Behind The Hedges 21.08.2018 09:53 Mickey Drexler Loses At Least $2 Million on Sale of Wainscott Property

Mickey Drexler Loses At Least $2 Million on Sale of Wainscott Property

May 10, 2018 By Laura Euler
drexler

This property, which belonged to J. Crew chairman Mickey Drexler, has been on and off the market over the past few years and has finally sold and closed. It was asking $26.5 million about four years ago, but was relisted last autumn by Paul Brennan and Ronald White at Douglas Elliman.  Last asking price was $18 million. Drexler bought the property back in 2008 for $17 million and then built the present house. Since the property sold and closed for $15 million, Drexler lost at least $2 million, taking into consideration the building costs of the house. Why is over two acres of Wainscott oceanfront worth so comparatively little?

All photos courtesy Elliman

Simple. A buyer can't add on to the house, nor can they add a pool because of wetlands restrictions. At least that's what we've been told by people in the know. So while the house is adorable and cozy, at 3500 square feet with three bedrooms, that's it. That's all the room a buyer can have--no giant trophy megamansion possible here.

Still, the property is quite appealing, with 315 feet of oceanfront and 2.3 acres of land. And the house is charming, with great views of the ocean and Wainscott Pond, beamed ceilings, and that funky egg-shaped fireplace. Plus, even if the land isn't buildable, there's plenty of it to ensure peace, quiet and privacy. Congrats to the new owner!

For more, click here. 120 Beach Lane, Wainscott

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5 Comments on "Mickey Drexler Loses At Least $2 Million on Sale of Wainscott Property"

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lulu1212
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If you are an ocean lover the lack of pool wouldn't be a deal breaker, just lowers the price. I would imagine the location between bodies of water is deterring some buyers. Oceans are rising. There is another property for sale (Wainscott?) that is positioned similarly to this one and it has also lingered on the market.

Shawn Steinmuller
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I think your your question, Why is Wainscott oceanfront worth so comparatively little? Is a great one. I would how ever pose an additional question Why is a Oceanfront in Quogue, East Quogue, Westhampton... deamed by some to to be less desirable or worth so comparatively little? The realilty is one can pay 15-16 Million for a New home with all the bells and whistles and save themselves 45 min of traffic easily just on there way out to the Hamptons. People should take notice of the value and opportunities that exist through all the east end and what it… Read more »