Greystone Development Acquires Sag Harbor Property
- Apr 06, 2016
Sag Harbor, N.Y.—New York-based real estate development and advisory company Greystone Development has acquired 2 West Water Street in Sag Harbor, N.Y., for $4.94 million. Acquired from seller Bruce Davis, the waterfront property will be included in the planned 11 residences designed by renowned architect Robert A.M. Stern. The final parcel sale created a 30,000-square-foot assemblage.
“The acquisition of 2 West Water Street is a key component in our overall property plan for the 11 condos we will develop on this waterfront land adjacent to Sag Harbor’s Business District,” Jeffrey Simpson, head of Greystone Development, told MHN.
“For the project as a whole, we are embarking on an incredible journey in building a boutique residential project with architecture by the renowned Robert A. M. Stern,” he said. “The style of the project is intended to amplify the beauty of this exclusive waterfront location and Sag Harbor’s history as a nautical keystone in Long Island’s history.”
Greystone’s Sag Harbor project is situated on 1, 3 and 5 Ferry Road and 2 West Water Street. It will feature a staggered row of single-family houses conjuring the streetscape of a traditional early 19th century whaling village. In addition to the Ferry Road residences, the waterfront property will offer a new dock and 11 boat slips, as well as public access to a landscaped park.
“This acquisition was essential to completing the vision for Greystone’s Sag Harbor condo project,” Simpson said. “We became involved in the project as a joint venture with East End Ventures, who were already involved in the plans for transforming this property and 1, 3, 5 Ferry Road. Therefore, the plusses include combining Greystone’s luxury boutique development experience with the initial inroads East End Ventures had made, and now we are moving the project forward with a passion for creating impeccable living spaces.”
Greystone has developed more than $1 billion in residential and mixed-use properties nationally and is looking forward to bringing its expertise in chic residential development to the Sag Harbor project, Simpson said.
“Our experience includes development of waterfront properties, exquisite restorations of landmarked buildings in historic communities and working to ensure each project both complements and enhances its local surroundings. We’re looking forward to doing just this with our Sag Harbor development.”
New England shingle style with clapboard and cedar shakes will define the homes’ exteriors. The existing structure on the parcel will be reinterpreted from the inside out. All of the 30,000 square-foot project’s homes will feature porches that face the water, sized for dining and entertaining, roof-deck plunge pools and individual garages.
Said Simpson: “We remain deeply committed to the completion of this project and are looking forward to creating a beautiful addition to the waterfront landscape in Sag Harbor. We have assembled an incredible team to bring this development to life and are thrilled with the projected outcome for our first Hamptons project.”