Back in the day, hoards of investment bankers—known to some as the "beach bankers"—would uproot their Manhattan offices and schlep them out east for the summer. Sure, a few bankers, like Hayground Cove founder Jason Ader, would work "from [their] East End home on weekends." But others were a little more indulgent, renting out houses for $50k to $100k and turning them into "summer offices" or makeshift "hedge-fund hotels." As scandalous as a hedge-fund hotel sounds, don't count on checking in any time soon. Per Hamptons Magazine:
Leasing East End office space to other money managers seemed like a good idea when virtually everyone was hanging out a shingle in the $2 trillion hedgefund industry. But in the jittery post-crisis world, fewer financial types are swapping their loafers for flip-flops. Last year Villante shuttered the hotel and decided to take advantage of the cheaper rents himself: His mini broker-dealer reopened in a single-firm location next door to Saks Fifth Avenue. We think Vilante and Grace Financial should just bite the bullet and buy the Montauket Hotel.
· Is Eastbound Down? [Hamptons Magazine]
· 57 Hampton Road, Southampton [Showcase.com]