Back in the halcyon days of 2015, this project was unveiled…to mostly disbelieving laughter. Sure, the conversion of a downtown Sag Harbor c. 1835 church by local starchitects Bates+Masi was always going to be interesting, but the asking price of $23.5 million was, shall we say, cray-cray. After all, the property sold for $4 million. Say $4 million for renovations, and hey, we’re feeling generous, why not a $3 million profit? That still certainly does not add up to $23.5 million.
Well, as pages fly off the calendar, the price started dropping. And dropping. Just now, another $2 million has been chopped from the price, down to an ask of just $8.995 million. That’s a bit more like it, folks. Now the property is repped by Lori Schiaffino at Compass.
So what do you get for your nine large? A huge (13,000 square foot) historic building re-envisioned by one of the Hamptons’ best architectural firms in the heart of the village. Three stories, including an indoor spa in the basement, enormous windows and ceilings, six bedrooms, 7.5 baths. A pool out back, easily afforded by the 0.46-acre plot. Bragging rights (priceless).
While the price is much more realistic, we do have one minor niggle for the listing. The renderings, while lovely, are really pretty cold and sterile for those of us of the human persuasion. They’re extremely spare, monklike, and masculine, with no textiles, no curves, no color. Perhaps soften the interior renderings a bit to appeal to more of us? Just a thought.
For more, click here. 48 Madison Street, Sag Harbor