REAL ESTATE

INSIDE STORIES BEHIND AREA REAL ESTATE DEALS

Good Point
With brand name realtors dominating local media, how does a new, three-office brokerage firm get noticed? By announcing an exclusive listing designed to cause a major buzz. The $55 million asking price for the restaurant, hotel and marina complex known as East Hampton Point is doing it for Judi Desiderio, former partner with Cook Pony Farm Realty (now Corcoran). The savvy real estate veteran took a leap when she leased a space formerly housing developer Ben Krupinski's Village Realty. As a builder and the restaurateur behind Citta Nuova, 1770 House and the rumored East Hampton O'Mally's turning into a Thai place, Krupinski put many improvements into the property, and is renovating most of the cottages. He is currently refurbishing the kitchen, as well. If Desiderio can sell the property at anywhere near the listing price, Krupinski and partners who bought the property out of bankruptcy from Southold Savings Bank in 1992 for about $4 million stand to reap a hefty windfall. What of the rumor that Krupinski is Desiderio's silent partner? She absolutely denies it.

The five-acre waterfront property on East Hampton's Three Mile Harbor shoreline includes 13 guest cottages, seven luxury suites, a waterfront restaurant and special events space, a full-service marina and boat yard with 58 slips, a pool and a tennis court. Desiderio says initial interest has ranged from using the place as a corporate retreat, exclusive spa or private yacht club. Existing waterfront zoning would prevent any similar compound being built today—another reason for the high price tag.