This building, which was Sag Harbor United Methodist Church for many years, has had a tumultuous history for the past ten years. The building dates back to 1835, when it was originally constructed on High Street; it was rebuilt in 1864 on Madison Street. The congregation sold the building in 2008 to Southampton Town Councilman and former Goldman Sachs general partner Dennis Suskind because it felt unable to keep up with the maintenance. The banker paid $2.8 million and wanted to transform the 13,000 square foot space into a loft-like building with seven bedrooms. He fell out of love with it and put it back on the market for $3.5 million.
Billy Joel wanted to convert the space into a recording studio, but was too daunted by the structure’s poor condition.
Then the church changed hands twice again. The owner in 2013, Sloan Schaffer, who paid $4 million, contracted with Bates Masi architects to turn the place into his own personal residence. That didn’t happen. He then put the property back on the market in 2015, along with the Bates Masi plans and renderings, asking a frankly humorous $23.5 million. Gradually the price was shaved; and now it’s back in contract, repped by Lori Schiaffino at Compass, with a last asking price of $9 million.
We’ll be eager to see who bought it, how much they paid, and what their plans are for the space. As the listing states, “Plans for the 15,000 square foot building include a pool, indoor spa, and open floor plan on the ground level with soaring double-height ceilings.” It will be fantastic if an owner with many resources wants to expend them making an extraordinary home.
For more, click here. 48 Madison Street, Sag Harbor
