Browse
Log in / Register
Share
The combined 21-acre waterfront compound at 70 and 71 Cobb Lane in Water Mill, NY, represents a significant opportunity in the luxury real estate market, now offered at $99.5 million. This represents a substantial market adjustment from the original combined asking prices of the two individual parcels. Based on our experience assessment, this property is positioned for a buyer seeking a legacy estate with unparalleled amenities and development potential, rather than a typical residential transaction.
What are the key features of the 70 & 71 Cobb Lane compound? Situated on a private peninsula, this multi-parcel property boasts over 3,100 feet of private shoreline on Burnett Creek, with direct ocean access via a private dock. The compound includes two distinct residences for a total of 24 bedrooms and 38 bathrooms. The defining characteristic is its direct southern exposure, providing unobstructed ocean views. The land includes both waterfront and agricultural features, allowing for a variety of uses beyond a private residence. The opportunity to purchase both lots together is a first for this property, which is also available for individual sale.
What distinguishes the residence at 71 Cobb Lane? The 17,173-square-foot home at 71 Cobb Lane, designed by Barnes Coy Architects, sits closest to the water. Its current individual asking price is $52.5 million, a notable decrease from its initial 2022 listing of $72 million. Key amenities include a tennis court, a saltwater pool and spa, and a two-level pool house. The pool house is a significant feature, containing a commercial-grade kitchen, a gym, a sauna, and a pool-side deck. This parcel spans 9.11 acres and is designed as the primary waterfront retreat of the compound.
What unique amenities are found at 70 Cobb Lane? The inland estate at 70 Cobb Lane is a 28,000-square-foot entertainment-focused residence on 12.2 acres, listed individually for $54,950,000. It features extraordinary amenities, including a 14-seat movie theatre, a two-lane bowling alley, and a 750-gallon shark tank. For recreation, there is a basketball half-court, an arcade, and a game room. The property also includes a 350-bottle wine cellar, a spa with sauna and steam room, and both indoor and outdoor swimming pools. The outdoor areas feature a heated pool and spa, a pool house with a pergola and moat, and multiple lounging and dining spaces.
What is the market context for this Hamptons property? The current combined price of $99.5 million reflects a dynamic luxury market. The property is noted for its scale and rarity, as large waterfront compounds in the Hamptons rarely become available. The pricing strategy for each individual parcel has been adjusted over time, indicating a motivated seller and a realistic assessment of current market conditions. The property's value is underpinned by its unique characteristics, including size, location, and the quality of its improvements.
Who is the potential buyer for this type of real estate? This compound is suited for a purchaser for whom a standard luxury home is insufficient. The scale and amenities cater to someone seeking a legacy property for extensive entertaining or as a multi-generational family compound. Based on our experience assessment, it could function equally well as a primary or secondary residence for a high-net-worth individual. The agricultural aspects of the land also open possibilities for private equestrian or farming uses, adding a layer of versatility not found in typical waterfront listings.
Purchasing a compound of this magnitude requires careful consideration beyond the sale price. Prospective buyers should account for significant annual property tax obligations (a levy on real estate by local governments) and maintenance costs for the extensive amenities and landscaping. The title insurance (a policy that protects against ownership disputes) process for a multi-parcel transaction is also complex. For those considering the individual parcels, understanding the specific covenants and restrictions for each lot is a critical first step. The key takeaway is that this listing offers a rare chance to acquire a configured, ultra-luxury compound in a premier location, with a current price point that acknowledges recent market shifts.
