Harry Macklowe spends $10.6M for Georgica Pond manse

It was originally on the market for $19.5 million

By Grace Cassidy Jul 13, 2017, 6:13am EDT

Harry Macklowe, a famed real estate developer and investor, just spent $10.6 million on a Georgica Pond estate in East Hampton, reports the New York Post.

Macklowe Properties owned the New York Drake Hotel, but demolished it in order to build 432 Park Avenue. His firm also owns the landmarks at 400 Madison Avenue and Two Grand Central Tower.

Designed by Futterman Architects in 1987, the waterfront home has both pond access and ocean access. On 2.7 acres of land, the home stands 5,500-square-feet with four bedrooms and four-and a-half bathrooms.

Features include a waterside gunite pool and beach stone fireplaces. The home was listed with agents Bonny Aarons and Janette Goodstein of Douglas Elliman.

The home was actually listed for sale back in December of 2014 for a whopping $19.5 million and has gone down in price in increments since coming on the market. The home sold for 54 percent of its original asking price.