EQ. Magazine Summer Issue 2019

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HAMPTONS CHIC INDUSTRIAL WRITTEN BY Jeffrey Steele HOW THE WATCHCASE HELPED CREATE THE HOTTEST MARKET IN THE HAMPTONS Photos courtesy of Sotheby’s International Realty 18 EQ. SUMMER 2019 ISSUE equicapmag.com
HAMPTONS THE FACTORY WAS BUILT IN 1881 AS A COTTON MILL AND LATER CONVERTED INTO A WATCHCASE FACTORY BY BULOVA WATCH. “ It was a bold redevelopment plan. There was nothing like The Watchcase in the Hamptons. — DEBORAH SRB When the Long Island Railroad’s Sag Harbor branch launched in 1870, the former whaling and shipping village evolved into a summer resort town, and later a World War II-era shipyard center. Its industrial past now a distant memory, the village has morphed into a favored retreat over the last 15 years. It’s now the Hamptons’ strongest real estate market. Comparatively recent developments include the transformation of an old motel into Baron’s Cove, a resort epitomizing Sag Harbor’s waterfront revitalization, and a proposed three-townhouse waterfront project that includes a 1.25-acre public park at 2 West Water Street from local developer Jay Bialsky. Of earlier vintage is The American Hotel which was converted from boardinghouse and saloon into a Sag Harbor icon 40 years ago. But nothing in Sag Harbor history has bested the redevelopment of the long-vacant, 138-year-old Bulova watchcase factory into a highly coveted 63-residence community of townhouses, factory lofts, bungalows and penthouses within one block of the waterfront, which is renowned among those in the boating community as one of only two deep water harbors in the Hamptons, the other port being Montauk. TREASURED RELIC “The creation of The Watchcase resulted in an important but moldering Sag Harbor structure redeveloped into a symbol of village revival,” says Deborah Srb, Senior Global Real Estate Advisor and LBA for Sotheby’s International Realty in Southampton, N.Y. “Sag Harbor has always been a hub of activity,” she says. “In the last five or 10 years, it has suddenly spurred a greater interest among young and old, from Palm Beach to Manhattan to Europe even. Homes have gotten bigger, urban living has migrated out east, and something had to be done with the factory,” added Srb. “The result was a bold redevelopment plan. There was nothing like it in the Hamptons.” The factory was built in 1881, originally serving as a cotton mill, according to Srb. Later converted into a watchcase factory by Bulova Watch, it was abandoned after decades of use in 1979 and then stood vacant for more than a quarter century. But the building’s Victorian-era design and rich legacy to the Sag Harbor community were too significant to be consigned to the wrecking ball. In 2008, the village granted approval to developer equicapmag.com SUMMER 2019 ISSUE EQ. 19
Page 1 and 2: RENZO PIANO The Hamptons Issue 250
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Page 5 and 6: Lamborghini Manhattan 711 11th Aven
Page 7 and 8: $10.0 BILLION MRC has invested $10.
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EQ. Magazine Summer Issue 2019

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