Hedge fund manager Barry Rosenstein is getting closer to building his dream home on Further Lane in East Hampton.
The tycoon and the East Hampton Village Board recently agreed that he will pay for a two-part relocation of the historic Dominy woodworking shop and clock shop from his $147 million property. He will also donate $300,000, which will go toward restoring the timber-frame buildings.
The buildings will be moved to the Mulford Farm and then eventually to North Main Street, both in the village.
Attorney Leonard Ackerman, representing Mr. Rosenstein, updated the Design Review Board on the agreement with the village on Wednesday, October 21.
This is a project, personally, that I've been involved with for almost 25 years, because I represented a succession of owners who promised, promised, promised—and this one delivered," said Mr. Ackerman about his client paying for the relocation.
Mr. Ackerman was also seeking a "certificate of appropriateness" from the board so that Mr. Rosenstein can build a new accessory structure once the Dominy shops are moved.
In 2013, the village adopted its Timber-Frame Landmark program, which preserves timber-framed houses located outside historical districts. Owners of buildings designated as landmarks have to get a certificate of appropriateness from the Design Review Board before they can make changes to them.
The board approved the certificate and will issue it in two weeks. Once obtained, the move, and subsequent building on the property, will commence.
"It's going to take about six to eight weeks to prepare the move," the village's director of historic services, Robert Hefner, told the DRB.
Eventually, Mr. Ackerman will ask the Village Board to remove the timber-frame designation from the property.
Mr. Rosenstein broke real estate records in May 2014 when he purchased the 16-acre property for $147 million. The estate is a combination of three separate lots: 60, 62 and 64 Further Lane.
According to public records, the investor plans to build a 16,300-square-foot mansion with a theater and projection room, walk-in freezer, staff lounge and two wine rooms. There will also be a bar off the living room, a space for yoga and an outside area known as “Barry’s terrace.” A pool house will complement a reflecting pool as well as an 82-foot lap pool.
Christopher Browne, of Tweedy, Browne, a New York investment firm, had owned the property until his death in December 2009. The estate went to his partner, Andrew Gordon, who died in September 2013. It apparently reverted to Mr. Browne’s family and was overseen by trustees.
Mr. Rosenstein rankled neighbors this summer when noise, vibrations and a mammoth hill of sand resulted from construction on his property.
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