In the early 1960's, a developer bought the waterfront estate of Thomas Edison's partner, Joe Murray, in Water Mill. Over the years, some 18 parcels valuing at least $200 million have come to share a private drive, known as Holly Lane, consisting of a strip of land varying from 40 to 75 feet wide, several gates, trees, and lawns. While all the properties have easements to pass over Holly Lane to get in and out, the heirs of the developer still own the fee title of the majority of Holly Lane and its verges to the water, some 1 1/4 acres. A sophisticated investor will understand that Holly Lane is a brand like Chanel, and that majority control and ownership of such a parcel could be very valuable.
Surrounded by very high-end real estate is this simple family home on .59 of an acre. The property has a beautiful rolling lawn and some gorgeous old trees. If you want to live South of the HYW - this is a great fixer upper- or tear it down and build from scratch. Its all about the location and...
Listing ID H29447
Listing Agent: Paul Brennan
Courtesy of: Douglas Elliman Bridgehampton
Office Phone: 631.537.5900
Updated: 21st July, 2017 8:26 PM.
Holly Lane (Private Road) Water Mill, NY