Sales are slated to start early this summer for Harbor’s Edge, a three-story, 15-unit luxury condominium development at 21 West Water Street in Sag Harbor Village.Ranging from three penthouses to 12 two- or three-bedroom apartments, the units will sell for $2.5 million to $6.5 million, with a monthly maintenance fee of $3,500 to $5,000 covering everything from taxes to in-season concierge service.
An “elevated, carefree living experience” is in store for buyers, according to a release announcing the condos’ launch. It highlights their proximity to the village’s Main Street; views of Sag Harbor Cove; a rooftop sun deck with a swimming pool, bar and kitchen; terraces and balconies; and well-appointed interiors—fireplaces, “loft-like great rooms,” custom mill work and plenty of wall space for art. They also come with parking, including private garages for some units.
“The minute you’ve arrived, your vacation has begun—and that’s very different from homeownership,” said Keith Green of Halstead Property Development Marketing, which is working with Water Street Development on the project. “A condominium guarantees a certain ease of living,” he said—whether for couples, singles or empty nesters, “it just simplifies life.”
As home prices escalate, homeowners have to work increasingly hard to protect their investment, he said: “Young people who work so hard during the week, that’s the last thing they want to think about is working for their home.” Others who already own second homes in the Hamptons may want to stop retaining help and lists of service vendors, yet at the same time maintain friends and connections in the area.
Mr. Green said he anticipated “a very interesting mix of people—but what they’ll have in common is loving the Hamptons.”
The condominiums have come a long way since ground was broken at the end of 2007, much to the delight of some Sag Harbor residents and officials unhappy with a nightclub that used to be on the spot. The condominium project was 90-percent complete in 2012 when the developers filed for bankruptcy, and then Amalgamated Bank took over the project.
Three people have been overseeing the development: Joe Lomonaco, “as bright and creative a developer as I’ve met,” Mr. Green said; Roy “Buddy” Wines, “an old-line Hamptons builder”; and the interior designer Nadine Homann. The number of units was scaled back from 19 to 15 to allow for some larger apartments, according to Mr. Green.
A sales office for the Harbor’s Edge units will open at the end of June, and residents are expected to be able to start to move in as early as July or August, depending on how long closings take.
Elsewhere in Sag Harbor Village, plans for a 21-unit condo complex at Ferry Road and West Water Street were revived last fall, and 75 percent of 47 loft-style units at the Watchcase development had been sold as of May, according to developer Cape Advisors. Seventeen Watchcase townhouses and penthouses were scheduled to go on the market last week.
Virginia Garrison on Jun 9, 2014