Top 5 Stories of the Week: Amagansett Restaurant Goes on the Market,

237 Main Street, Amagansett
Felice’s Astro Pizza offers a prime piece of real estate and a long standing, successful restaurant opportunity.
Gavin Zeigler for Sotheby’s International Realty 

Astro Pizza and Felice’s Ristorante on Amagansett Main Street reopened for the season Thursday, April 29, in what is its 50th year in business.

The family owned and operated business is the longest running restaurant in the hamlet, but, an era could soon be ending. Alda Lupo Stipanov and her husband, Nado, who run the restaurant with Alda’s brother Tony Lupo and his wife, Alison, have put the building on the market for $3.9 million. The asking price includes the restaurant business.

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Preservation Fund Spikes in First Quarter As Shelter Island’s Revenue Nearly Triples

First quarter revenues for the Peconic Bay Community Preservation (CPF) were the largest in the fund’s 23-year history, Assemblyman Fred W. Thiele Jr. reported late last week.

The community preservation fund, which generates money from a 2% tax on all real estate transfers, received $55.22 million in the first quarter of 2021, a 78.6% jump from the first quarter a year ago. In the first quarter of 2020, which was mainly before the big jolt to East End real estate due to the COVID-19 pandemic, brought in $30.92 million.

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Southampton Home Sells for Nearly $43 Million

The home at 40 Meadow Lane has been sold, but who should legally receive the profits is a question before the court.Taylor K. Vecsey

A home on Meadow Lane in Southampton Village that has been the subject of a recent legal battle has changed hands for nearly $43 million, according to real estate deeds.

The off-market trade for 40 Meadow Lane on the exclusive street coined Billionaires’ Row closed on April 5 for the exact amount of $42,923,600. The deal is believed to have been brokered by Hedgerow Exclusive Properties, a Bridgehampton-based firm that specializes in off-market listings, as well as Douglas Elliman Real Estate. The brokers declined to comment.

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Market Update: The Hamptons Real Estate Shift, Part 2

Even as the landscape continues to evolve, it seems many people have begun to settle into a post-COVID world. With more people choosing to use their Hamptons home either full time or more often, the nature of participating in the Hamptons real estate market heading into summer 2021 is also evolving.

The Hamptons market shift factor #2: Negotiations.

Negotiations have evolved from frenzied in 2020 to strategic in 2021.

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‘Modern Showpiece’ Planned for Water Mill Peninsula at $24.8 Million

Another exterior shot of 80 Cobb Isle Road.Courtesy of Bespoke Real Estate

A modern showpiece designed by the award-winning architect Blaze Makoid, according to Bespoke Real Estate, is ready for this Water Mill peninsula surrounded by three bodies of water. With panoramic views of Burnett Creek, Meyer’s Pond and Mecox Bay from nearly every room of the planned estate, the asking price is $24.8 million.

The 1.1-acre property can hold a 7,290-square-foot home with seven bedrooms, eight-and-a-half baths, a six-car garage, waterside pool and patio, and even possibly a roof deck, not to mention the water can accommodate a floating private dock on Burnett Creek, which leads to Mecox Bay.