Hedge-Funder Scores $7M Discount on Westhampton's 'The Point'

It took about two years and an epic PriceChop, but developer Stephen Haymes, "whose family real estate business owns 5 Penn Plaza," has finally secured a contract on his Shore Road development. The property was originally listed for a cool $20 million; however, without any takers, Haymes eventually let the thing go for $13 million. We know, it sucks. But the transaction will still do wonders for both parties. Haymes gets to walk away with "a record sale west of the Shinnecock Canal" and the new buyer, hedge-funder Paul Levy, with an 11,500-square foot canal-front compound—complete with a deep-water dock and golf course-frontage.
· Rip Torn [NY Post]
· Listing: Like No Other Site In The Hamptons [Prudential]
· The Point - 59 Shore Road [Test-It-Out.com]