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Dec 12, 2012 12:43 PMPublication: The East Hampton Press & The Southampton Press

Prices Released For Watchcase Condos At Bulova

Dec 17, 2012 11:30 AM

Projected costs for units in the luxury condominium complex being built on the site of the former Bulova Watchcase Factory were revealed last week by Michael Daly, an associate broker at Sotheby’s International Realty in Sag Harbor.

In an email sent out on Wednesday, December 12, Mr. Daly included price-range figures for the units, which is the first time such precise information has been made publicly available for the biggest construction project in Sag Harbor, now taking shape. Though the figures were released by Mr. Daly, the Watchcase project is listed with The Corcoran Group’s Sunshine Marketing Group, according to Joey Arak, public relations manager for Watchcase. The local real estate sales team of Cee Scott Brown and Jack Pearson hold the listing, he said.

In his email, Mr. Daly reported the most recently quoted prices for the units were: a one-bedroom unit would range from $710,000 to $2 million, a two-bedroom unit from $1.5 million to $5.5 million, a three-bedroom unit would range from $2.4 million to $10.2 million, a townhouse would range from $3.5 million to $6.5 million; and two townhouses with four or five bedrooms would range from $4.3 million to $4.4 million.

The figures were confirmed as accurate, though subject to change, by Mr. Arak on Friday. Additionally, Mr. Daly provided examples of estimated monthly common charges and taxes, as provided by the developers. Those figures were also confirmed by Mr. Arak.

According to the data provided by Mr. Daly, a $1.1 million one-bedroom unit could have a common charge of $668 per month and taxes of $135 per month. A $4.5 million two-bedroom penthouse could have a $1,982 per month common charge and $401 in taxes per month. A $6.5 million four-bedroom townhouse could have a common charge of $4,046 per month and monthly taxes of $816 per month. A $7.8 million two-bedroom townhouse could have a $2,900 per month common charge and about $586 a month in taxes. A $10.2 million three-bedroom penthouse could have a $2,877 monthly common charge and $582 in monthly taxes, while a $2.9 million two-bedroom unit with a terrace could have a common charge of $1,936 per month and $391 in taxes.

According to Mr. Arak, the developers, Cape Advisors, anticipate having a fully furnished model ready for viewing by April.

The complex, when complete, will have 64 units. The main building will feature loft, townhouse and garden residences—ranging from studios to four- and five-bedroom units, while eight bungalow units will be on Sage and Church streets. The townhouses, ranging in size from more than 3,000 square feet to just under 5,000 square feet, are being built on the outer ring of the site and are not part of the former factory building. Sky-high penthouses will each sport a private rooftop terrace, and ground-floor residences with each feature private outdoor space in a courtyard.

Though the original plans included an indoor swimming pool, the plans were scrapped in favor of an outdoor pool. The facility will also include a fitness center, a yoga and aerobics studio, a sauna and underground parking, among other amenities.

For more information on the progress of the site, visit watchcasefactory.com.

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If only I won the Lottery!
By Robert I Ross (250), Hampton Bays on Dec 12, 12 1:07 PM
Quite affordable second home for a russian billionaire.
By C Law (354), Water Mill on Dec 12, 12 2:45 PM
If I won the lottery, I'd buy a poor family or more a home and live modestly and not feed into the OVERRATED hype ofvillage of Sag Harbor and its grossly overpriced condo's!!!!
By lursagirl (245), southampton on Dec 12, 12 2:58 PM
3 members liked this comment
I guessed the prices would be high---but these prices are outrageous to me. There sure won't be too many locals living there and it is most definitely not a retirement option.
By Mrs.Sea (268), Sag Harbor on Dec 12, 12 3:48 PM
2 members liked this comment
Has anyone checked apartment prices and carrying costs in Manhattan lately???
These prices are a steal, and will most likely be snapped up by savvy investors, while the "locals" stand around heaping scorn and mockery on the purchasers.
Same scenario for the past 50 years out here.
By aging hipster (201), Southampton on Dec 12, 12 4:41 PM
These prices are high 'aging hipster,' because this isn't Manhattan, it's Sag Harbor. There are plenty of homes in the Village for under 5 million, and they come with land and privacy, something these do not have. Far be it from me to 'heap scorn' but yes, spending 10 million dollars to live in a 3 bedroom apartment in Sag Harbor sounds ridiculous. No matter the price, I would be concerned about living in a building that was toxic and once declared a Superfund site, especially because it's made ...more
By RealLocal (76), Bridgehampton on Dec 12, 12 5:26 PM
2 members liked this comment
There are plenty of much better options out here than paying these absurd prices for apartments. For a water view? I'm sure waterfront houses on the bays go for much less.
By V.Tomanoku (790), southampton on Dec 12, 12 6:00 PM
Look at it this way, the buyers will only have to walk a couple of hundred feet when they get off the Hampton Jitney. Location, location.

Be interesting if these units are snapped up, as someone stated above, or it turns into a white elephant.
By BruceB (142), Sag Harbor on Dec 12, 12 6:02 PM
1 member liked this comment
With prices like these I would think that they would be able to afford 2 Police Depts. Well, the good news is that the Chief should be able to afford a single unit based on his salary alone,well within walking distance of the Corner bar..
By theprogram (37), east quogue on Dec 12, 12 6:34 PM
Time will tell where the market eventually lands.
I remember not too long ago when NYC people were buying building lots in south-of-highway Bridgehampton for $100,000--and the locals (me included) were laughing and shaking their heads
By aging hipster (201), Southampton on Dec 13, 12 6:54 AM
How did that other waterfront condo project work out in Sag?
By G (342), Southampton on Dec 13, 12 7:39 AM
These prices dwarf the small $2 million fee the used to avoid providing affordable housing! Let's see, 64 units times $3 mill. average per unit +/- equals almost $200 million, does it not? [see 9/28/11 article linked above]

At this joyous holiday season, just remember the Golden Rule:

"He who has the gold makes the rule!"
By PBR (4956), Southampton on Dec 13, 12 11:34 AM
He loses millions if no one buys them.. so who is really at fault?
By Nature (2966), Hampton Bays on Dec 13, 12 11:43 AM
The point is, it appears that the fee paid to avoid having to put in affordable housing is significantly less than the profits to be made on the "freed up" units. Read the 9/28/11 article referenced above, and earlier ones.

Plus, the Village has agreed NOT to take this $2+ million dollar fee up front (which was the original plan, I believe), but rather will take the fee piecemeal as the units are sold.

Hence, the reference to The Golden Rule above.

PS -- Where was there ...more
By PBR (4956), Southampton on Dec 13, 12 3:09 PM
My point is that the whole $2 million waiver wouldn't be worth it if the developer couldn't sell the units. The developer is playing to the market - so are you going to blame him for paying his way out of the requirement?

And not for nothing, but the affordable housing thing is a little silly. I'm all for providing housing opportunities (especially on Long Island) but when we are talking about private property - why is it a REQUIREMENT that development include affordable? It only fuels ...more
By Nature (2966), Hampton Bays on Dec 13, 12 9:14 PM
Fake money only buys fake, well, I think it's plainly obvious...
By Mr. Z (11847), North Sea on Dec 15, 12 12:11 AM
at these prices, these things will sit dormant for a while...why wouldnt the rich and famous continue renting the homes south of the highway instead of owning something like this, they love to entertain while they are here and hold fundraisers for benefits, with these prices for a mere condo they will have to hold fundraisers to pay the taxes, and commom charges.....for what someone else to clean my pool, or cut my grass .im applying for the job as the doorman.
By BCHBUM11968 (81), SOUTHAMPTON on Dec 13, 12 1:07 PM
This comment has been removed because it is a duplicate, off-topic or contains inappropriate content.
By Rich Morey (378), Brooklyn on Dec 14, 12 3:50 PM
Wasn't this development supposed to relatively affordable living for locals / small families? What happened to that?
By Rich Morey (378), Brooklyn on Dec 14, 12 3:50 PM
See comments and article linked above. The developers appear to have bought their way out of the affordable housing requirements, and will probably make a profit on the "freed up" units over and above the $2.5 million promised.

The Golden Rule!
By PBR (4956), Southampton on Dec 14, 12 11:15 PM
PS -- Not to mention the added benefit (and increased profits on the other units) because there won't be any "riff-raff" around living in the "poor" units!
By PBR (4956), Southampton on Dec 14, 12 11:18 PM
sad, so sad. what has happened to my hometown?
By local (106), north sea on Dec 14, 12 6:07 PM
1 member liked this comment
local frm North Sea you are thinking retorical aren't you? I left SH in the 1990's and visit in the summer. What a huge difference for my husband an me! Time marches on.
By summertime (589), summerfield fl on Dec 17, 12 9:19 PM
This reported date states taxes are $135.00 a month. Is this just the Village part of the tax? It would seem to me that they left of the Town part of the bill.
By EH123 (22), East Hampton on Dec 21, 12 6:34 PM
What is the square footage of these units? Prices seem absurd in this market. Sag is desirable but whats the upside on a condo built on a toxic waste site. Just wait until something suspicious is found in the ground, water etc. I wouldn't two million.
By harbor (415), East Hampton on Dec 21, 12 10:34 PM
let the free market determine the price and quitcherbitchin
By bigfresh (4666), north sea on Dec 22, 12 2:02 PM
It's seems extremely expensive to me but God Bless the Wealthy they really are the ones that keep the East End so great! Hey they pay a lot of taxes for us little people.
By Oceanvolt (1), Southampton on Jan 27, 13 10:54 AM