When you can get a $5 million futuristic pad in the Hamptons for less than half the price it’s a steal — well, for lack of a better word.
If you can make the deal in a down market, you’re two steps ahead of the herd.
Maziar Behrooz’s creation was a head-turner and critics’ darling from as soon as the semi-circular mansion at 50 Green Hollow Road in East Hampton took shape.
The house hit the market in 2013 with an asking price of $5 million. It took two years and several price reductions, but the Arc House sold for $3 million two years later.
Joanna and Joseph Meli moved in but the couple didn’t get a hell of a lot of time to enjoy the 6400 square feet, four bedrooms, an open chef’s kitchen, a gym, and pool.
In October 2017, a federal court seized the house after Meli pleaded guilty to securities fraud. He was reportedly involved in a ticket-reselling scheme involving Broadway plays and other notable events.
Meli, according to the Real Deal, was sentenced to six-and-a-half years in prison last year. In April, his accused accomplice, former sports radio personality Craig Carton, was sentenced to 42 months in federal prison after being convicted in November. Earlier this year, Carton reportedly agreed to sell his six-bedroom home in Chester, NJ, for roughly $1 million, about half of its initial asking price.
The new buyer of the Arc House reportedly is Louis Levy, of the Levy Group, a family-run apparel company, who paid a paltry $2.17 million. One veteran broker said he believed the house was worth close to its original $5 million asking price.
According to published reports, the listing broker was Paul Luciano with Utopia Real Estate. The buyer’s brokers were Douglas Elliman’s Bonny Aarons and Janette Goodstein.
Rare Auction On Tap
It’s Route 27.
It’s Route 27.
Imagine Jack Nicholson and Faye Dunaway having this argument in “Chinatown.” Finally, one would blurt out, “It’s Pantigo!” and start crying. Don’t worry, Route 27 is just a heartbeat away. So is Montauk Highway. And Woods Lane. Because they are all the same road.
Anyway, 12 acres of land at 395 Pantigo Road is going up for auction with a reserve bid of $2.5 million on November 11. Pre-Qualification Bid packages are due by November 1.
“Auctions in the Hamptons are very rare,” explained Judi Desiderio, Town & Country Real Estate CEO. “To the best of my knowledge, there was one other auction in Montauk this year. And, this being land, which is rare in and of itself, makes it even more reason to pay attention.”
Gene Stilwell, associate real estate broker and listing agent, explained that the new owner could “create one massive estate” or subdivide the 12-acre property.
“Its size and proximity to East Hampton and Amagansett make it a unique opportunity,” said Desiderio. “The reserve price is in line with the market and the listing is in a mostly residential area.”
For more information about the land auction of 12 acres at 395 Pantigo Road, East Hampton, contact Gene Stilwell, Town & Country Real Estate, 516-641-3755, GStilwell@TCHamptons.com.