This was never going to be an easy sell, but we’re still surprised how long it’s taking. Back in July 2014, this property, which is owned by Charles and Wendy Entenmann of the crumb cake family, came on the market. Asking price for the almost seven acres of land was $24.95 million.
There are four adjacent parcels right on East Lake Drive, walking distance to Gin Beach. Two of the lots are empty, while one has warehouses, a 150′ dock, a boathouse and a two-bedroom apartment; another has a recently built (and frankly super cute) two-bedroom cottage. Two lots are zoned residential and two are commercial waterftont lots. While of course the property could be used commercially, a spectacular estate could also be built here, accessible by land, sea, and air. (Montauk Airport is just down the road.) Another idea would be a condo complex. The property is currently listed by Lee Minetree at Saunders.
The price has been sliced over the years; it’s now at a fat-free $13.995 million. What do you smart cookies think is the sweet spot for this property?
For more, click here. 521 East Lake Drive, Montauk