This property, which belongs to J. Crew chairman Mickey Drexler, has been on and off the market over the past few years at various price points. Just a few weeks ago it was on the market for $21.5 million; now the price has been cut to $17.95 million, which is finally approaching the property’s actual value. It’s listed by Paul Brennan and Ronald White at Douglas Elliman.
“But Hedgie,” you say. “Are you insane? That’s 2.3 acres of oceanfront in Wainscott. Why wouldn’t it be worth $21.5 million?” Simple, we reply. You can’t add on to the house and you can’t 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 now one of the cheapest on the market in the Hamptons, given that it offers 315 feet of oceanfront and 2.3 acres. 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.
We wouldn’t be surprised if some lucky buyer snatched this place up quickly. What do you think? Let us know in the comments.
For more, click here. 120 Beach Lane, Wainscott
