This property, which belonged to J. Crew chairman Mickey Drexler, has been on and off the market over the past few years and has finally sold and closed. It was asking $26.5 million about four years ago, but was relisted last autumn by Paul Brennan and Ronald White at Douglas Elliman. Last asking price was $18 million. Drexler bought the property back in 2008 for $17 million and then built the present house. Since the property sold and closed for $15 million, Drexler lost at least $2 million, taking into consideration the building costs of the house. Why is over two acres of Wainscott oceanfront worth so comparatively little?
Simple. A buyer can’t add on to the house, nor can they add a pool because of wetlands restrictions. At least that’s what we’ve been told by people in the know. So while the house is adorable and cozy, at 3500 square feet with three bedrooms, that’s it. That’s all the room a buyer can have–no giant trophy megamansion possible here.
Still, the property is quite appealing, with 315 feet of oceanfront and 2.3 acres of land. And the house is charming, with great views of the ocean and Wainscott Pond, beamed ceilings, and that funky egg-shaped fireplace. Plus, even if the land isn’t buildable, there’s plenty of it to ensure peace, quiet and privacy. Congrats to the new owner!
For more, click here. 120 Beach Lane, Wainscott