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140 Egypt Lane cuts another $1M from asking price

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Will the drop incite a buyer?

Rosehip Partners Real Estate

Marking the fifth major price drop since coming onto the market in the summer of 2014, the iconic 140 Egypt Lane just cut another $1 million from its price tag on March 3, now with an asking price of $12,900,000.

The 4,875-square-foot, eight bedroom, four-and a-half bathroom home was put on the market for $22.5 million, and has since cut almost $10 million in total from the original asking price.

The home was finished in 1921 by architects Polhemus and Coffin, who built it for William Jenney, AKA the “Father of the American Skyscraper.” So it’s safe to say that it has to be a pretty impressive piece of architecture.

Given that similar homes in East Hampton go for around $11 million, and that the home needs some updating, the new price cut brings the home closer to competitors in the area while hopefully still drawing attention to the history that comes with the property.