Tower House Sells At Olde Towne - 27 East

Real Estate News

Real Estate News / 1404009

Tower House Sells At Olde Towne

icon 12 Photos
Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House COURTESY DOUGLAS ELLIMAN

Tower House COURTESY DOUGLAS ELLIMAN

Tower House

Tower House

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House

Tower House © Kim Sargent

Tower House COURTESY DOUGLAS ELLIMAN

Tower House COURTESY DOUGLAS ELLIMAN © Kim Sargent

author27east on Feb 9, 2017

Tower House, one of 10 estates—some developed, some vacant—at the 43-acre Olde Towne community in Southampton Village, sold at the beginning of February and is already a contender for the top 10 Hamptons sales of 2017.

The ultimate sale price for the 4-acre estate was $26 million, nearly a $4 million difference from the listing price of $29.9 million.

The shingle-style main house—outfitted with an elevator and a Crestron smart house system—has 8 bedrooms with en-suite bathrooms, including 2 master suites. In total, the residence has 9 full bathrooms and 3 half-baths.

Among the many amenities and rooms are 6 fireplaces, a top-of-the-line kitchen, a great room, a breakfast room, a billiard room, a loggia, a living room and a lounge, and an oversized 3-car garage off a breezeway. The lower level holds even more: a theater; a gym complex with sauna, steam and spa bath; an entertainment lounge with full bar; and a wine room.

The second-story attached cottage, accessed by a breezeway and a second-story bluestone terrace, has a full kitchen, a living/dining room and two en-suite bedrooms.

The grounds, bordered in privet hedge, are protected with automated security gates. A gunite swimming pool has an oversized spa and a sun shelf for submerged lounge chairs. The pool-side cabana includes a sunken firepit and pergola, and the Deco turf tennis court is lined in lattice.

The identity of the buyer was not disclosed. Michaela Keszler and Erica Grossman of Douglas Elliman, Tim Davis and Gary DePersia of Corcoran and Harald Grant of Sotheby’s represented the listing.

Olde Towne boasts more than 440 specimen trees, more than 2 miles of privet hedge, a green, a meadow and adjacency to both a wooded preserve and a public meadow.

The former farm field was originally purchased by developer Bob Gianos for $33.5 million in 2006, and the project won Southampton Village Planning Board approval in 2007. Of the approximately 50 acres Mr. Gianos had bought, he returned 6 to the previous owners, the Fiores, under the terms of the sale, and 5.5 were donated to Southampton Village to expand the Richard L. Fowler Preserve.

To make Olde Towne more appealing to buyers, Mr. Gianos purchased a 1.55-acre lot across from the development where a 9,000-square-foot medical building stood. He paid $4 million, then sold the parcel to the Southampton Town Community Preservation Fund for $2.6 million, essentially contributing $1.4 million toward preservation of the land. The medical building was razed, drainage was installed, and the property was turned into a public area with walking paths.

The Fiores’ 6 acres were divided into three lots measuring about 2 acres each.

Mr. Gianos put his Olde Towne lots on the market several times—seven 4-acre buildable lots were listed for between $18 million and $20 million each originally, and later relisted in 2010 for between $10.5 million and $13.5 million—but a foundering economy made it difficult to find buyers.

Kean Development Company, based in Cold Spring Harbor, bought up the land in 2013 and took over the project, planning to start building on speculation. In addition to Tower House, Kean completed the estate Twin Peaks, which is listed for $39.5 million.

You May Also Like:

Quail Ridge Residents Scramble After Apartments Are Purchased for Redevelopment | 27Speaks Podcast

The tenants of Quail Ridge — the two dozen studio and one-bedroom apartments spread over ... 3 Jul 2025 by 27Speaks

Water Mill Property Where Hal Buckner and Dorothy Lichtenstein Left Their Marks Is for Sale

A Water Mill property that hosts a former dairy barn turned artist’s studio and a ... 30 Jun 2025 by Brendan J. O’Reilly

Sundays on the Bay Hits the Market

Sundays on the Bay restaurant and marina on Dune Road in Hampton Bays has hit ... 29 Jun 2025 by Staff Writer

Hamptons Rental Market Remains Alive and Well

To paraphrase Mark Twain, reports of the demise of the Hamptons summer-rental market are greatly exaggerated. “Any hint that the Hamptons rental market is anything but robust is completely wrong,” said Corcoran associate broker Gary DePersia in East Hampton. An interesting dynamic is stirring in the Hamptons vacation-rental market. Although there has been an unprecedented rise in short-term rentals and the aftershocks of the COVID-19 pandemic linger, it has been a bumper crop year for Wall Street, interest rates have remained steady and a new breed of demanding customer is emerging. Despite it all, the Hamptons vacation-rental market remains as ... 19 Jun 2025 by Joseph Finora

Jon Vaccari Joins Noble Black & Partners at Douglas Elliman

Jon Vaccari, a longtime resident of Sag Harbor, has joined Noble Black & Partners at ... 18 Jun 2025 by Staff Writer

Appeals Court Sides With Landowner Over Southampton Village ZBA

Southampton Village has lost an appeal that sought to reinstate a Zoning Board of Appeals ... 12 Jun 2025 by Brendan J. O’Reilly

Last Parcel of Startop Ranch in Montauk Sells

The last plot of land at Startop Ranch in Montauk, 107 Startop Drive, has sold ... by Staff Writer

Hamptons Real Estate Roundtable, Memorial Day Weekend 2025 Edition

With Memorial Day weekend about to kick the Hamptons into high season, The Express News ... 22 May 2025 by Moderated by Brendan J. O’Reilly

Au-Delà Real Estate Vows To Go 'Beyond'

Au-Delà Real Estate, a new boutique real estate firm based in East Hampton, is now ... 20 May 2025 by Brendan J. O’Reilly

AI Helps Rental Seekers Find Homes That Match Their Aesthetic Preferences

Consumers increasingly have an expectation of superior, more personalized service based on their own particular ... by Steven Loeb