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When playing poker, a pair of nines is not a big deal. But in real estate, two transactions in the $9 million range in the same week in the same town—the Town of Southampton—is worth noting, as well as the sellers’ backgrounds.
The first “nine” is the $9,250,000 paid by a limited liability company for 295 Ox Pasture Road in the Village of Southampton. On 1.91 acres, the 6,000-square-foot house contains 7 bedrooms, 7 baths, and 2 half-baths. There is a great room with high ceilings and a wood-burning fireplace, a den with a full bar, and first- and second-floor master bedrooms. The grounds feature a tennis court and an in-ground pool to cool off after a Wimbledon-like workout.
The sellers are Sheila and David Cornstein. Mr. Cornstein has an impressive resume of executive positions in business, but also in the public and government sectors. Among the latter jobs were chairman of the board at the New York City Off-Track Betting Corporation, vice chairman of the New York State Council on State Productivity—where, presumably, he was especially productive—director of What a World! Inc. and on the board of directors of the Jewish Community Relations Council.
A close second at $9,100,000 is 207 Dune Road in the Village of Westhampton Beach, also purchased by an LLC. On 1.6 acres with 100 feet of Atlantic frontage is a 6,000-square-foot house with 9 bedrooms and 8.5 baths. A particularly interesting amenity in the renovated shingled contemporary residence is “the latest Savant Mac Based System,” which we suppose every home should have—eventually. There are also automatic hurricane shutters, an elevator, and two fireplaces.
The sellers are Ann and Martin McGuinn. Mr. McGuinn served as chairman and CEO of the Mellon Financial Corporation through 2006, and previously was CEO of Mellon Bank. Other positions along the way were a trustee at Carnegie Mellon University and Carnegie Institute and director of the American Bankers Association.
27east on Nov 6, 2017