Hamptons builder Joe Farrell has been busy flipping tear-downs — signing contracts to buy property and, before the deals close, signing deals to sell the land with new-construction homes that he will develop.
The sweet spot is in the $6 million range, he says. That means the houses are big and come with pools and pool houses, but they’re often on land that’s short on acreage and doesn’t have tennis courts. Farrell has sold a 6,500-square-foot home on 1.2 acres at 515 Flying Point Road in Southampton with a pool, pool house, Jacuzzi and movie theater, for $6.8 million to a New York-based lawyer.
Farrell is expected to close on a deal to sell 30 Halsey Lane in Water Mill for $6.5 million next week. The 6,300-square-foot home, near the houses of finance titans Steven Schwarzman and Pete Peterson, is 6,300 square feet on 1 acre with a pool and a pool house.
Farrell is also trying to sell 963 Cobb Road West in Water Mill for $5.99 million. Plus, his own 31,000-square-foot Bridgehampton house on a sprawling 11.5 acres, Sandcastle, is on the market with Chris Burnside of Brown Harris Stevens for $49.5 million.
Double up
A two-bedroom apartment that was recently home to Lindsay Lohan’s latest sapphic gal pal, a photographer named Indrani, is on the market for $2.075 million. The couple met at the Miraval Living condo building’s pool, when Indrani was shooting Lohan for a scene in the photographer’s new reality show, “Double Exposure” (which debuts on Bravo June 15).
While filming the show, Indrani was living it up in the two-bedroom Miraval apartment on East 72nd Street while her work partner and co-star, Markus Klinko, lived in a separate unit.
Lohan herself is no stranger to generating publicity for a condo building. She didn’t have to pay rent when she lived at the Atelier on West 42nd Street.
It’s the big ‘One’
It’s a $23.69 million pied-a-terre! We hear that the unidentified buyer of the penthouse condo at One York in TriBeCa is a Wall Street heavyweight, with a wife and children, who lives out of the city and will use his One York purchase as a crash pad.
He might also see it as a good investment, given that he purchased the penthouse for about $10 million less than its previous $34 million asking price. The high-tech home includes a media room.
The Enrique Norten-designed One York is, not incidentally, where serial real-estate buyer Michael Hirtenstein is starting construction in a few weeks on his sprawling bachelor pad. Hirtenstein, a former telecommunications mogul who’s now a partner in the EMM Group nightlife/restaurant company, is combining five units, which he purchased for about $16.5 million.
Broad strokes
If only the Transcendental Meditation Program could psychically influence the real estate market. A $25.5 million fire sale is being conducted for the building at 70 Broad St. that houses its headquarters. The building was listed for $45 million last fall.
The FiDi building has 15,218 square feet aboveground and 3,000 square feet below. It is zoned for residential, office, retail, hotel and mixed-use space and already has two full-floor luxury two-bedroom residences on its higher floors.