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David Walentas, owner of Two Trees farm as well as a development company by the same name, is a Brooklyn-based developer who is constantly in New York City real estate news for his conversion of the iconic Domino Sugar Factory on the Williamsburg waterfront. He has divided up the Bridgehampton farm into separate listings based on a 19-lot subdivision that won approval from the Southampton Town Planning Board earlier this year.
The entire 115-acre property is still on the market for $55 million, but it is being packaged in new ways to appeal to developers.
The horse farm itself, which sits on 65 acres of agricultural reserve, is on the market for $25 million, and listed through Douglas Elliman. According to the listing, the property offers two indoor arenas, three outdoor rings, acres of paddocks with picturesque views, three barns with over 100 stalls, staff quarters, a main house with pool and tennis, and a well-appointed guest house. The main house was constructed in the late 1700s and provides 2,500 square feet of interior space and four bedrooms.
Each of the 18 remaining subdivided lots is roughly 2 to 3 acres; they are on the market in several separate packages.
Five of the lots, which are now being listed through Saunders & Associates, sit on 910 feet of waterfront on Long Pond. The five lots combine for a total of 12.3 acres and are being packaged together for $25.9 million.
Twelve of the remaining 13 lots have yet to be listed, but Walentas has already started to build houses on them. The 12 parcels are not likely to come on the market simultaneously, according to the Real Deal.
The final lot, number 17, is currently listed independently by Susan Breitenbach, Corcoran’s top-producing broker, who also controls the sale of the entire $55 million package. This lot sits on 10 acres with a 1.3-acre building lot and is listed for just under $5 million.
It is unclear what the future will hold for Two Trees, but Ms. Breitenbach said this week that the subdivision has already generated a lot of interest from developers.
Evan Reeves on Aug 12, 2014