Georgica section waterfront compound sells for $16.75M

One of the properties has direct water frontage on Georgica Pond with permits in place for a brand new 3,500-square-foot home

By Grace Cassidy May 17, 2018, 8:00am EDT

Avid Curbed readers may remember the pondfront compound at 29 Association Road & 7 Pierson’s Way in the esteemed, south-of-the-highway Georgica section of East Hampton when we featured it back in March of 2016. At the time, it was new to the market, seeking $24.95 million under Corcoran Group’s real estate agent, Michael Schultz.

During its time up for sale, the compound received one price cut that brought it down to $19.95 million, and after nearly two years, found a buyer in November of 2017. At the end of April, the compound closed for $16.75 million—a little more than $8 million below the original listing price.

The compound boasts 2.9 acres of land altogether, with 29 Association Road sited on 1.55 waterview acres, and 7 Pierson’s Way on 1.43 waterfront acres right on Georgica Pond.

There are no interior photos of either home, and we’re guessing that they’ll probably be torn down. If the new owner decides to build brand new structures, the Association Road property can accommodate a 6,230-square-foot home.

According to Schultz, there are already permits in place at the Pierson’s Way address for a 3,500-square-foot home to be built plus a waterside pool, approved by the Town of East Hampton. On the other hand, if the new owner wants to keep what’s already standing, the existing waterfront home is a midcentury modern with just 605 square feet of living space. An additional 300 feet could be potentially be added.

Having a Georgica Association address will afford the new resident access to a private ocean beach with a cabana and lifeguards, member-only tennis courts, a nearby softball field, and—of course—Georgica Pond.