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Want to be a Condo Developer? Got a Spare $27M?

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If so, you're in luck! The troubled Sag Harbor West Water Street condo development is now up for a bankruptcy auction. With an opening bid of $27,100,000, you might be able to acquire a luxury 50,000sf waterfront residential condominium building on 0.96 acres, directly across from the Sag Harbor Cove waterfront. The building, which is about 90% complete at this point, will comprise 15 to 19 units, which will be two- to three-bedroom. Amenities include indoor parking and rooftop pool. The project was proposed in 2006, broke ground in 2008, and then the developer went bankrupt in 2009. Think you can do better? Look under the sofa cushions for a spare million or so, and get bidding!
· East End Development Chapter 11 Sale [DJM Realty]
· Articles about West Water Street [Curbed Hamptons]