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44 Deforest Road in the Ditch Plains area of Montauk sold for $9 million. RISE MEDIA
In Montauk’s Ditch Plains area, a vacant oceanfront lot has sold for $9 million, the highest price ever paid for a 1-acre lot on the ocean in Montauk, Douglas Elliman reports.
At 44 Deforest Road, the lot is part of the On the Break development, which comprises three oceanfront parcels. The other two lots, at 40 and 42 Deforest Road, host brand new construction homes by architect Boris Baranovich and builder Hobbs Inc., and are offered for rent — together, as a compound — for $1.5 million this Memorial Day through Labor Day, prior to entering the market with an anticipated asking price of $40 million.
Erica Grossman at Douglas Elliman and Hedgerow Exclusive Properties represented the listing, and Hedgerow brought the buyer to the deal.
“This sale is testament to the fact the high-end market is heating up,” Grossman said. “In Montauk, this land sale, offering the chance to create a rare masterpiece on the ocean, shows that buyers with vision and those who are paying attention to opportunity in the market are getting serious. Since the election, I’ve observed there to be more market activity and buzz in general across the South Fork, with several oceanfront and other ultra-luxury properties recently going into contract. It’s an exciting time to see that strength building in the market.”
Staff Writer on Jan 3, 2025