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August 1, 2010


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REAL ESTATE

Deeds & Don’ts
By Jason Sheftell

GET THE INSIDE STORY ON EAST END REAL ESTATE

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RESORT COLLECTION (click photo for larger view)

SUMMER SIZZLE
After an anonymous party shelled out a cool $1 million for a two-week summer rental in Bridgehampton, the Hamptons market has sizzled and slowed. Initial rumors spread that the renter was the new owner of the New Jersey Nets, Mikhail Prokhorov, but word on the street is he comes from the world of finance.

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On the sizzling side, one of the season's biggest celebrity purchases comes from fashion designer Tory Burch, who bought the Westerly Estate on Ox Pasture Road in Southampton. Burch paid $16.5 million for the late Howard Gittis's home, a 25-room Georgian estate with grounds worthy of a European chateau. Built in 1929 by the architectural firm Hiss & Weekes, the property also comes with a pool and tennis court. One highlight: the backyard is a meadow with what seems like endless fields of green grass.

The interiors feature hand-plastered vaulted ceilings, a grand foyer with a curved staircase and a spacious living room. New York architect and designer Daniel Romualdez is updating and decorating Burch's home. Tim Davis from Corcoran had the listing.

IN "RELATED" NEWS…
David Wine, vice chairman of Related Companies and one of the biggest developers in the world, knows big-time real estate. He also knows how to build quality homes, which is why his spec house overlooking the Atlantic Ocean on Dune Road in Bridgehampton came out as spectacularly as it did. The home is on the market for $14.95 million. Designed by Fred Stelle of Stelle Architects, the house's modern lines form sleek shapes that seem to both merge and contrast with the rugged ocean landscape.

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STELLE VIEW (click photo for larger view)

"Real estate is my outlet for my creativity," says Wine of the first venture from his newly formed Oliver's Company. "This site really allowed us to do something fresh. This is modernism with a sense of warmth."

At 3,800 square feet, the main house features deluxe finishes and appliances, including a Philippe Starck–designed Hoesch bathtub overlooking the water, not to mention walls of windows gaping at the ocean surf.

East Hampton designer Robert Stilin decorated the home, which can be bought fully furnished for $16.25 million. Most of the mid-20th-century modern furniture came from the high-end design shop Wyeth, which has two stores on the East End. Go to 55duneroad.com for a closer look. Brokers Bill Williams and Dana Trotter of Sotheby's International Realty have the exclusive listing, 631-324-6000 or 631-537-6000.

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