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Big Reveal: How Much for a Renovated Church in Sag Harbor?

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48 Madison Street, Sag Harbor
48 Madison Street, Sag Harbor

Address: 48 Madison Street, Sag Harbor
Price: $23,500,000
Guesses this week were all over the place, with most popular being $19.5M. Comments, too, were all over the place, with some liking the design and some being underwhelmed, although the consensus was that the asking price is way too high. One commenter said, "I'm not opposed to the idea of transforming a church into a residence, and nothing new about that. And although I admire Bates Masi work, I really dislike this, it is way too ostentatious. For the price this may command, I'd live elsewhere and have some acreage and privacy. This looks like ego (the architect's) trumping style." Another argued, "I don't think ego has to do with the design. It is what their client asked for. I remember seeing their design for the previous owner and it was totally different. It looks great and gives the church a new life." A third was very skeptical."This property recently sold for 4mm. They will add 4mm in renovations. Let's be generous and give 3mm for profit. How does 11mm including a huge profit come close to 23mm? Will sit until the ask comes down to earth."

· 48 Madison [Corcoran]
· How Much for a Renovated 1835 Church in Sag Harbor? [CH]