building Adds Shovel-Ready Packages

icon 2 Photos

A property in Shinnecock Hills where remains were found, and what is believed to be an ancient Shinnecock burial ground, was purchased by the Southampton Town Board using Community Preservation Funds.

A property in Shinnecock Hills where remains were found, and what is believed to be an ancient Shinnecock burial ground, was purchased by the Southampton Town Board using Community Preservation Funds. DCIM100MEDIADJI_0002.JPG

author on Feb 22, 2016

Already well known for its high-end speculative homes, the Farrell Building Company recently started purchasing vacant parcels to make “shovel ready” for home buyers.

The idea is to streamline the process and at the same time suit construction to the buyer “from day one,” the company’s operations manager, Kyle Messinger, said this week. Build to Suit is the name of the program, which was launched about eight months ago by the Bridgehampton-based company.

“We’re looking to acquire lots everywhere, from Quogue to Montauk,” Joe Farrell, the company’s president and CEO, explained this week. “In the last couple of years, land has really gotten so tight that potential clients call me and say, ‘Do you know where there’s any land?’”

Mr. Messinger said the company is looking at properties in every market and price range. “We’ll purchase them and tailor a package specific to each property,” he said.

Farrell will handle permitting, clearing, grading and connecting to utilities, so that the prospective buyer can get a clear vision of what the developed property will look like. Potential buyers can also see which of three options they prefer.

One includes the land, house plans and all permits. Another includes the same components, but the buyer can also modify the plans using Farrell’s in-house architectural staff. The third option includes the land and permits as well as a custom home design—“from concept to final plans”—using the company’s architectural and design teams.

“If you’re shovel ready, you’re taking four months out of the process,” said Mr. Farrell, adding that the idea is to get fall buyers into their new homes by May, when pretty much everyone wants to be able to use them.

Mr. Messinger said the company has purchased nine lots in East Hampton Village, Bridgehampton, Water Mill and elsewhere in Southampton Town, for which it has designs ranging from $3 million to $10 million each. “We’ll continue to grow over the next year,” he said, noting that the company is working with real estate firms both to acquire more land and to market packages that are ready to be built.

Mr. Farrell said there has been “huge interest” in the Build to Suit program, with a few homes already sold in Bridgehampton north of the highway.

“When the good lots come up, we need to buy them,” he said. “Earlier in my career, I didn’t have the luxury” to lay out that much capital, he said, but “after 400 houses, I have that luxury.”

Farrell has completed more than 400 homes on the South Fork since 1996 as well as a number of luxury residences in Palm Beach, Florida, since extending its reach to the south in 2012.

You May Also Like:

Community Preservation Fund Has Second Consecutive Record-Breaking First Quarter

Peconic Bay Region Community Preservation Fund revenue was just about flat across the East End ... 19 May 2022 by Staff Writer

Sag Harbor Modern Sells For $5.5 Million

A five-bedroom Sag Harbor Village modern with a pool and a pool house recently sold ... 18 May 2022 by Staff Writer

New Signed Contracts For Hamptons Homes Cut In Half In April Compared To Year Earlier

Hamptons single-family home inventory grew slightly in April as new listings outpaced the number of ... 12 May 2022 by Staff Writer

Lipsky Construction Company Honored For Nathaniel Rogers House Work

For the firm’s work on the restoration of the Nathaniel Rogers House in Bridgehampton, Lipsky ... 11 May 2022 by Staff Writer

Habitat For Humanity Of Long Island Formed Out Of Merger

Habitat for Humanity of Suffolk and Habitat for Humanity of Nassau County NY, two affiliates ... 5 May 2022 by Staff Writer

Inventory Of Hamptons Homes Falls To Record Low As Sales Move At Breakneck Speed

The inventory of homes for sale on the South Fork has “collapsed” — it’s down ... 4 May 2022 by Brendan J. O’Reilly

Water Mill Transitional Sells For $7.9M, A $500,000 Increase In One Year

A shingle-style transitional home with views of a 7-acre agricultural reserve and the ocean beyond ... 3 May 2022 by Staff Writer

Landscape Firm Spreads Its Roots With New Building Details Subsidiary

Michael Derrig, the owner of Landscape Details, a major East Hampton landscape design, construction and ... 28 Apr 2022 by Stephen J. Kotz

CPF, Peconic Land Trust Close On Georgica Pondfront Purchase Neighboring Jay-Z And Beyonce

The Peconic Land Trust and the Town of East Hampton closed Wednesday, April 27, on ... by Staff Writer

Ox Pasture Road Estate Sells Fully Furnished For $10.1 Million

A renovated Southampton Village estate section home, offered completely furnished, recently sold for $10.1 million. ... 26 Apr 2022 by Staff Writer