$118.5 Million for Four Hamptons Properties Quietly Breaks 2021 Record

Hamptons, Water Mill
Two side-by-side mansion on separate parcels sold for $60 and $56.5 million just before 2022.
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Real estate deed transfers released Thursday night revealed a major Hamptons deal that quietly closed right before the new year.

Four trades composing one of the largest waterfront compounds that exist on the South Fork sold for a combined $118.5 million — which makes it the second-highest trade in Hamptons history. The combined deal south-of-the-highway in Water Mill also catapults it to the top of the list of the priciest sales for 2021.

Deed transfers show that 70C Cobb Road and 70B Cobb Road sold for $60 million and $56.5 million respectively, while two vacant parcels at 70A Cobb Road and a parcel without an exact address sold for $1 million each and all signs point toward a single buyer. It appears to be an off-market deal.

The sellers, the deeds show, are garment mogul Arthur Rabin and his son, Jason Rabin, who serves as the president of his father’s company, Wear Me Apparel/Kids Headquarters, which creates merchandise for known brands such as Kenneth Cole, Timberland, and Sketchers USA. Their massive homes are side by side, one being directly on Burnett Creek, which leads out to Mecox Bay, and boasts a private dock.

The home at 70C Cobb Road, which is located on a 9.1-acre parcel, is 16,585 square feet, while the home at 70B Cobb Road, a 2.4-acre plot, is 15,971 square feet, according to records. Both were built in 2007. Both properties have pools, one has a tennis court and the other has a half-basketball court.

Rumor has it Hedgerow Exclusive Properties brokered the deal, though Hedgerow did not respond to repeated requests for comment.

All signs point to one buyer. The closings for all four parcels took place on December 30. The buyer’s name is veiled behind various limited liability companies.

The $60 million sale was purchased by 60 Cobb Road Associates LLC, while the $56.5 million was purchased by 70 Cobb Road Associates LLC. As for the million-dollar sales, the buyers are listed as Cobb Road AG Associates LLC and Cobb Road Flag Associates LLC.

Jule Pond, a 42-acre waterfront estate nearby, with unobstructed views of the Atlantic Ocean and Mecox Bay, sold for $105 million in October 2021 and had been considered the biggest deal of the year. It broke the record for the biggest trade in Hamptons history for a single property.

In 2014, hedge fund manager Barry Rosenstein famously paid the most ever for an estate when he shelled out $147 million for three separate, yet contiguous parcels on Further Lane. The biggest of the properties at 62 Further Lane traded at just $97 million.

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