New Build In Water Mill Fetches $8.2 Million

A newly built Water Mill residence by Farrell Building Company recently sold for $8.2 million, just $95,000 short of the asking price.

The deal for 138 Montrose Lane closed on January 8. The 0.88-acre property boasts a 6,200-square-foot home with modern farmhouse elements mixed with luxury and timelessness, according to Farrell Building Company.

It has an open-concept layout with a warm, neutral palette, eight bedrooms, eight-plus bathrooms and a chef’s kitchen. Among the amenities are a heated gunite pool, a spa, an outdoor shower and covered exterior spaces

The new owners are Patricia and Roger Silverstein, according to The Real Estate Report Inc. Saunders & Associates had the listing.

Another recent sale of note in Water Mill is 603 Mecox Road. It changed hands for $10.7 million after seeking $11.5 million.

The 1.6-acre property is minutes from Mecox Beach and has a gunite pool and spa, stone patios, a tennis court, a three-car garage and a pool house. The cedar-shingled main house is 6,600 square feet above grade with an additional 3,000 square feet of living space below with a wine cellar. It has eight bedrooms, seven full bathrooms, two half-baths, hardwood floors, wainscotting and top-of-the-line finishes. A living room with a fireplace has a wall of glass overlooking the grounds and pool.

The seller was hedge fund manager Harsh Padia, and the new owner is identified only as 603 Mecox LLC. Douglas Elliman’s Andrew Azoulay and Dana Brockway had the listing.

Also recently closed on Water Mill, 77 Newlight Lane sold for $7.75 million to Pamela and Todd Menowitz. The 0.92-acre property sold for $1.62 million at the beginning of 2019, and the existing house was razed to make way for the new modern residence. Iconic Modern Home, a Connecticut interior design firm, based in Norwalk, did the staging.