A Mattituck home overlooking Peconic Bay sold in an off-market deal last week for $10 million, according to Douglas Elliman, making it the biggest single-family sale on the North Fork this year — and quite possibly in North Fork history.
The three-acre property at 1140 Park Avenue traded on Tuesday, Oct. 1. The seller got their asking price of $10 million, according to Christine Malloy and Alexis Meadows, the two Douglas Elliman agents who brokered the deal. Malloy represented the seller and Meadow brought the buyer to the table.
“It is one of the most enchanting estates on the East End,” Meadows says. “The meticulous renovation illuminated its historic design and skilled craftsmanship, all while showcasing its prime waterfront location, unique one-of-a-kind double-level boathouse, and its sprawling mature landscape that exudes privacy with a warm welcome.”
The property offers 170 feet of protected waterfront, reinforced by a new double bulkhead, Malloy adds. “At 18 feet above sea level, this estate is now perfectly positioned for luxurious waterfront living.”
She pointed out what makes this property particularly stand out: “1140 Park Avenue is a rare modern classic in a market where the trend favors replacing traditional homes with larger, cookie-cutter builds. This south-facing estate, set on 3.2 lush acres, has been meticulously restored to its original splendor, thoughtfully blending modern updates with the preservation of its original features.”
The house last sold in 2017 for $4.5 million, according to property records.
Originally a summer cottage, it featured five bedrooms and four-and-a-half baths, including three en suite bedrooms, before it underwent an extension renovation, “blending modern updates with the preservation of original features,” such as weight-and-chain windows, cupboards and flooring.
“Every bathroom was tastefully retiled, and all fixtures were replaced. The expansive living room, adorned with intricate molding, was freshly painted, and the wood-burning fireplace mantel was carefully restored,” she explains. “All light fixtures throughout the home were updated, wallpaper was added in various rooms and the library was designed to be both elegant and inviting. The sellers took great care to retain the home’s original oak paneling and other period details, including a porte-cochere entry and a grand wraparound porch.”
A gunite pool, a full floor dedicated to a game room and a three-car garage were also added.
She adds, “The grounds are equally impressive, with towering trees that are downlit to showcase the landscape at night, sweeping lawns, and a waterside gazebo atop a boathouse.
Malloy says she has been working with the sellers for about 20 years and had helped them purchase the property back in 2017 after they built another home on Peconic Bay. “As their lifestyle evolved, they began seeking another waterfront property, this time in the Quogue area,” she says.
The deal came about after Meadows, an agent who has long worked on the North Fork, joined the Michael Lorber Team at Elliman earlier this year, “I reached out to welcome her and network. During our conversation, I mentioned a new listing I had in Laurel, which prompted her to ask about the Mattituck property, as she knew the sellers through their children’s summer sailing classes. Recognizing the opportunity, I suggested to the sellers that we show the property to Alexis’ buyers to test the market. When the buyers offered the right price, we quickly moved forward with the inspection and contract.”
Meadows picked up the story: “I have had the pleasure of building a lovely rapport with my Florida-based clients as they developed a high interest in the North Fork market As they secured other properties over the last several years on the East End, waterfront opportunities continued to be at their forefront. Knowing their preferences well, and that this estate was a rare opportunity, making the connection between the parties was paramount, especially as the home was tastefully elevated to modern living while maintaining its historic charm. I requested my clients to fly in to see the special residence, they did so without hesitation, and after a detailed tour, they agreed it was a perfect match.”
Meadows adds, “This unique deal stems from proactive networking and knowing our clientele well. Christine and I partnered to provide an excellent outcome for our respective parties and Douglas Elliman. The finesse required to bring the deal to a close was pivotal in supporting all our goals.”
North Fork Sales
Though sales on the North Fork have been a flat as of late, according to recent reports, Meadows says, “The North Fork waterfront market is an anomaly all its own. It is a well-sought-after location with inventory that is limited, making it a luxury market and yielding a premium return on investments. Once a clientele learns the beauty of the East End and its many attractive amenities, they will pay a premium to live where sand and salt reign and waterfront sunrises and sunsets illuminate the bay or Sound — this picture-perfect lifestyle, to say the least, is priceless,” she says.
“This sale breaks barriers and is indicative of future growth and potential in this niche market,” she continued.
By comparison, the waterfront house at 2100 Park Mattituck sold at $4.5 million a little more than two years ago, in an off-market deal as well.
So far in 2024, the second-highest sales on the North Fork was in Southold, at 10995 Bayview Road, which closed just a few days earlier on Sept. 30, at $7.25 million. The five-bedroom, five-and-a-half-bath estate went on the market in 2023 for $7.75 million.
Following closely behind is the Nantucket-style house at 750 Paradise Point Road in Southold, which traded at $7.2 million on July 2.
Others in the top-five North Fork sales so far this year are two more Southold addresses; 2080 Town Harbor Lane, which closed at $6.025 million, slightly above the $5.999 million asking price in January, and 1415 Parish Drive that traded at $4.65 million in August. A Mattiuck property, 770 Old Salt Road, closed at $4.1 million last month.
This $10 million sale pummels the previous all-time highest recorded closed price in Mattituck, which shows that in 2021, two single-family properties closed at $4.25 million, according to MLS data.
The highest sale ever on the North Fork, however, was a 2008 deal for a house on a 58-acre subdivision that sold for $12,294,000.
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