Jay Bialsky seems to have played his cards right at Sag Harbor.
The Hamptons developer’s Residence B at 2 West Water Street hit the market, asking for nearly $ 25 million, a year before the unit is expected to be completed. Residence A, which will be Bialsky’s home after its completion in November, and residence C, scheduled to be ready in May, will follow.
Homes feature curated interiors, spacious terraces, and two private boat docks each.
“Four years ago, he owned an ugly white building,” Bialsky said. “You now have a complete revitalization of the boardwalk in Sag Harbor.”
But getting to this point has not been easy.
The “ugly white building” was a 14-unit cooperative complex with some businesses on the first floor. Owner Bruce Davis, founder of 1-800-Lawyers, put it on the market in 2011 for $ 12 million, but found no buyers. After five years of price cuts, Greystone bought the property for $ 4.94 million.
Greystone had grand plans to build 11 to 13 units, designed by architect Robert Stern. But the Sag Harbor Village Zoning Appeals Board knocked that down, considering that the proposed condominiums are too massive and of little benefit to the community.
In the face of resistance, Greystone sold the parcels to Bialsky, who came up with the three-apartment plan, but encountered similar problems. The board lobbied Bialsky reduce the size his project after he proposed to build 11 feet taller and 15 feet closer to the street than is allowed.
But in 12 months, Bialsky received approval for the highest variances Sag Harbor had granted in 100 years.
It did not affect his chances that by mid-2019 Bialsky orchestrated the sale from your next package – at 1,3,5 Ferry Road – to Southampton for $ 10.5 million. The land will become the John Steinbeck Waterfront Park. (The legendary writer had a Sag Harbor retreat that recently hit the market.)
“It could have built more than 60,000 square feet,” Bialsky said. “[But] I felt it was the right thing to do, the path of least resistance. I thought it was win-win for both the Sag Harbor villages and myself as a developer. “
Now, it is possible to walk from the east side of Long Wharf along the boardwalk, to the beach, through the John Steinbeck Waterfront Park and up to 2 West Water Street. Bespoke, a broker focused on homes asking for more than $ 10 million, has the listing for residence B.
Another potential action, from the village of Sag Harbor, could make the project even more valuable.
Sag Harbor is reviewing zoning codes to preserve the “eclectic qualitiesFrom the boardwalk, according to the village website. Bialsky says it will likely prevent more buildings the size of his from being built, which, in theory, would ensure that his properties remain the only premises of their kind.
“Now, to me, that’s wonderful,” Bialsky said.