EQ. Magazine Summer Issue 2019

RENZO PIANO 

The 

Hamptons 

Issue 

250 AT CAMPBELL STABLES 

GTO 

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S U M M E R 

2019 

12 

Everyday Excitement 

GTO Engineering produces brilliant 

classic car replicas for a fraction of the price. 

On the cover: GTO 250 Ferrari courtesy of Manhattan Motorcars photographed by Daniel Wagner at 

Campbell Stables, a luxury equestrian facility located south of the highway in Bridgehampton, NY 

6 

Publisher’s Note 

Welcome to the Hamptons 

7 

The Scene 

Equicap with Rolls Royce 

and Panerai 

8 

Watch Review 

Panerai submersible collection 

10 

Wheels 

Catch Formula 1 Fever 

40 

Fashion 

Dressing well on and 

off the beach 

76 

Food&Drink 

Highclere gin goes from 

garden to glass 

HAMPTONS 

18 INDUSTRIAL CHIC 

Watchcase reinvents the hottest market 

22 SAG HARBOR 

How to spend the perfect Saturday 

26 CLASSIC LIVING 

The lure of equestrian properties 

32 AESTHETIC SPLENDOR 

Polo combines power and poetry 

34 STAR ISLAND 

Gurney’s new venue offers relaxed luxury 

80 FOOD SCENE 

Local chefs who dazzle palates Out East 

Photo by Daniel Wagner 

DEPARTMENTS 

38 LENDER SPOTLIGHT 

Q&A with Hall Structured Finance 

42 L.A. BIOSCIENCE 

Creating lab space for start-ups 

46 DEVELOPMENT 

565 Broome is as distinctive as SoHo itself 

52 YACHTING 

A seven-day itinerary plus yachting etiquette 

58 REAL ESTATE LAW 

New York transfer and mansion taxes 

62 DEVELOPMENT RIGHTS 

Successful zoning lot mergers 

64 URBAN PLANNING 

Financing TOD infrastructure 

66 INTERVIEW 

Lunch with Shah Gilani 

68 DEAL MAKING 

Coffee with David Steingard of Laughing Man 

72 WEALTH MANAGEMENT 

China’s booming hedge fund industry

$10.0 BILLION 

MRC has invested $10.0BN of capital 

across 450 debt and equity positions 

since its inception in 2004 

$4.8 BILLION 

The Firm manages $4.8BN of gross 

assets across its investment platform 

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Multi-Family 

Retail 

Industrial 

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Investment Types 

Office 

Hotel 

Land 

Note Financing 

Ground-Up 

Construction 

Performing Note 

Purchase 

Non-Performing 

Note Purchase 

Madison Realty Capital (MRC) is a New York City-based real 

estate private equity firm focused on real estate equity and debt 

investment strategies. Founded in 2004, MRC has invested in 

approximately $10 billion of transactions in the multifamily, retail, 

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elcome to the Hamptons. I grew up in Europe and I’ve lived in the 

beautiful South of France, so I had high expectations the first time I headed out 

to the Hamptons 20 years ago. 

I recall feeling underwhelmed as we sat in bumper-to-bumper traffic on that 

long drive from the city. It was all asphalt and definitely not picturesque. Where 

were the charming towns and scenic views I had heard so much about? 

About three hours later we arrived in the most magical place and I have been 

smitten with the Hamptons ever since. 

After a long week in the City, nothing compares to the carefree lifestyle 

enjoyed Out East cooling off in the waves with family and friends against the 

backdrop of expansive blue sky and perfectly sculpted dunes. One of my best 

memories of the Hamptons is running on the beach barefoot with my dog, 

Striker, at dawn. But the Hamptons is also parties, events and, of course, horses. 

Our Summer Issue of EQ delves deeply into everything that makes the 

Hamptons one of the most desirable summer destinations in the world—and 

certainly a favorite of many Equicap clients. We’re excited to extend our lifestyle 

departments to include luxe watch reviews, summer fashion and great boats like 

the Vanquish VQ 58. From how to spend a perfect day in Sag Harbor to the local 

Hamptons food scene to the most coveted equestrian estates, EQ is on the scene. 

Thanks to our partnership with Manhattan Motorcars, we had another 

great cover shoot—this time with the GTO 250 Ferrari at Campbell Stables. 

Our equestrian coverage includes a brief history of polo as well as insights from 

Faye Weisberg, a seasoned broker with Saunders in Bridgehampton who has the 

$40 million Campbell Stables listing. We also caught up with Deborah Srb of 

Sotheby’s International Realty who’s representing The Watchcase in Sag Harbor 

which has become one of the hottest markets in the Hamptons. 

Of course at EQ we will always have real estate development in our DNA. 

Don’t miss our piece on 565 Broome, the fabulous Renzo Piano development 

in SoHo as well as stories about zoning (“Transferring Development Rights”), 

lending (“Q&A with Mike Jaynes of Hall Structured Finance”) and wealth 

management (“Fund Towns”). We’re thrilled that Bruce McGuire of the 

Greenwich Economic Forum contributed his insights on the opportunities 

created by China’s growing domestic hedge fund industry. 

We hope you enjoy the new issue of EQ. As always, I welcome your feedback; 

and check us out online at equicapmag.com. 

Enjoy your summer! 

Daniel Hilpert, Publisher & Editor-in-Chief 

PUBLISHER & 

EDITOR-IN-CHIEF 

Daniel Hilpert 

dhilpert@m-equicap.com 

917.586.8364 

MANAGING EDITOR 

Peter Falco 

PROOFREADERS 

Sally Wang 

Nate Geremia 

Erika Gluckstal 

EDITORIAL DIRECTOR 

Diana Mosher 

CREATIVE DIRECTOR 

Gregory Cullen 

CONTRIBUTORS 

Colin Amrbose 

Peter Ambrose 

Alexander Berger 

Matty Boudreau 

Jacqueline Burt Cote 

Hillary Davis 

Stacy Dermont 

Shah Gilani 

Daniel Hilpert 

Mike Jaynes 

Patricia Kirk 

Harvey I. Krasner 

Justin Mastine-Frost 

Bruce McGuire 

Eric Miller 

Jon Ruti 

Alex von Salad 

Michael Santora 

Michael A. Smith 

Jeffrey Steele 

David Steingard 

Stefanie Tabacow 

Jack Williams 

ADVERTISING INQUIRIES 

sales@equicapmag.com 

917.586.8364 

EDITORIAL/GENERAL 

INQUIRIES 

info@equicapmag.com 

EQ. is published by EQ Media LLC 

©2019. Any reproduction or other use 

of the articles, contents or photography 

without express written consent by 

EQ Media LLC is strictly prohibited. 

EQ Media LLC, 10 Grand Central, Suite 

1601, New York NY 10017 ©2019 All 

Rights Reserved. 

6 

EQ. SUMMER 2019 ISSUE equicapmag.com

SCENE 

IN MID-MAY, EQ 

CO-HOSTED a Spring-time 

gathering with ROLLS 

ROYCE OF MANHATTAN 

MOTORCARS AND 

PANERAI in the West 

Village. MORE THAN 

250 CLIENTS and their 

guests enjoyed specially 

crafted cocktails, snapped 

pictures behind the wheel 

of the CULLINAN AND 

DAWN and were enticed 

by Panerai’s watch 

collection. More photos of 

the event can be found on 

our events page @: 

EQUICAPMAG.COM/PANERAI-ROLLS/ 

EQUICAP WITH ROLLS 

ROYCE & PANERAI 

PHOTOGRAPHY PATRICK MCMULLAN 

equicapmag.com 

SUMMER 2019 ISSUE 

EQ. 

7

THE PANERAI 

WATCH REVIEW 

DIVES DEEP 

WITH 

SUBMERSIBLE 

COLLECTION 

IN 2019 

WRITTEN BY 

Justin Mastine-Frost 

Though technically the Panerai 

Submersible’s roots can 

be traced back to 1956, 

and the brand’s massive 60mm 

commission for the Egyptian 

Navy known as the L’Egiziano, 

until very recently Luminor 

Submersible models have 

remained rather fringe 

offerings from the brand. 

A handful of key releases have surfaced 

more recently, but it was earlier this year at 

SIHH where the brand went all-in on the 

model, splitting it out into its own collection 

and releasing over a half dozen new models 

celebrating the occasion. Panerai’s design 

aesthetics have always been distinct, and the 

roots of both the Luminor and Radiomir trace 

back to early military issue diving watches, though 

with the Submersible an added layer of practicality 

is added in the form of its unidirectional rotating 

60-minute timing bezel — an obvious staple of the 

modern dive watch category. 

Of the pack of new releases, three particular examples 

appeared in very limited production runs (less 

than 30 examples each), being offered in a particularly 

unique fashion. With the purchase of these three 

PANERAI HAS 

ADDED COLOR 

TO THEIR 

REPERTOIRE 

WITH MODELS 

LIKE THE 

PAM959. 

watches, not only were you getting an especially 

rare piece from the brand, but also access to one of 

three incredible and exclusive experiences tied to 

the design of each watch. The adventures paired 

with these watches included a diving expedition 

with world record freediver Guillaume Nery, 

an arctic exploration expedition with famed 

conservationist Mike Horn, and finally 

two days of training with none other 

than Italy’s Marina Militare elite frogmen. 

Sadly, each of these limited edition 

models sold out quite promptly, 

however the brand opted to issue 

a variation of each model for series 

production. All three models measure 

47mm across, though are quite distinct 

from one another in several ways. In the case 

of the Marina Militare, it is cased in Carbotech 

— the brand’s proprietary variant of forged 

carbon fi ber, which is designed to be strong and 

lightweight in a manner that easily surpasses 

titanium. In the case of the Mike Horn limited edition, 

its casing is in titanium, giving it a more conventional 

look overall. That said, it stands out from 

the pack on account of two key details. First, its bezel 

is cut with its numerals in relief, which is out of 

the ordinary for the brand, and second, the text that 

would historically appear on its dial is instead printed 

on the underside of its sapphire crystal —a unique 

detail giving the piece an added layer of visual depth. 

Images courtesy of Panerai Watches. 

8 


WATCH REVIEW 

The final offering of the trio, dubbed the Submersible 

Guillaume Nery, also features a titanium 47mm casing, 

though unlike its counterparts a chronograph complication 

is added to the equation. Screw-down pushers mounted to 

the left side of the case assist in maintaining its 300m water 

resistance, and from a functional standpoint Panerai remains 

one of the few watch brands that opts to display the chronograph’s 

elapsed minutes via a central hand rather than on 

a compact subdial. While this may not sound like that big 

of a deal at first glance, it does take a modest amount of 

retooling to execute, however if you’ve ever used one you’ll 

certainly appreciate the significantly increased legibility 

that comes with it. 

If none of this trio are enough to spark your interest, or if 

there’s concern about the oversized 47mm case sizing being 

overpowering, the brand has also scaled the Submersible 

down to both 44mm and 42mm sizing of late. Personally, I 

was immediately enamored with last year’s 42mm Submersible 

release, and further additions in this case size have yet 

again piqued my interest. Regardless of your wrist size and 

preferences, there are plenty of Submersibles to choose from 

this year, and none are a bad idea. ■ 

As expected, 

all Submersible 

models are fitted 

with Panerai’s 

unique locking 

crown mechanism, 

first launched 

in 1950. 

USING A 

PROPRIETARY 

CARBON CASE, 

THIS 47MM 

SUBMERSIBLE 

PAM979 IS 

SURPRISINGLY 

LIGHTWEIGHT. 

THIS UNIQUE BEZEL 

DESIGN IS LIMITED 

TO THE TWO MIKE 

HORN SUBMERSIBLE 

LIMITED EDITIONS 

THAT LAUNCHED 

THIS YEAR. 

THE PAM683 IS 

ONE OF A FEW 

NEW MODELS 

OFFERED IN A 

MORE CONSER- 

VATIVE 42MM 

CASE SIZE. 




9

WHEELS 

U.S. Fans Catch Formula 1 

FEVER 

Photo credit: Shutterstock 

WRITTEN BY Jack Williams 

The average fan is male, 

aged 25 to 44; and typically 

has an annual income of 

over $75,000.” 

FOR MORE THAN 70 YEARS, FORMULA 1 HAS BEEN 

one of the world’s pinnacle motorsports, intriguing 

viewers through its mix of glitz and glamour, high speed 

twists and turns and the billions of dollars’ worth of 

spectacle that come with every traveling roadshow 

event. Given the stacks of dollars Americans spend 

every year on sports and entertainment, it’s no surprise 

that F1, as it is known, has spent decades trying to successfully 

tap into the U.S. market. 

Despite mixed results in years past, recent data suggests that 

the sport’s U.S. popularity may finally be gaining traction. 

The sport itself—competing in a landscape dominated by 

NASCAR and Indy Racing—previously had a stop-start relationship 

hosting its own U.S. Grand Prix. Formula 1’s version of 

the race returned to the U.S. in Austin, TX, in 2012. Before then 

there were spells in Indianapolis, IN, 2000-2007; Phoenix, AZ, 

1989-1991; Watkins Glen, NY, 1961-1980; Riverside, CA, 1960; 

and Sebring, FL, 1959. 

Data collected by Nielsen, a global information and measurement 

company, shows that since the 2012 return to Austin, U.S. 

interest has risen from 17 percent to 21 percent in May 2018, and 

fans “very interested” or “somewhat interested” peaked as high as 

24 percent during that six-year timeframe. 

The profile of the average American Formula 1 fan reflects 

the high-end aspects of the sport, which had annual revenues of 

$1.827 billion during its 21-race season in 2018. The average fan 

is male, aged 25 to 44; and typically has an annual income of over 

$75,000. 

Peter Habicht, the founder of Formula 1’s largest fan group in 

America with around 2,500 members, believes that digital media 

and increased behind-the-scenes access to the sport has helped 

improve interest dramatically. 

In years prior, Formula 1 chased new streams of revenue by 

granting grands prix to Abu Dhabi, Singapore, Shanghai and Kuala 

Lumpur. This benefitted the sport globally, but in the process 

damaged the chances of maintaining a footprint in the U.S., where 

live races (the primary focus) varied dramatically compared to 

dedicated time slots tied to other motorsports. 

U.S.-based Liberty Media, in 2017, acquired Formula 1 for $8 

billion and their approach to coverage seemingly improved. At 

the time, the new CEO declared that despite varying global start 

times, the sport’s focus in the U.S. would be on Super Bowl-like 

events for mobile content; behind-the-scenes access would keep 

fans engaged away from such races. 

Today, Habicht and others enjoy YouTube channels and podcasts 

dedicated to drivers, on and off the circuit. “They’ve been 

able to go behind the scenes, showing a more human side of the 

sport,” says Habicht. Premiering in March 2019, a Netflix original 

series, Formula 1: Drive to Survive, took an exclusive look at the 

intense and lavish lifestyles of the sport’s drivers and their teams. 

In a recent interview, Sean Bratches, the managing director of 

commercial operations for F1, said that digital consumption in 

the U.S. is up “significantly,” placing the U.S. as the No. 2 market 

globally for F1.com from a nominal standpoint, behind the U.K. 

On a ground level, too, Formula 1 has aimed to keep fans in 

the U.S. engaged year-round—not just when the U.S. Grand Prix 

rolls into Texas. In the past two years, fan events have been held in 

Miami, Los Angeles and Chicago. Habicht encourages the sport 

to host more, as well as embrace the celebrity ties the glamorous 

sport already has in America—whether it be fans like Matt LeBlanc 

and Keanu Reeves, or friends of drivers, like Stephen Curry. 

Ultimately, the growth of Formula 1 in America will be dependent 

less on the U.S. races themselves, those events continue 

to attract a loyal fanbase. But, the focus will shift to what Formula 

1 has become in the 21st Century: less a series of glamorous, 

high-intensity events and their foot traffi c; and, more a 

global, all-access media and entertainment brand with those 

races at its soul. ■ 

10 


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COVER STORY 

12 


COVER STORY 

WRITTEN BY 

Jack Williams 

PHOTOGRAPHY BY 

Dan Wagner 

EVERYDAY 

EXCITEMENT 

CLASSIC CAR 

REPLICAS 

In August of 2019, auction house RM Sotheby’s will roll 

out a classic 1962 Ferrari 250 GT SWB Berlinetta onto 

the sales blocks at its flagship three-day event, in Monterey, 

California, with early estimates already predicting 

the vehicle could fetch anywhere between $8,000,000 and 

$10,000,000. So coveted are Ferrari 250s of this era–from 

Berlinettas to Testa Rossas, California Spyders to GTOs– 

asking prices have continued to rise over recent years, and it 

seems like every few months a record is broken as fees climb 

higher and higher into the double-digit millions. 

GTO ENGINEERING 

PRODUCES CLASSIC 

CARS THAT ARE 

NEARLY 100 

PERCENT THE SAME 

AS THE ORIGINAL 

AT A FRACTION OF 

THE PRICE. 

These enormous fi gures, however, come as no surprise to those in the classic car 

community, given the rarity of the remaining vehicles from Ferrari’s 1953 to 1964 series 

of 250s; their individual histories, which range from movie appearances to race wins; 

and, of course, the incomparable driving experiences they still offer even today. 

Let’s take the 250 SWB Berlinetta–only 165 were ever produced from 1959 until 

1962, and stories, no doubt, are stamped to each and every one of them. This model of 

250 came with the esteemed 3.0 liter, V12 engine that was indicative of Ferrari’s racers 

at the time. SWB Berlinettas won the 1960, ’61 and ’62 Tour de France Automobile. 

Heavier steel bodies (around 80-something of them, for street use) and light-weight 

aluminum versions (for racing) made this the model of choice for 250 “customers [who] 

were able to win the race on Sunday and drive to the office on Monday, all in the same 

car,” Marcel Massini, a renowned Ferrari historian who advises the likes of Sotheby’s, 

told EQ. 

But what if such a car can’t be driven to work on Monday by those who wish to do so 

some 60 years later? What if price points and availability hinder some from ever obtaining, 

or fear of damage freezes those who are already fortunate enough to own? 




13

COVER STORY 

GTO ENGINEERING ENSURES THAT EVERY VEHICLE IT BUILDS HAS A UNIQUE I.D. NUMBER AND PAPERWORK THAT IS TIED TO AN ORIGINAL FERRARI. 

One such vehicle sitting in Manhattan Motorcars, on 11th 

Avenue in Midtown Manhattan, looks to offer an alternative. 

Upon fi rst glance, the gleaming black coupe looks just like 

any other pristine SWB Berlinetta from decades ago. 

Ferrari badge: 

check. 

Iconic body shape: 

check. 

Gear stick, dial positions, steering wheel design: 

check, check and, well, check. 

Price: $1.39 million 

Wait, what? 

Yes, according to Mark Lyon, whose company GTO Engineering 

produced the car on show, this model is “nearly 100 

percent the same” as the original, and at “one tenth of the price.” 

The 250 GTO, as it is named, may have been inspired by 

1950s and 60s Italian design, but it was actually constructed by 

the hands of Brits in 2018. Based in Reading, England, just west 

of London, GTO Engineering has focused on Ferrari servicing 

and restoration since it opened in 1994. As Ferrari’s classic 

models become ever older, parts wear out; replacements become 

scarce or non-existent. GTO Engineering then steps in to make 

the new ones themselves — which may mean building, say, a 

replacement engine from scratch for a customer who wants to 

take out a valuable original and protect it. 

In 2008, however, the global fi nancial crisis hit, impacting 

GTO Engineer’s forecasts for their traditional work. “I said to 

my staff, ‘This is going to be a quiet year this year — what do 

you say to building a whole car?,’” Lyon, whose company has 42 

staff in its U.K. headquarters and an operation in Los Angeles, 

explained. “Everyone liked the idea. So, we started then with a 

couple of deposits from clients, and started making cars.” 

What came next Lyon describes as “very advanced reverse 

engineering.” Knowing he and his staff had either made or 

owned all the parts to make up the likes of a short-wheel-base 

(SWB) Berlinetta, they set to work on making their own version 

of the car that was as close as possible in looks, performance and 

feel to the original. That process took around two years from 

design stage to the fi nished model, and, to date, the company 

has made some 28 vintage Ferraris, 22 of which are like the one 

in Manhattan Motorcars, Lyon said. 

On average, three members of staff will now work on each 

ground-up creation, and the process now takes around 18 months 

for models of cars whose designs the company has worked on 

in the past. (There are future plans for a California Spyder.) And 

while Lyon admits that they will always have to source tires and 

carburetor that cannot be made in-house, thousands of pieces are 

individually crafted in Reading — even those that make up features 

that perhaps weren’t around in the ’50s and ’60s. 

“We never try and pass one of our cars off as an original car,” 

Lyon said. “We’re making the perfect copy, but it is a copy.” 

Air conditioning, for example, is one such request that GTO 

Engineering is often asked to add to their Ferraris, keeping it 

hidden to be true to the original design, while newer electrical 

parts also improve reliability. The 250 GTO commissioned by 

Manhattan Motorcars has an engine that is half a litre more 

powerful than the original. 

GTO Engineering also ensures that every vehicle it builds 

has a unique I.D. number and paperwork that is tied to an original 

Ferrari —even if their starting point is what remains of a 

car that’s been burnt out or had numerous parts stolen off it and 

nothing more. “We’re not destroying any cars,” said Lyon, who 

14 


COVER STORY 

“We’re making the perfect copy.” 

added it’s preferable if the model whose I.D. they 

are working with is older but not essential. “We 

don’t need any parts; we’ve got all the parts…We 

like to have something physical if we can — so, a 

bit of chassis, or some parts, if possible. But we 

basically make the car.” 

For that reason, Marcel Massini, the Ferrari 

expert, estimates that while there were only 165 

SWB Berlinettas created from 1959 to 1962, as 

many as 300 or more additional versions with 

Ferrari I.D.s could have been built by companies 

similar to GTO Engineering, who operate in a 

market that includes those working on replica 

Jaguar E-Types and vintage Porsches. 

This has split opinions in the car collecting 

world. Massini, a purist, has called the use of I.D. 

numbers tied to perhaps more mass-produced 

Ferraris “sacrilege” and says it’s a shame that 

“other Ferraris are being butchered and basically 

killed to use their identities or their remnants 

to build a 250 SWB replica.” Others see it as a 

cheaper alternative to have access to a design 

of Ferrari that otherwise remains out of reach 

— like a classic painting purchased for an exorbitant 

fee and then locked away in a private collection, 

and not shared with the public. 

Miles Miller, the chief operating officer 

of Manhattan Motorcars, while sympathetic 

towards the views of Massini and others, said 

the focus should simply be on the craftsmanship 

itself. Miller was not intending to commission 

such a car when he visited GTO Engineering 

around two years ago, but having been 

impressed by the performance and build quality, 

he and his father, Brian, who owns the business, 

saw a car that they believe could offer a weekend 

drive for those who cannot get their hands on 

the original — or even a daily drive for someone 

who does not want to damage their own rare 

Berlinetta itself. 

“There’s always going to be people who poo 

poo it a little bit because it’s not original and 

everything like that. It’s still a beautiful piece of 

engineering; it’s stunning to look at; it sounds 

great — so don’t over complicate it.” 

Lyon, naturally, agrees. “There are some people 

who don’t like it, but most people say, ‘I can 

see why they’re doing that — that does make 

a lot of sense,” he said. “You don’t want to use 

something that’s very unique and irreplaceable; 

you want something you can use and have fun in. 

Not many people use the original cars anymore 

— which is very sad, but it’s true.” Lyon hopes to 

hear the sound and see the sight of a new GTO 

out and about soon.” ■ 




15

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HISTORIC HOME. 

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Phone: +16318756323 

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jbandreassi@nestseekers.com 

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Phone: +1631-287-9260x4381 

Mobile: +1631-456-3567 

jamesg@nestseekers.com 

© 2019 Nest Seekers International. All rights reserved. Licensed Real Estate Broker NY, NJ, FL, CA. Nest Seekers International fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. All material presented herein is intended 

for informational purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.

THE HAMPTONS 

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WELCOME HOME

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 


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 




19

HAMPTONS 

Cape Advisors to launch redevelopment of the 

hulking but historic structure. 

The redevelopment yielded a total of 47 factory 

lofts including penthouses within the original 

structure. An additional nine townhouses 

were constructed on the grounds. The development’s 

8 bungalows are situated at the base of 

the townhouses. 

The residences of The Watchcase came on 

the market in 2014. “People were so excited 

about this offering that they had waiting lists 

of up to 880 prospective buyers,” Srb recalls. 

“Sales people did nothing the first few weeks 

but write contracts. Over the next four years, 

they did very well. The response from buyers 

was a result of the building itself being of such 

special historical significance. But it also resonated 

with people who wanted a low-maintenance, 

concierge lifestyle at this price point.” 

Contributing to success as well were unexpected 

extras, like the development team’s 

ability to place a 130-vehicle parking garage 

beneath the entire block that encompasses The 

Watchcase. All town homes and penthouses 

offer private subterranean garages. 

Watchcase amenities include an expansive 

80-foot salt water pool, a spa massage room and 

fi tness center complete with the Peloton experience. 

A chef’s kitchen accompanies a private 

clubroom, which can be reserved for private 

parties. Above all, is the perspective enjoyed 

atop the factory, from the vantage point of the 

private rooftop terraces. All remaining penthouses 

enjoy the highest elevation of any point 

in Sag Harbor, overlooking village rooftops to 

offer sunset panoramas of sailboats on the harbor 

and an unobstructed view of the Fourth of 

July firework display. 

When Srb became the exclusive sales agent 

of The Watchcase last year, several town homes 

and penthouses remained unsold. Drawing 

from her interior design background, Srb suggested 

that the sponsor add elevators to the seven 

remaining three-, four- and fi ve-story town 

homes and lower their prices, which she considered 

too high. 

“You enter the parking garage off Division,” 

Srb says. “Open your car door, and the elevator 

is right there. You can take groceries up to 

the kitchen, or bring suitcases to bedrooms on 

higher floors.” 

The town homes mirror the classic architecture 

of Sag Harbor with shingled and clapboard 

exteriors in Colonial Revival and Greek Revival. 

Two penthouses remain available at $4.4 & 

4.9 million with panoramic rooftop views and 

three terraces with more than 1,200 square feet 

of outdoor space. At $4.6 million, 43 Church Street is the largest 

town home delivering nearly 5,000 square feet of livable space. 

It mirrors the Italianate architectural style and industrial heritage 

of the Watchcase with its red brick façade and ornamental 

cornices. A top-level lounge complete with an expansive rooftop 

WATCHCASE AMENITIES INCLUDE AMAZING VIEWS AND AN 

80-FOOT SALT WATER POOL 

deck, an outdoor shower and water views, leaves little to be 

desired. According to Srb, the remaining 10 townhomes and 

penthouses provide “a unique opportunity for yachtsmen, 

the boating community and those desiring industrial chic 

move-in ready walkability.” ■ 

20 


BUILD YOUR 

PARADISE 

A PARTICULARLY UNIQUE PIECE OF REAL ESTATE IN THE HAMPTONS. 

MAKE THIS YOUR HOME. MAKE THIS YOUR VIEW. 

MAKE THIS YOUR LIFE. 

Photos courtesy of Stankevich Photography 

AMAGANSETT, NEW YORK / SOUTH OF THE HIGHWAY / 400 FEET OF OCEANFRONT 

FOUR PARCELS CONSISTING OF 1.9, 1.9, 2.8 AND 2.8 ACRES: TOTALING 9.4 ACRES 

GROUP STANKEVICH 

PEGGY STANKEVICH 

T 631 377 0190 

PEGGYSTANKEVICH@GMAIL.COM 

GROUPSTANKEVICH.COM

HAMPTONS 

A PERFECT 

SAG 

WRITTEN BY 

Stacy Dermont 

PHOTOGRAPHY BY 

Barbara Lynne Photography 

HARBOR 

SATURDAY 

Revered for its walkability, 

historic 

buildings and 

small town vibe, 

Sag Harbor Village is beautiful 

every day, but on summer 

Saturdays the appeal is 

turned up to 11 with its weekly 

farmers market and a variety 

of events. 

IF YOU’RE BOATING IN— 

Find the farmers market just a stone’s 

throw from the Sag Harbor Municipal 

Dock (sagharborny.gov) on the grounds 

of the Sag Harbor Yacht Club (sagharboryc.com). 

In addition to seasonal produce, 

you’ll be offered samples of local 

edibles worthy of provisioning the fi n- 

est galley, such as Amagansett Sea Salt 

(amagansettseasalt.com), Open Minded 

Organics fresh herbs (openmindedorganics.com), 

and Sagaponacka Vodka 

(sagaponackfarmdistillery.com). Plus, 

everything you could need to throw a 

fi ne picnic, like Mecox Bay Dairy cheeses 

(mecoxbaydairy.com), Blue Duck 

Bakery breads (blueduckbakerycafe. 

com) and Wölffer Estate Vineyard wines 

(wolffer.com), including their famous 

rosé, chilled. 

Locate anything your boating adventures 

require next door at Sag Harbor 

Yacht Yard & Ship Store (725-3838) and 

Tight Lines Bait & Tackle (725-0740). 

5 

6 7 

22 


HAMPTONS 

1 

CLOCKWISE: 1) YACHT CLUB. 2) SAG HARBOR 

CINEMA, MAIN STREET. 3) DONUT FROM THE 

GRINDSTONE. 4) THE AMERICAN HOTEL. 

5) BEACH. 6) WINDMILL WITH JOHN STEINBECK 

IMAGE. 7) VIEW ALONG MAIN STREET. 

Across the street you’ll find phone 

chargers and much more at Geekhampton, 

the Hamptons’ only Apple Premier 

Partner (geekhampton.com). 

4 

2 

3 

IF YOU’RE MOTORING IN — 

You’re likely heading in on the Sag Harbor-Bridgehampton 

Turnpike which becomes 

Main Street. From this direction 

you’ll be tempted to join the masses for 

breakfast at Estia’s Little Kitchen (estias.com). 

It’s popular for good reason, 

but consider waiting until later for a 

low-key lunch or dinner, if American/ 

Mexican appeals. 

Just past the Mashashimuet Park 

tennis courts (mashashimuetpark.org; 

relax, everyone calls it “Mash” Park), 

locals grab a real-deal egg sandwich to 

start their days at the Cove Deli (283 

Main Street, 631-725-0216). Their most 

popular take on this Long Island classic 

is bacon, egg and cheese— on a kaiser 

roll, of course. 

Across the street from “the Cove” is 

Sag Harbor’s nearly 40-year-old independent, 

Canio’s Books (canios.wordpress. 

com). Grab the latest novel or a classic by 

a local author like John Steinbeck, E.L. 

Doctorow or James Fenimore Cooper. 

Or is it time to linger over brunch at 

Wölffer Kitchen (wolfferkitchen.com), 

Baron’s Cove (caperesorts.com) or Il Capuccino 

Ristorante (ilcaps.com) (beware 

bottomless Bloody Marys)? Or maybe 

grab a dozen different brioche-style donuts 

from Grindstone Coffee & Donuts 

(grindstonedonuts.com). Sag Harbor is 

not known for its health foods—except 

those found at Provisions Café (provisionsnaturalfoods.com) 

and the sushi 

at Sen (senrestaurant.com). Now that 

you’re fueled, fi nding ways to spend the 

rest of the best day in Sag Harbor is easy. 

EXERCISE—Rent a paddleboard or 

kayak from Flying Point (flyingpointsurf.com) 

and walk it to the bay— or 

rent a bike from Sag Harbor Cycle Company 

(sagharborcycle.com) to visit nearby 

Long Beach. A walk, or run, up and 

down its length is over two miles. 




23

HAMPTONS 

ENTERTAINMENT—Check the local 

newspaper The Sag Harbor Express 

(sagharbroexpress.com)—or tune in to 

our famous time capsule of a radio station, 

WLNG at 92.1 FM (wlng.com)— 

to fi nd out what local venues are up to. 

Many of our most architecturally and 

culturally significant sites offer events 

such as concerts, art exhibitions and 

tours. Local draws include the Annie 

Cooper Boyd House (sagharborhistorical.com), 

Bay Street Theater (baystreet. 

org), Eastville Heritage House (eastvillehistorical.org), 

John Jermain Memorial 

Library (johnjermain.org), Old 

Whalers’ Church (oldwhalerschurch. 

org), the Sag Harbor Whaling & Historical 

Museum (sagharborwhalingmuseum.org) 

and Temple Adas Israel (templeadasisrael.org). 

SHOPPING—Sag Harbor boasts one 

of the East End’s top antique stores in 

Black Swan Antiques, its many one-ofa-kind 

fi nds like old maps and signage, 

maritime tools and vintage sports equipment 

are located adjacent to top showroom 

Grenning Gallery (grenninggallery.com). 

Check out some of the other 

galleries on Main Street like Keyes Art 

(juliekeyesart.com) and Tulla Booth 

Gallery Fine Art Photography (tullaboothgallery.com). 

Don’t miss Washington Street for 

some of the best period interior pieces 

at Le Lampade (lelampade.com) 

and Ruby Beets (rubybeets.com). And, 

if you need a little sartorial infusion to 

meet Sag Harbor’s casual dress code, 

T-shirts and sweatpants are the top sellers 

at Henry Lehr Men (27 Washington 

Street, 631-808-3635). 

DINING— If you want to make a 

splash in this village’s dining scene, try 

a waterside table at Le Bilboquet (631- 

808-3767) or in view of the water at 

Dopo La Spaggia (dopolaspiaggia.com), 

on the porch of the American Hotel 

(theamericanhotel.com), at Lulu Kitchen 

& Bar (lulusagharbor.com) facing 

the wood-fi red kitchen or looking down 

on the water from the Beacon (beaconsagharbor.com). 

The local American 

Legion Post provides some top seats at 

The Dockside (docksidesagharbor.com) 

where outdoor seating faces the water 

and, inside, you can check out cool art 

fi lms screened across canvas walls. 

If you want to dine in the lap of luxury 

while trying out tables and chairs 

that you might purchase for your own 

JOHN JERMAIN 

MEMORIAL LIBRARY 

CEILING 

SAG HARBOR MARINA 

TUTTO IL GIORNO 

AND URBAN ZEN 

home, check out Urban Zen/Tutto il 

Giorno— mother and daughter team 

Donna Karan and Gabby Karan Felice 

have sandwiched a tremendous amount 

of design and deliciousness into this former 

gas station. You’ll often find a DJ 

rocking the house on Saturday nights. 

(urbanzen.com; tuttoilgiorno.com) 

NIGHT CAPS — You picked out a cigar 

at the American Hotel, right? Top 

spots for late night bites and bevs are 

Back Page Patio Café (page63main. 

com) and the nearby Murf’s Backstreet 

Tavern at 64 Division Street. At press 

time, Murf’s, a classic dive bar, was 

about to open under new management 

that promises to keep it just as small 

and haunted as ever. Be very aware that 

there’s a game of darts being played just 

inside Murf’s front door; enter cautiously 

and you just may survive to spend another 

day exploring Sag Harbor. ■ 

24 


THE CLUBHOUSE 

DINING BOWLING MINI GOLF ARCADE 

EAST HAMPTON INDOOR TENNIS 

174 DANIEL’S HOLE ROAD | EAST HAMPTON | WWW.EHITCLUBHOUSE.COM

EQUESTRIAN 

‘CLASSIC’ 

LIVING 

GTO 250 WITH 

GAMA ALPACA 

AT CAMPBELLS 

STABLES IN 

BRIDGEHAMPTON 

26 



WRITTEN BY Daniel Hilpert | PHOTOGRAPHY BY Dan Wagner 

THE EAST END IS KNOWN FOR 

ITS HORSE SHOWS AND WORLD- 

CLASS EQUESTRIAN ESTATES 




27


he Hamptons are known for celeb-owned 

mansions and charming 

century-old cottages. The East End’s 

idyllic setting with wide open spaces 

overlooking endless farm fields, easy 

access to the best beaches, a fabulous 

social playground and home of the 

Hamptons Classic also makes it ideal 

for equestrian properties. 

THERE IS NOTHING LIKE SUMMER IN THE HAMPTONS 

to pique equine interests and see some of the world’s fi nest horses in action. 

From the exhilarating, heart-pounding excitement of the Southampton Polo 

Club to the glitz of the Hampton Classic, the East End is unparalleled on the 

outdoor show riding circuit. 

AN EQUINE TRADITION 

The Classic as we know it today began in 1976. But its roots trace back to the 

early 1900s when an annual horse show was held in Southampton off First 

Neck Lane overlooking Agawam Lake. 

The event was held every year until the outbreak of World War I. It returned in 

the 1920s at the Southampton Riding and Hunt Club which had its headquarters 

north of Southampton Village on a property along Majors Path. The show was 

held every year throughout the 1930s, but it came to an end in the 1950s when the 

Southampton Riding and Hunt Club broke up. At that time the role of the Majors 

Path farm as home to the Hamptons’ prized horse show came to an end. 

Even after the disappearance of the show, riding remained popular in the 

Hamptons. By 1970, several horse farms were established on the East End 

including Stony Hill Stables, the Topping Riding Club and Swan Creek Farms. 

These farms held small unrecognized shows and were also the fi rst ripple of 

an equestrian wave that would steadily crest across the Hamptons over the 

next half-century and resulted in the Hampton Classic Horse Show. 

During the 1980s, the Classic became an entrenched part of the Hamptons 

social scene. The excitement is most palpable on “Grand Prix Sunday.” But 

despite all its gloss and celebrity flash, the Classic’s true foundation is the surrounding 

community. The rise of the local riding scene has paralleled the rise 

of the Classic. What was once home to a handful of small stables has grown 

into a horse-riders paradise with large equestrian estates. 

STEEPED IN HISTORY 

Every so often, a real estate agent has the opportunity to list one of the Hamptons’ 

stunning equestrian properties boasting acres of open space with beautiful 

pastures, expansive fields and breathtaking homes to match. 

One of the largest horse farms in the Hamptons today is Two Trees Stables 

on Hayground Road in Water Mill. Originally constructed as a farm 

in the early 20th century, the property was previously known as the old 

Carwytham Farm. When David and Jane Walentas purchased it from the 

Baldwin family in 1993 they undertook a major restoration and expansion of 

the property. 

The East End’s 

idyllic setting 

with wide open 

spaces overlooking 

endless farm fields 

makes it ideal 

for equestrian 

properties. 

SPECIAL THANK YOU TO 

MICAELA BATTO FOR 

LENDING EQ USE OF 

GAMA ALPACA FOR OUR 

PHOTOSHOOT. 

28 






29


“The design and development of this venue was fueled by a love for 

horses and the sport.” 

— FAYE WEISBERG 

Today, Christopher Burnside, an Associate 

Broker with Brown Harris Stevens, has 

the listing on this coveted 65-acre equestrian 

estate. Two Trees Stables is known as the 

former site of the Mercedes-Benz Polo Challenge. 

The estate features three horse barns 

with tack rooms, lounge and bathrooms, two 

indoor riding arenas, an extensive staff quarters 

and acres of paddocks and polo fields. 

Whether you’re looking for a gentleman’s 

farm with a few stalls, a state-of-the-art 

equestrian estate or a facility with polo fields, 

the Hamptons offers it all. Dana Trotter, Associate 

Broker and Senior Global Real Estate 

advisor with Sotheby’s International Realty, 

who has been an avid rider all her life says, 

“working with a broker who understands the 

intricacies of properties tailored for show 

jumping, polo, dressage or even a lovely gentleman’s 

farm will save time and frustration 

for the buyer.” Also, many farms are not offi 

cially listed, so it helps to be active on the 

scene to fi nd off market opportunities. 

STATE OF THE ART ESTATE 

Campbell Stables, located south of the highway 

in Bridgehampton, is recognized as one 

of the fi nest luxury equestrian facilities. The 

property was developed on 20 acres of prime 

agricultural land by current owner and shoe 

mogul Bob Campbell of BBC International 

in 2015. “The design and development of this 

venue was fueled by a love for horses and the 

sport,” says Faye Weisberg, a seasoned broker 

with Saunders in Bridgehampton, who has 

the listing for $40 million. 

The stunning equestrian estate sits on 18 

acres and is comprised of five structures that 

are configured around a central courtyard. 

The traditional façades have white clapboard 

with hunter green standing seam roofs and 

crimson red window muntins and mullions. 

Guests arrive through a grand entry 

connected to several smaller intimate 

courtyards with brick pathways and native 

landscaping. The property includes 

a 15,000-square-foot indoor ring, three 

outdoor rings and 14 paddocks. The custom-made 

stables hold 27 stalls. Vaulted 

ceilings with exposed heavy timber beams 

are accented by the black iron work and the 

herringbone pattern brick inlays located in 

the central aisle. 

For those who love equestrian events like 

the prestigious Hampton Classic—and wish 

to live a true Hamptons lifestyle— these 

properties embody what it means to love 

horses and the East End. ■ 

30 


hamptons legendary equestrian estate 

Set on 20.3 + /- acres this facility incorporates 27 stalls with drainage system, 14 paddocks, 3 outdoor rings, viewing stands, a 15,000 + /- sq. ft. 

indoor ring with second floor viewing and entertaining lounge, 2 tack rooms, bathing stalls, managerial offices and staff housing. 

Included is an adjacent vacant 1.44 + /- acre building lot, able to accommodate a residence with pool, pool house and tennis. 

Bridgehampton South | Exclusive $40M | BridgehamptonEquestrianEstate.com 

Faye Weisberg 


Cell: (516) 662-7708 

FWeisberg@Saunders.com 

FayeWeisberg.com 

2287 montauk highway, bridgehampton 

“Saunders, A Higher Form of Realty,” is registered in the U.S. Patent and Trademark Office.


Unparalleled 

Aesthetic Splendor 

CORE STRENGTH IS 

KEY TO POWER THE 

STROKES AS A PLAYER 

LEANS OVER THE SIDE 

OF THEIR MOUNT AT 

TOP SPEED. 

Staged in perfectly manicured bucolic idylls, and perceived as the preserve of only a 

genteel aristocratic elite, polo is one of the most technically nuanced, strategically 

complex and aesthetically dynamic sports in the world. 

32 



The sport of kings dates to nomadic warriors in classical antiquity 

more than 2½ millennia ago. Used for training cavalry, 

the game was played from Constantinople to Japan in the Middle 

Ages. The polo grounds of Tamerlane, a Turko-Mongol ruler 

of the Balas lineage who conquered vast parts of Asia and founded 

the Timurid dynasty in the fourteenth century, can still be 

seen in Samarkand in Uzbekistan. The fi rst recorded polo tournament 

was in 600 BC when the Turkomans 

beat the Persians in a public match. The Persians 

and the Mogul conquerors spread the 

game across the eastern world where it fast 

became the port of choice of the ruling elite. 

Modern roots of polo date back to the mid- 

19th century. An Irishman, Captain John Watson, 

of the British Cavalry 13th Hussars created 

the fi rst set of written rules for playing polo. The fi rst club was 

established in the town of Silchar in Assam, India in 1834. Forty 

years later, in 1874, the Hurlingham rules were created and marks 

the moment when the modern sport became standardized and 

codifi ed. It was also featured at the Olympic games from 1900 

through 1936. 

The game of polo is remarkably straight forward. Two teams, 

each team consisting of 4 players and their mounts, attempt to 

score goals by driving a small white ball into the opposing team’s 

goal using a long-handled mallet ranging in size from 48 to 54 

WRITTEN BY Daniel Hilpert 

Polo boasts 

an unrivalled 

intensity. 

inches (based on the height of the pony). The team with more 

goals at the end of the match is declared winner. 

Polo is played in four to eight 7.5-minute periods called chukkers. 

Positions are fluid — players are expected to transition 

around the field, a 160-yard-wide by 300-yard-long area and fi ll 

in where needed. However, the most offensively minded player 

is typically positioned highest up in the stack and focused on 

scoring. 

Polo boasts an unrivalled intensity. The 

sport requires considerable physiological 

strength, huge muscular and cardiovascular 

endurance. Core strength is key to power 

the strokes as a player leans over the side of 

their 16-hand high, 1,100-pound mount at top 

speed in a race for a loose ball against an opponent. 

Mental resilience is required to not pull out when players 

urge their mounts directly towards the same ball at speeds in 

excess of 30 miles per hour. 

Polo uses a handicap system delineated in “goals” to rank 

players ranging from -2 up to 10. Teams are built to have matching 

handicaps. Most professionals are rated 4 goals and above. 

A player 7 goals or higher is among the top players of the world. 

This handicap system has the convenience of also allowing experienced 

polo players and teams to be matched against those 

just getting into the sport. See you on the field. ■ 

Two Trees Farm 

Bridgehampton 

The iconic Two Trees Farm, famed for hosting the Mercedes Benz Polo Challenge, 

is one of the finest world-class equestrian properties in the country. 

$17,995,000 | 65± Acres | 3 Horse Barns | 88 Stalls | 2 Indoor Riding Arenas 

Renovated Historic Farmhouse | Staff Quarters | Paddocks and Polo Fields 

TwoTreesEstates.com 

Christopher J. Burnside 

Licensed Associate Real Estate Broker 

631.537.4320 c: 516.521.6007 

cburnside@bhsusa.com

GURNEY’S STAR 

ISLAND IS AN EXCITING 

NEW VENUE THAT 

SHOULD BE ON EVERY 

HAMPTONS LUXURY 

SEEKER’S BUCKET 

LIST. RIGHT: SHOWFISH, 

GURNEY’S STAR 

ISLAND’S SEAFOOD 

RESTAURANT 

HOSPITALITY 

STAR ISLAND 

RESORT 

A New Standard to Beat in the Hamptons 

WRITTEN BY Hillary Davis 

PHOTOGRAPHY Gurney’s Resorts 

CHEF JEREMY 

BLUTSTEIN 

BELIEVES IN 

MICHELIN- 

LEVEL CUISINE 

AND HAS BEEN 

CALLED A ROCK 

STAR ALCHEMIST 

OF LOCAL 

PRODUCE 

34 


HOSPITALITY 

SLIP INTO THE UNHURRIED LIFESTYLE OF STAR ISLAND IN ROOMS THAT REFLECT LAID BACK LUXURY. 

Gurney’s has done it again, reinventing the Hamptons experience with 

their uber-chic oceanside resort, Gurney’s Montauk, now seamlessly 

and effortlessly linking in minutes to its brand-new Gurney’s Star 

Island Resort on Lake Montauk. 

When you arrive at the Star Island complex, look for the 

lighthouse. Open its door. Enter the tranquil interior and 

you will immediately detect an elevated level of hospitality, 

significantly raising the bar because the ambiance, service 

and quality are unique and like no other in the Hamptons. 

Expect the best. 

Book your room with a balcony facing the marina so 

you can admire admire the yachts at dock. Rooms reflect 

laid back luxury, so you’ll be able to unplug from everyday 

life and slip into the unhurried lifestyle of Star Island. 

If you’re feeling energetic, sign up for sport fishing charters 

leaving right from the dock, a catamaran charter or learn 

how to sail in their 28-foot Catalinas. 

At the resort, wine and dine at Showfish, their signature 

restaurant, helmed by one of the best chefs on Long Island, 

Jeremy Blutstein, formerly of Almond Restaurant. A firm 

believer in Michelin-level cuisine served casually and celebrating 

only the best seasonal produce, he is a magnet for 

day fishers bringing in scallops, monkfish, black bass, tile 

fish and more to his dock, farmers and foragers traveling 

out to Montauk to offer him wild mushrooms and ramps, 

then taking it all in and creating an innovative menu. 

Peruse his lobster tank. He’s equally happy to prepare 

the simplest lobster, just for you, with a bottle of the best 

champagne in the house. Most, if not all, on his menu is 

sourced within a 20-mile radius. A rock star alchemist of 

local produce, his reputation is for cutting-edge cuisine and 

is worth seeking out. 

After dinner, find your way to the outdoor fire pits set 

near the boat slips in the marina. Take in the evening air, 

light a cigar, sip a brandy. You might spy a celebrity or supermodel 

swaying to live music by the outdoor bar. You 

may stay up past your bedtime. 

The marina the hotel and restaurants face is the biggest 

in the Hamptons, accommodating superyachts up 

to 220-feet in size, making it an enchanting safe haven 

for weekend mooring within easy cruising distance of 

New York City, avoiding city docks and curious onlookers. 

Yachting Magazine named it “One of the Top Ten 

Marina Destinations in North America, Mexico and the 

Bahamas.” Montauk provides easy access to Long Island 

Sound, the ability to scoot over to Nantucket, Block Island 

Newport or down to the city in no time. If you don’t have 

a yacht, Star Island can connect you with a seaplane and 

yacht service to those destinations. 

If you have a yacht or are chartering one, you can take 

a slip in the marina or pick up a mooring and skiff in to the 

docks of the resort for supplies, take out gourmet food or 

enjoy an evening in town. 

Accessing Montauk and Gurney’s Star Island by other 

means is straightforward. Arriving via air? Montauk Airport 

is a few minutes away, so you can skip the traffic, hop 

on a Blade chopper in the city, and arrive in only 45 minutes. 

If you’re braving the infamous traffic of the Long Island 

Expressway, travel past the Hamptons and be sure to 

take the time to check out the wineries on your way back 

to New York City. 

Take a day to shuttle over to Gurney’s Montauk to experience 

their salt-water spa services offered during the summer 

season under a tent on the beach. Luxuriate in their 

ocean-fed salt water pool or relax on a cabana-shaded kingsize 

day bed shaded by umbrellas and cabanas on the sand 

with comprehensive food and beverage list at your fingertips 

or saunter along the vast pristine beach along the Atlantic 

Ocean, the only sound coming from the crashing waves. 

Gurney’s Star Island should be on every Hamptons luxury 

seeker’s bucket list. This is an exciting new venue setting 

itself to possibly become one of the most in-demand 

resorts and restaurants in The End. 

Prediction: No Vacancy. ■ 




35

A Gilded-Age Getaway 

Summer 

in the Berkshires 

16 Blantyre Road Lenox, MA 01240 +1 413 637 3556 +1 844 881 0104 www.blantyre.com

Proposed Rendering 

serenity on the water 

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“Saunders, A Higher Form of Realty,” is registered in the U.S. Patent and Trademark Office.

Q&A 

LENDER SPOTLIGHT 

MIKE JAYNES, 

PRESIDENT OF HALL 

STRUCTURED FINANCE 

SAYS HSF IS SLATED 

TO LEND OUT $400 

MILLION IN 2019 


PHOTOGRAPHY BY HALL Group 

RENDERING OF 284-KEY, DUAL-FLAG ALOFT (144 KEYS) / 

ELEMENT (140 EXTENDED STAY KEYS) HOTEL IN ORLANDO, FL 

High 

VOLUME 

UNDER THE UMBRELLA OF DALLAS-BASED HALL 

GROUP, founded by Craig Hall, HALL Structured Finance 

(HSF) is a direct lender that focuses on providing non-recourse, 

fi rst lien construction loans for commercial real estate 

projects across the U.S. HSF was the #1 non-bank hotel construction 

lender in the country in 2018. HSF works to provide 

alternative fi nancing solutions for high-quality projects that 

cannot meet their fi nancing needs through a traditional bank 

lending platform. Daniel Hilpert, Publisher of EQ interviewed 

Mike Jaynes, President of HALL Structured Finance about 

markets to watch, recent transactions and what’s next for HSF. 

What sets Hall Structured Finance apart from other hotel 

lenders? 

Mike Jaynes: We set ourselves apart from other lenders by 

offering non-recourse terms, flexible underwriting standards, 

fast execution and up to 75% LTC. Another differentiator is that 

our parent company HALL Group is a real estate developer, so 

we bring internal expertise in development and construction to 

our clients. 

What is the overall vision of founder Craig Hall? Where does 

he want to take the business? 

Craig Hall would like to find ways to integrate new technologies 

into our lending program, such as AI that can assist with due 

diligence. HSF is a big focus for the company. HALL Group is 

also involved in the ownership, management and development 

of real estate, financial lending, angel investing and winemaking. 

In fact, Craig is a New York Times best-selling author and 

he just published his seventh book, titled BOOM: Bridging the 

Opportunity Gap to Reignite Startups. 

Which markets does Hall currently like—where are you 

comfortable investing? How do you feel about New York 

City with respect to the hospitality industry and other major 

markets such as Miami and LA? 

We are targeting good opportunities in all primary and strong 

secondary markets across the country. We provided $20 million 

in construction financing for an EVEN Hotel in Miami, which just 

recently had its grand opening, and we have also financed several 

hotels in submarkets surrounding LA. We have an interest 

in NYC, and have done loans in the past, but we haven’t found a 

38 


LENDER SPOTLIGHT 

fit recently from a lending perspective. A lot is in the 

New York hotel pipeline, so it’s a market we would be 

cautious about. 

Are there specific geographic markets you avoid? 

We will look at any market, and we typically underwrite 

to the street corner and the submarket. It is very 

deal-oriented, and even within an underperforming 

market there can be good opportunities. 

Which asset classes do you like, for example ultra-luxury 

or limited service? 

We will most aggressively target well-flagged limited 

service, select service and extended stay hotels in 

major markets, followed by branded and soft branded 

full-service hotels. We will also selectively finance 

well-conceived boutique/independent hotels. We 

target hotels with multiple demand generators. 

What makes you different from competitors in 

terms of ease of close, etc.? You are a non-recourse 

lender; tell us about your non-recourse feature. 

We still go through the same closing process as a 

traditional bank, but as a small private lender and flat 

organization, we are more nimble and able to move 

more quickly in the closing process. We are primarily a 

construction lender, so consistent with industry standards, 

we do have recourse during construction, but it 

converts to non-recourse upon completion. 

Tell us about some of your recent transactions that 

were noteworthy or unusual. 

• For Marriott Autograph in Scottsdale, AZ [we 

secured] a loan totaling $53 million to finance the 

expansion, redevelopment, flagging and rebranding 

of the existing 32-room CopperWynd Resort into the 

boutique Autograph Scottsdale Resort. 

• Hampton Inn in Kissimmee, FL just closed in early 

June. The loan totaling $15.5 million was secured to 

finance the construction of a Hampton Inn in Kissimmee, 

FL located just south of Orlando. The 128-key 

hotel is slated to open in June 2020 and is being 

constructed by Garry Hasselbacker and Chet Patel of 

Pinnacle Hospitality Group. 

• For Dual-Flagged Hampton Inn & Suites and 

Home2Suites in Las Vegas, NV we secured a loan 

totaling $42 million to finance the construction of the 

dual-flagged hotel immediately adjacent to the Las 

Vegas Convention Center. 

What do you see in the company’s future? Will you 

put out more $$ this year? What markets to you 

want to be more active in? 

We have continued to grow over the past several years 

and see that continuing. We are slated to lend $400 

million this year, which would be our highest volume 

year-to-date. We would like to do more loans in major 

markets in Texas, such as Dallas, Houston, Austin 

and San Antonio. We are also continuing to diversify 

product types, providing construction loans to hotel, 

multifamily, student housing and spec office deals 

across the U.S. ■ 

NAPA 

VALLEY 

EMPIRE 

CRAIG AND 

HIS WIFE 

KATHRYN 

AT THEIR 

WINERY IN 

NAPA 

Craig Hall, Founder of 

HALL Group, is a man of 

many interests. More than 

20 years ago he entered the 

vineyard and wine business 

in California with his wife 

Kathryn. They have risen 

to the top with a perfect 

score from Robert Parker’s 

Wine Advocate and in 2013 

became the first LEED 

Gold winery in California. 

“We are very proud of that,” says Hall. “We’re very committed to the 

environment across our businesses and LEED certification is something we 

pursue at all of our new developments.” 

Today the Halls have three wine brands: HALL, principally known 

for Cabernet Sauvignon and Sauvignon Blanc; WALT, known for Pinot 

Noir and Chardonnay; and BACA, their newest brand producing high 

quality Zinfandel. 

“We actually didn’t start as amateur winemakers per se,” says Hall. 

“Kathryn has been involved in the California wine industry since her family 

purchased a vineyard in the 1970s. When we started our own winery, we 

intentionally wanted to make very high-quality cabernet with grapes from 

the best parts of Napa Valley.” 

According to Hall, the wine business is challenging and complicated. It 

involves farming, manufacturing, marketing and creating new innovations 

with technology while producing an exceptional end product. “For these 

reasons it’s also a very gratifying and fun business.” 

In many ways winemaking has not changed for centuries. The Halls still 

employ gravity flow, for example, which might sound high tech but is actually 

the way wine was made 5,000 years ago. “The theory behind gravity 

flow is that you do not use pumping that would hurt the skins of the grapes. 

We wanted to make the wine in the most natural way possible,” he explains. 

On the other hand, the Halls choose to use new technology when it 

enables them to produce a better product. “We used to have people sort the 

grapes before they would go into the fermentation tank to be processed. 

Today, we use optical sorting machines that — while expensive — are much 

better than humans at the sorting process,” says Hall. “Other high-quality 

wineries like ours are adopting this new technology as well.” 

The Halls have also distinguished themselves from other vineyards in 

Napa by incorporating art pieces from their impressive collection throughout 

the vineyard experience. “Years ago, I started using art in some of our 

commercial properties because I thought it was a great opportunity to 

share my love of art with others and have them experience the joys of the 

artwork I had collected,” explains Hall. “Over time, I’ve found that it is really 

appreciated by visitors at the wineries and there is no question that it 

helps enhance the experience of enjoying a great glass of wine to be in the 

presence of great art against the beautiful Napa backdrop.” 




39

FASHION 

Dressing well doesn’t have to end when your toes hit the sand. 

This summer, follow a few style tenets (i.e., proper fit, good fabric and correct proportions) and it will serve as your lighthouse 

in a sometimes stormy sea of menswear. 

Summer isn’t quite summer without swimwear. The category has exploded over the past couple of years. Options are endless and 

finding the right fit for your body can mean the difference between Alain Delon in Purple Moon or John Candy à la Summer Rental. 

A 6" to 7" inseam will suit most gentlemen. 4" to 5" inseams can be worn by the lucky few with the legs of Cristiano Ronaldo. 

For the taller guys, try the 8" to 9" inseam. Careful, any longer than 9" and you’re dancing with the board short devil. 

WRITTEN BY Jon Ruti, Owner of Rivay 

These Kuta solid swim trunks from (another) classic 

French brand, Hartford, come in a variety of understated, 

solid colors. Keep it simple and start with 

a solid pair. Once you find the optimal inseam, go 

crazy and add print and pattern to the rotation. 

> 

< 

When the time comes to run into town for a resupply of 

ordinance friendly beverages, those trunks are going to need 

a friend. Yes, you should be wearing a shirt the moment your 

feet go from sand to pavement. Opt for our slub t-shirt in a 

range of custom, sun-faded colors. Slub cotton has a luxurious 

texture that’ll let the summer breeze pass through with ease. 

Staying in town for lunch? Lose the trunks and change into a pair of our 

tailored Isle Italian cotton shorts or our Rèmy linen trousers. Keep the 

t-shirt, cover the toes with an espadrille from Soludos or Manebi and 

Nick & Toni’s is your uncle. 

> 

Assuming you don’t succumb to 

the afternoon nap, make your 

way back to the beach for sunset. 

But careful, a beach sunset 

presents the all too familiar sartorial 

challenge—summertime 

layering. While a sunset brings 

with it beautiful colors, it can 

also bring a chill that’ll spoil any 

bonfire. Sure, a sweatshirt will 

get the job done, but if you’re 

wearing tailored shorts or linen 

trousers, that calls for a more 

elevated option. Our Antibes 

Awning stripe popover or Santos 

Indigo Hooded shirt has just the 

right amount of bohemian Ditch 

Plains circa 1972 to keep you (or 

companion) warm into the night. 

And let’s face it—wrapping 

yourself in luxurious Japanese 

indigo is always a good idea. ■ 

> 

This summertime 

style should get 

you through 

Labor Day with 

ease. Don’t worry 

about sleepwear 

recommendations, 

you can sleep 

come fall. 

Photography courtesy of Jon Ruti 

40 


TWO WEST WATER ST 

SAG HARBOR

DEVELOPMENT 

CALIFORNIA NANOSYSTEMS 

INSTITUTE AT UCLA, A HUB 

OF INTERDISCIPLINARY 

RESEARCH AND EDUCATION, 

PROVIDING A CUTTING-EDGE 

R&D INFRASTRUCTURE, 

ENABLING RESEARCHERS 

AND STARTUPS TO DISCOVER, 

DEVELOP, AND IMPLEMENT 

TRANSFORMATIVE TECH. 

WRITTEN BY Patricia Kirk 

LA’S NEW 

BIOSCIENCE 

SCENE 

DEVELOPERS CREATING LAB SPACE 

FOR BIOSCIENCE START-UPS TO 

GROW LOCALLY 

42 


DEVELOPMENT 

Photo Credit: Brad Feinknopf/CSNI 

Los Angeles has been losing its life scientists to 

San Francisco and San Diego for decades. Now the 

region’s economic leaders, bioscience stakeholders 

and real estate investors are joining forces to grow 

the life science and biotechnology sectors locally. 

Home to prestigious research institutions, 

Los Angeles has a large community 

of bioscience startups, but they have 

nowhere to grow. As a result, the region 

suffers from “brain drain,” with many 

promising scientists moving to life science 

clusters in San Francisco and San 

Diego, says Allan Glass, a principal at 

HATCHspaces ® LLC. 

Glass and partner Howard Kozloff 

are joining efforts of local economic and 

government leaders and other stakeholders 

to stop this exodus by providing 

purpose-built space for life science 

companies to expand in the Los Angeles 

marketplace. 

Glass notes that the Los Angeles 

life science real estate market includes 

startups currently in non-profit research 

incubators and on-campus research facilities 

at the University of California 

Los Angeles (UCLA); University of 

Southern California (USC), California 

Institute of Technology; California 

State University, Los Angeles and 

Harbor-UCLA Medical Center. Glass 

adds that, life science companies located 

elsewhere are also attracted to the Los 

Angeles region because it has one of the 

most ethnically diverse populations in 

the nation, which is of utmost importance 

for clinical drug trials. 

The Los Angeles County Economic 

Development Corporation reports that 

the region’s growing bioscience industry, 

which includes 2,448 companies, 

generates $20.5 billion annually and 

adds 162,000 jobs and $40.3 billion in 

economic activity to the local economy. 

The report also notes that the region’s 

600 life science research facilities receive 

$1 billion yearly in funding from the National 

Institutes of Health. 

Kozloff and Glass have been real estate 

developers for about two decades, 

but their fi rst foray into the life science 

market is HATCHlabs @ LA Bioscience 

HUB, an adaptive reuse project 

that repositioned an 80-year-old, 

22,000-square-foot warehouse to purpose-built 

lab space. The project is located 

at 5370 Alhambra Avenue in East 

LA’s El Sereno neighborhood, an area 

branded by the city and county as the 

LA Bioscience HUB. 

This emerging eastside cluster is anchored 

by LAC+USC Medical Center 

and the USC Health Sciences Campus 

on the west and Grifols Biologicals, a 

multinational pharmaceutical company 

and California State University, Los 

Angeles (Cal-State, LA) to the east. 

Another new life science incubator, the 

Rongxiang Xu Bioscience Innovation 

Center, which was funded in part by a 

grant from LA county, is scheduled to 

open the end of this year on the Cal- 

State, LA campus. 

We are providing 

a ‘warm shell’ 

that tenants can 

customize to their 

own needs” 

—Allan Glass, HATCHspaces 

FLEXIBLE SPACE FOR LIFE 

SCIENCE NEEDS 

A former furniture warehouse, HATCHlabs 

is the fi rst life science, adaptive reuse 

project to rise from the industrial district 

located between these institutions. It provides 

a plug & play setup that enables tenants 

to get up and running in 3.5 months, 

when it usually takes 12–14 months to 

build-out lab space, says Glass, noting 

that all systems have been built to city fi re 

and safety code standards for all levels of 

lab space, including the creation of fire 

control zones within the suites, so tenants 

would typically only need over-thecounter 

approvals to begin TI work. 

“We are providing a ‘warm shell’ 

that tenants can customize to their own 

needs,” he explains. Space is built out as 

close to finished as possible, while remaining 

flexible enough to accommodate 

the wide variety of life science needs. 

The building contains infrastructure 

required for wet lab and cleanroom 

space, including a new electrical system 

that is heavier than normal for a 

building of this size, says Glass. The 

space can be divided or combined to 

create variably sized space and adapted 

to any type of life science research 

use, as well as biotech, medical device 

or agriculture testing. Each suite also 

has separately metered electrical service 

and HVAC system, so tenants can 

control their own electrical usage and 

internal environment. 

As first movers, the biggest challenge 

for the developers was finding financing, 

continues Glass, explaining 

that life science startups can’t commit 

to space until they obtain funding and 

are assured when space can be delivered. 

Also, without comparable real estate in 

the marketplace, commercial banks and 

institutional lenders found it diffi cult to 

quantify the fi nancial aspects of the project. 

“We couldn’t rely on the local market, 

so we triangulated our proposed life 

science rents to fall below market rents in 

San Francisco and San Diego and within 

a similar cost range for companies 

using two to four benches in a local incubator,” 

he says. 

Currently, incubators’ tenants are 

charged per bench. By the time a startup 

is ready for a HATCHlabs facility they 

have typically grown to need four to six 

benches. Rents at HATCHlabs are approximately 

20—40 percent less than in 

San Francisco and San Diego, Glass contends, 

noting that HATCHlabs provides 

startups coming out of incubators room 

to scale up at a price comparable to what 

they’re already paying in a local incubator. 

Unable to secure funding through 

conventional lenders, the developers engaged 

Equicap, a NYC-based debt and 

equity investment banking intermediary. 

Equicap’s managing director Daniel 

Hilpert arranged the construction loan 

through a private lending source. Hilpert 

said, “Our lender MB2 was the perfect 

fi t for this project. They understood the 

business plan and executed for the client.” 

Recently completed, HATCHlabs 

is 75 percent leased. Its fi rst tenant, 

TCRCure Biopharma, a cancer research 

firm, now occupies three lab suites, or 

about 3,500 square feet, but has leased a 

fourth contiguous suite to provide room 

for expansion. 




43

DEVELOPMENT 

THE LA BIOSCIENCE HUB IN EL SERENO IS TAKING AN ORGANIC APPROACH TO BLENDING IN WITH THE EXISTING COMMUNITY. BOTH THE INTERIOR 

AND EXTERIOR OF 5370 ALHAMBRA AVENUE INCLUDE ART BY MURALIST ALEX POLI. 

ADAPTIVE REUSE CHALLENGES 

Architect Brian Spence, a principal in 

the Los Angeles studio of New Yorkbased 

BAM Architecture Studio, says 

the biggest challenges to adaptive reuse 

involved structural and zoning issues. 

If a new building is constructed today, 

for example, current zoning code would 

require an additional five-foot setback 

along the entire front of the building. 

HATCHlabs was comprised of two 

buildings on two adjacent lots. Additionally, 

the two lots’ addresses needed 

to be formally combined by the city. 

Excavation further revealed hidden 

conditions, including undersized column 

footings that had to be made seismically 

sound. 

The building had “good bones,” but 

needed a new façade. To avoid moving 

the front of the building back to comply 

with the setback requirements the front 

wall was retained intact and tied into 

the new structure with a new roof. The 

main building, which has bow-arched 

trusses that provide open space without 

columns, was attached to a metal shed 

with a different roof system. While this 

was technically difficult, it was less 

costly than the alternative, and no rentable 

space was lost, he notes. 

Spence is expecting similar issues 

and hidden conditions at HATCHlabs 

X, the 11,000-square-foot building next 

door, which Glass and Kozloff acquired 

and plan to reposition as lab-office 

co-working space. 

The developer duo were deliberate 

in their efforts to allow HATCHlabs 

to assimilate into the existing East LA 

neighborhood culture, so they hired 

muralist Alex Poli, who goes by street 

We want to enhance 

economic activity 

by creating 

opportunities with 

local businesses” 

—Allan Glass 

artist name of Man One, to paint a mural 

on the facade of the building that reflects 

what’s happening inside: symbols for the 

four “happy chemicals” produced in the 

human body—dopamine, oxytocin, serotonin 

and endorphins—and ref lects 

that back upon the community. 

Poli’s work also includes a portrait 

of local bioscience hero Willie Zuniga, 

an East LA native who is now president 

of Grifols Biologicals. Zuniga attended 

the neighborhood’s local schools, 

including Wilson High School and 

Cal-State LA. He was instrumental in 

launching a very successful summer 

STEM (science, technology, engineering 

and math) program at the local 

high school and established a summer 

program for children to teach them 

about medical careers beyond patient 

care, Glass says. 

CREATING SCATTERED CLUSTERS 

The DNA of Los Angeles’ life science/biotech 

sector is different from 

San Diego’s campus-style cluster, with 

a network of small clusters scattered 

throughout the Los Angeles region and 

scientists collaborating through technology. 

The various types of bioscience 

companies— including medical research, 

pharmaceutical, medical device, 

biotechnology, bioengineering and scientific 

testing—tend to cluster nearby 

anchors with similar purposes. 

For example, Glass notes, companies 

conducting clinical trials may locate 

nearby research hospitals like The USC 

Norris Cancer Center or City of Hope, 

while biotech startups are locating in 

biotechnology hubs adjacent to the 

Photo Credit: Brad Feinknopf 

44 


DEVELOPMENT 

new $63-million, 78,000-square-foot, 

LA BioMed incubator at Harbor UCLA 

Medical Center in Torrance, which 

opened earlier this year, or the California 

NanoSystems Institute at UCLA, an 

innovative, multidisciplinary research 

center focused on translating discoveries 

into knowledge-driven commercial 

enterprises. 

These smaller Los Angeles-area 

clusters are taking a different approach 

to providing the amenity-rich environment 

that today’s bioscience community 

expects. The LA Bioscience HUB 

in El Sereno, for example, is taking an 

organic approach, reaching out to local 

businesses to grow amenities around 

life science facilities. A popular taco 

shop and brewery are located nearby 

HATCHlabs, and there is a local coffeehouse 

across the street that both 

serves as a community hub and operates 

an art and literary foundation for 

local residents. 

“We don’t want to displace what’s 

already there, we want to enhance economic 

activity by creating collaborative 

opportunities with local businesses,” 

Glass says, noting that this approach is 

important to preventing gentrification 

of the neighborhood. The jobs being 

created will offer opportunities for a 

range of educational backgrounds, from 

community colleges to PhDs. 

While the region’s bioscience industry 

lags behind San Francisco and San 

Diego, there is a big push to grow this 

sector locally, and indications of positive 

outcomes are emerging. PwC and 

CB Insights, for example, reported that 

the investment in bioscience companies 

in Los Angeles and Orange counties 

experienced a 97 percent surge in Q1 

2018 alone, to $1.9 billion. 

Going forward, Glass and Kozloff 

are focused on filling the region’s 

unmet need for life science space. 

They recently closed escrow on a 

12,000-square-foot medical office 

building in the Westwood Village 

neighborhood nearby the UCLA Medical 

Campus, which they plan to convert 

to office and lab space. And over the 

next couple months, they will close escrow 

on two more industrial buildings, 

totaling more than 190,000 square feet, 

nearby Amgen’s headquarters in Thousand 

Oaks, continuing to move towards 

their goal. ■ 

Alexandria 

Center 

Accelerating 

New York’s 

Life Science 

Cluster 

OPENING IN MID-2017, THE ALEXANDRIA 

CENTER FOR LIFE SCIENCE, DEVELOPED 

BY ALEXANDRIA REAL ESTATE EQUITIES, 

is positioning New York City for a 

leadership position in the life science 

market. This relatively new cluster is 

currently ranked seventh nationally 

based on size of laboratory inventory, 

size and long-term growth in life science 

employment, concentration of key 

scientists and size of funding resources, 

according to a CBRE report. Elements 

driving this change in momentum are 

strong municipal support, a major 

concentration of life science talent and 

more than 1.5 million square feet of lab 

space under construction. 

More patents are coming out of the 

New York life science cluster than San 

Francisco and Boston combined, says 

John H. Cunningham, executive vice 

president and New York City regional 

market director at Alexandria Real 

Estate Equities, who notes that both U.S. 

and European life science companies 

are establishing beachheads in the city. 

Strategically located along Manhattan’s 

East Side Medical Corridor at 

29th St. and 1st Ave., Alexandria Center 

is capitalizing on its proximity to top 

academic-medical institutions and 

major hospitals to recruit life science 

and biotechnology firms to the cluster. 

With the addition of the 550,000 square 

foot North Tower to the campus’ two 

existing 15-story towers, the Alexandria 

Center will provide approximately 1.3 

million square feet of first-rate office 

and laboratory space designed to foster 

cross-institutional collaboration. 

The completed East and West Towers 

are both LEED Gold and Platinum-level 

and Wired Certified, demonstrating 

Alexandria’s commitment to providing 

sustainable campuses on the cutting 

edge of technology. The campus features 

a full range of amenities needed by 

life science companies to attract talent, 

including a state-of-the-art digital 

conference center and event space; two 

culinary establishments; an award-winning 

urban farm; a fully integrated 

fitness center and a waterfront park and 

esplanade. 

This cluster is attracting unique 

business units of international pharma 

companies and serial entrepreneurs, 

but is also nurturing start-ups, seedstage 

academic spin-outs and growing 

early-stage companies with establishment 

of Alexandria LaunchLabs, a life 

science start-up incubator, and the 

Alexandria Seed Capital Platform, a 

funding model catalyzing seed-stage 

life science investment. Current tenants 

include multinational pharmaceutical 

companies, including Eli Lilly and 

Company, Pfizer Inc. and Roche, to 

early-stage companies spinning out 

of the Accelerator Corporation, which 

provides early-stage biotech companies 

business, scientific and venture capital 

support. 

Alexandria Real Estate Equities also 

has acquired two nearby properties, 

the 593,000-square-foot Pfizer building 

at 219 East 42nd St. and a 177,000-sq.- 

ft. industrial building in Long Island 

City, which are being redeveloped for 

life science and biotech tenants. 

“We’re building an ecosystem that 

will allow growing companies to remain 

within our platform,” Cunningham 

says. “People want to stay here with 

peers because it helps them grow and 

flourish.” 




45

DEVELOPMENT 

46 


DEVELOPMENT 

565 

BROOME 

AS SOPHISTICATED AND 

DISTINCTIVE AS SOHO ITSELF 

WRITTEN BY Jeffrey Steele 

Over time, the neighborhood of SoHo has evolved into 

a favorite of native Manhattanites and visitors alike. 

Starting as an enclave of modern artists, it’s grown 

into a destination for fine shopping, refined dining and 

top-flight entertainment, while losing none of its artistic 

sensibilities. The logical next step in SoHo’s evolution is now 

complete, with the unveiling of 565 Broome SoHo. This cuttingedge 

high-rise is designed to give residents a soothing escape from 

the city, while placing them at the doorstep of all that SoHo offers. 

Renderings courtesy of 565 Broome 




47

DEVELOPMENT 

DESIGNED BY INTERNATIONALLY ACCLAIMED 

fi rm Renzo Piano Building Workshop (RPBW), 565 Broome is a 

gleaming 30-story luxury condominium with interiors by Rena 

Dumas Architecturer Interieure of Paris (RDAI). This building 

represents the New York City debut of Renzo Piano, the Pritzker 

Prize-winning architectural visionary Time Magazine has venerated 

as one of the world’s top 100 most influential individuals. 

HARMONY AND SERENITY 

The 115 residences of 565 Broome range from studios to 

four-bedroom homes, all bearing the graceful space- and 

view-maximizing imprimatur of RDAI. The celebrated fi rm 

incorporated ultra-transparent glass in the windows and neutral 

tones as a means of conveying harmony, serenity and expansiveness. 

The design is complemented by the luxe amenity 

offerings, which extend over 17,000 square feet and deliver 

an exclusive, calming retreat. Among the wellness amenities 

are a fi tness center, a heated 55-foot indoor swimming pool, 

changing rooms, steam rooms and sauna. 

A meticulously groomed outdoor terrace, interior 

landscaped lounge with soaring 92-foothigh 

ceiling, live green wall, library and wet 

bar and children’s playroom are among additional 

amenities. 

A private gated driveway provides entrance 

to a covered porte-cochere. Even the 

Renzo Piano-designed parking garage, situated 

above street level and fully enclosed 

in glass, serves up drama and excitement. 

Visible from the street, the automated 

parking system is on full, fascinating display, 

its unique mechanisms smoothly 

and gracefully lifting vehicles from street level to the higher 

reaches of a private climate- and humidity-controlled garage. 

Each space is not only expansive enough to accommodate SUVs, 

but also features electric vehicle charging stations. Automated 

technology enables owners to use a smartphone app to remotely 

request their vehicles, with an average arrival time of a scant 

210 seconds. 

IMPECCABLE INTERIORS 

Having entrusted the exterior design of 565 Broome to RPBW, 

developer Bizzi & Partners Development turned to RDAI for 

the interiors of the condominium structure. The result of this 

collaboration between two powerful international architectural 

forces is a tower that derives its beauty from a restrained assemblage 

of basic elements including glass, stone and white oak. In 

this sense, the building pays homage to the larger surrounding 

neighborhood of SoHo, known for the beautiful simplicity of its 

cast iron architectural elements. 

The clean, uncomplicated aesthetic is matched by the approach 

of the RPBW craftspeople called upon to build 565 

Broome. The studio artisans are known for their dedication to 

detail and their attention to a quality construction methodology. 

Nowhere is the blend of design, materials and craft on more 

stunning display than in the penthouses, which seamlessly 

combine indoor and outdoor spaces to optimize their stunning 

360-degree views of the Manhattan skyline and Hudson River. 

It’s fitting that the artfully designed building is placed in 

a nook of Manhattan known for art, and appropriate that a 

structure this innovative would have an address in an enclave 

respected for innovation. In every sense, 565 Broome SoHo is 

a unique and fi tting addition to the neighborhood it will call 

home, a community unlike any other. ■ 

Photo Credit: Festival della Scienza @flickr.com 

CLOCKWISE: 

THE NEW WHITNEY 

MUSEUM NYC, NEW 

PARLIAMENT HOUSE 

OF MALTA, THE SHARD 

IN LONDON, RENZO 

PIANO 

This image and above: Shutterstock. 

Photo Credit: Jules Antonio @flickr.com 

48 


Sophisticated Products 

and Services for 

High-Net-Worth Investors 

Jonathan S. Peris 

Director/Investments 

www.PerisSupper.com 

(212) 328-2519 

jonathan.peris@stifel.com 

3 Bryant Park, 3rd & 4th Floor | 1095 Avenue of the Americas 

New York, New York 10036 

Stifel, Nicolaus & Company, Incorporated 

Member SIPC & NYSE | www.stifel.com

WATCHCA SE 

PENTHOUSE 

15 CHURCH STREET PH418 SAG HARBOR 

3 BEDROOMS / 3 FULL 1 PARTIAL BATHS / 2,819 SQ. FT. 

DEBORAH SRB 

ASSOCIATE BROKER, SENIOR 

GLOBAL REAL ESTATE ADVISOR 

M 516 445 6828 

O 631 227 4926

YACHTING 

THE ULTIMATE 

EAST END AND 

NEW ENGLAND 

EXPERIENCE 

Montauk Lighthouse Photo Credit: lohit v, creativecommons.org 

WRITTEN BY Stefanie Tabacow, YachtLife 

Summer is here, which for 

many New Yorkers a nd 

Bostonians means preparing 

for their Hamptons 

or Nantucket beach vacations. 

Just mentioning 

The Hamptons or Nantucket conjures 

thoughts of Americana, pristine coastline, 

lighthouses, and celebrities and 

titans of industry rubbing shoulders at 

summer time galas. But no matter how 

many times you have been to these summer 

retreats, you haven’t truly experienced 

this area until you have explored it 

by water on your own private yacht. 

Yachting in New England and 

throughout the Hamptons is unlike anywhere 

else in the world: golden sand 

beaches and lighthouses; upscale boutiques 

in picture perfect towns; and 

stunning mansions on imposing cliffs. 

Sailing through this region, you will 

soon see that this coastline has more to 

offer than purely natural beauty — it 

possesses a wealth of history and culture 

dating back to the American colonial 

past and set against some of the most expensive 

and desirable real estate in the 

United States. 

The following 

is a sample 

7-day 

itinerary 

bringing you 

and your 

guests to some 

of the most 

well-known 

sites that 

you’ll be sure 

to enjoy. 

DAY 1 

SAG HARBOR 

Embark on your yacht in Sag Harbor and 

take a short cruise to Shelter Island where 

a tender can rendezvous with your yacht 

to bring you onshore for lunch at Sunset 

Beach. This East End staple feels more 

like St. Tropez than Long Island with it’s 

yellow and white parasols and Mediterannean 

vibe. After a relaxing post-lunch 

swim or a jet ski ride, take a sunset cruise 

back to Sag Harbor where you can dine 

aboard your yacht or head into town and 

have farm-to-table fare at Wölffer Kitchen. 

DAY 2 

MONTAUK 

After breakfast onboard, head to the North 

Fork of Long Island, home to dozens of 

vineyards and charming small towns. 

Make sure to pay a visit to the lavender 

fields at Lavender by the Bay before heading 

into town for lunch at the Frisky Oyster 

in Greenport. After embarking on your 

yacht, head to the hip surf town of Montauk. 

Cruise to the famous Montauk Lighthouse 

and then drop anchor at Navy Beach 

where you can take in the breathtaking 

sunset before heading back to Montauk 

for dinner at the Crow’s Nest where you’ll 

have some of the freshest local food with a 

lake front view. 

52 


YACHTING 

DAY 3 

BLOCK ISLAND 

Known for its protected beaches, Block Island was named by the Nature 

Conservancy as one of the sites in the list of “last great places” in the 

Western Hemisphere. Visit the Mohegan Bluffs, and take the staircase to the 

bottom of the clay cliffs, and make sure to try a bowl of New England clam 

chowder at the National Hotel. 

DAY 4 

NANTUCKET 

From Block Island take a morning cruise to Nantucket, made famous by the 

Kennedy family for their family compound in Hyannis Port. Originally a whaling 

port, Nantucket has been named a National Historic District and little 

has changed since the 17th century with its old fashioned lamps still lining 

the streets. Nantucket is better known for its pristine dune-backed beaches, 

cobblestone streets and is famous for its 4th of July fireworks. Spend the 

day exploring this unique New England island. 

DAY 5 

MARTHA’S 

VINEYARD 

From Nantucket, take a short 

cruise to the storied island of 

Martha’s Vineyard, a summertime 

favorite of sitting US 

presidents. Martha’s Vineyard 

boasts the oldest working carousel 

in the country, and if traveling with children, 

you might consider taking a tour of the Farm Institute, where you’ll 

see livestock and can explore lush vegetable and flower gardens. And no trip 

to the Vineyard is complete without some Murdick’s fudge. Have dinner in 

town before heading back to your yacht for a well-deserved night’s rest. 

DAY 6 

NEWPORT 

Wake up to breakfast aboard while you take a leisurely cruise to the yachting 

capital of the US — Newport, Rhode Island. Home to the prestigious New 

York Yacht Club and some of the nation’s most impressive and historic mansions, 

this quintessential New England town is also known for its museums 

and art and jazz festivals. In Newport you will be able to stroll down the famous 

Cliff Walk and pay a visit to The Breakers, the former summer cottage 

of the Vanderbilt family. If admiring the mansions is not enough, you will also 

have the opportunity to dine at the historic Castle Inn, which was built in 1875. 

DAY 7 

SAG HARBOR 

After a breakfast in Newport town, take a restful cruise back to the Hamptons 

with lunch onboard. This morning cruise will get you back into Sag 

Harbor just in time for a late lunch in town followed by a lively dinner at Le 

Bilboquet restaurant overlooking the marina. ■ 

This one-week charter brings you to some of the most iconic New England towns 

on a journey covering just over 270 nautical miles. It’s truly an experience not 

to be missed and will make for lifelong memories for you and your guests. Enjoy 

this historic part of the world as it was meant to be seen — by the water. 

Essential 

Stops 

HOTELS 

Gurney’s Montauk Resort (Montauk) 

Is situated on Montauk’s most pristine 

stretch of oceanfront real estate, this is 

a Hamptons icon and the only year-round 

resort in Montauk. 

American Hotel (Sag Harbor) Was built 

in 1846 at the height of the Whaling era. 

It is an elegant and professionally run 

establishment with an inimitable edge and 

character. 

National Hotel (Block Island) Is the 

flagship victorian hotel on Block Island 

located in the center of downtown in Old 

Harbor. 

Gurney’s Newport Resort (Newport) 

Is situated on Goat Island and surrounded 

by Narragansett Bay. Offering the 

seclusion of a private island yet close to 

downtown Newport. 

RESTAURANTS 

Sunset Beach (Shelter Island) With a 

French Riviera-meets-coastal Italian menu 

this is one of the summer hotspots to enjoy 

an afternoon this summer. 

The Crow’s Nest (Montauk) From fresh 

whipped ricotta to blue crab claw tagliatelle, 

this rustic mediterranean restaurant 

is well worth a visit for the food and 

view of Montauk Harbour. 

Cru (Nantucket) With an envious waterfront 

location in the heart of Nantucket 

harbor, Cru offers the ideal backdrop any 

time of day; enjoy a glass of champagne, 

indulge in caviar and oysters or sip on a 

glass of rosé at sunset. 

L’Etoile (Martha’s Vineyard) A vibrant, 

modern restaurant located in a restored 

historic whaling captain’s house with an 

inventive, fresh, and seasonally-driven 

menu. 

E V E N T S 

4 th of July (Sag Harbor) The oldest 

continuous 4 th of July celebration in the 

country. It is certainly the place to be and 

see the majestic firework shows. 

Newport Jazz Festival (Newport) One 

of the must-attend jazz festivals in the 

country held every summer in Newport, 

RI. This year, it will happen on August 2 nd 

till August 4 th . 

Hamptons Polo (Bridgehampton) The 

most exclusive polo event in the Hamptons 

with only 500 tickets available will be held 

on June 29 th and July 6 th . 

Nantucket Film Festival (Nantucket) 

Packed with celebrities, the film festival 

focuses on screenwriting and is held June 

19 th to June 24 th . 




53

YACHTING 

VQ58 T-Top 

VANQUISH YACHT’S 

EFFORTLESS 

COMFORT 


With ultimate comfort, ideally suited for longer trips with larger 

groups, the brand new Vanquish VQ 58 has all the ingredients 

of a true driver’s boat. Comfort is nothing without space— 

the foredeck, aft deck and various shaded areas provide luxury 

seating for 23 passengers on comfortable, newly designed sofas and sunbeds. 

The interior of the VQ58 is highly customizable. 

Clients can choose between two locations for a 

garage storing watersport toys or the new Vanqraft 

VQ11 water scooter. The Vanquish’ builders 

designed a flexible 58-foot hull with three layouts 

(open, wheelhouse and T-top). 

Weighing only 19 tons, the VQ58 has excellent 

maneuverability and acceleration with top speeds 

of over 50 knots. An hydraulic sub marine anchor, 

designed to fit within the lines of the underwater 

hull, ultimately conceals the chain and winch while 

at anchor. 

The yacht features twin 600 hp Cummins 

engines as standard and can optionally be equipped 

with twin Volvo IPS950 engines. Both systems are 

delivered with joystick controls. Buyers looking for 

more turn speed can opt for two twin MAN V8 1200 

hp engines with surface drive propulsion. ■ 

Renderings courtesy of Guido de Groot 

54 


YACHTING 

THE VANQUISH VQ58 

HARDTOP IS THE FIRST 

MODEL IN THE NEW VQ58 

SERIES. BUILT FOR AN 

OWNER WHO WISHED TO 

BLEND KEYNOTE ELEMENTS 

FROM THREE OF OUR 

DRIVER’S BOATS. 

VQ58 Open 

VQ58 Wheelhouse 

SPECS 

LENGTH OVERALL 

17.25 m / 56.6 ft 

BEAM 

5.05 m / 16,5 ft 

DRAUGHT 

0.9 m / 2.95 ft 

(depending on 

engine choice) 

DIESEL ENGINES 

2 x 600 hp 

Cummings Zeus 

Pods, 2 x Volvo IPS 

950 or 2 x 1200 hp 

MAN with surface 

drives 

FUEL CAPACITY 

1500 liters / 400 

US Gallons 

FRESH WATER 

CAPACITY 

400 liters / 105 US 

Gallons 

WASTE WATER 

SYSTEM 

70 liters / 19 US 

Gallons 

VQ58 T-Top 

SPEED 

50+ knots 

(depending on 

engine choice) 




55

YACHTING 

YACHT 

ETIQUETTE 

WRITTEN BY Stefanie Tabacow, YachtLife 

Whether it’s your first 

time chartering a 

yacht, you’re a yacht 

aficionado, or a guest 

aboard someone else’s 

yacht — we all can 

agree that good etiquette 

is appreciated by 

everyone, and will make 

for a better yachting 

experience for all. 

YachtLife.com 

1. 

Preparing for your charter 

WHAT TO BRING 

• You’re on a yacht, so don’t forget your swimsuit and sunglasses. Sun 

dresses and sarongs are advisable for women, while lightweight pants, 

shirts and sweaters are great for all passengers. 

• Pack light-soled shoes, flip-flops or just go barefoot — so much time 

is spent in the water or on the sand. 

• Nannies: don’t assume that the crew will be your nanny. Bring childcare 

with you if you would like have someone else look after your children. 

WHAT NOT TO BRING 

• There is sunscreen onboard, but if you like a particular brand, bring it. 

Avoid sunscreens with oil as those can stain the sunbed cushions and 

teak decks. 

• Do not bring high heels and hard-soled shoes as these damage the 

yacht decks. 

• Bed linens, blankets, and towels are all provided onboard. 

• Glassware and flatware are also provided onboard. 

56 


YACHTING 

2. 

Collaborating with 

captain and crew 

• The primary responsibility of captain and crew is safety. 

Once aboard, there will be a briefing about lifejackets, liferafts, 

yacht layout, crew introductions and other specific 

safety information. 

• Heed your captain’s advice on the itinerary, transit times, 

and places to visit — there’s no point in trying to travel 

too far and not enjoying the journey. 

• Let your captain know if you are inviting guests so he may 

order extra provisions and avoid shortage of food or drink. 

• Avoid entering the crew quarters without explicit verbal 

permission. 

• The galley (kitchen) is considered crew workspace — ask 

the chef before entering. 

3. General Rules 

• Most yachts do not allow smoking inside cabins — there 

should be a designated smoking area on an outside deck if 

you fancy an after-dinner cigar. 

• If you find a yacht that allows you to bring your pet, make 

sure that you have all the proper documentation (passport, 

vaccinations, micro-chips). 

• Red wine is usually not allowed onboard as it not only 

stains but it’s also difficult to store on most yachts. 

PROVISIONING THE YACHT 

• Day charters: generally, yachts are stocked with water, 

soft drinks and ice. You can bring your own food and 

drinks; have your yacht broker arrange for delivery; or 

hire a private chef. 

TERM CHARTERS 

• Before embarkation, work with your broker so that the 

crew has a detailed meal preferences and provisioning 

sheet. The crew will stock the yacht with food and 

drinks, and the chef will be prepared to make desired 

meals for all those aboard. 

TERM (MULTI-DAY) CHARTER 

• The Master Cabin (largest guest room) goes to the 

principle charterer — the one who is inking the contract 

and footing the brunt of the bill. If you are splitting 

the cost equally, sort out the rooms in advance. 

4. 

Tipping 

• It’s customary to tip your crew for their service on the last 

day of your charter; place it in an envelope and hand it 

directly to your captain. As a general rule, a 15% gratuity 

is expected for a job well done. 

5. Laws 

• In most major yachting destinations, unless the vessel is a 

Coast Guard Inspected Vessel, it cannot carry more than 

12 passengers during a paid yacht charter regardless of 

the size of the vessel. 

• If you’re traveling in international waters, you’ll need 

passports with visas and another form of government 

issued ID. 

• Some countries may require special vaccinations. Please 

check with your broker as they will confirm for you. 




57

LAW 

432 PARK 

AVENUE 

NEW YORK STATE 

TRANSFER AND 

MANSION TAXES 

How will these incremental tax increases affect the 

residential real estate market? 

WRITTEN BY Harvey I. Krasner, Warshaw Burstein, LLP 

THE NEW YORK STATE SENATE 

and Assembly, on April 1, 2019, enacted 

changes to Section 1402 of the State Tax 

Law that increase the New York State 

Transfer Tax and Mansion Tax on transfers 

of real property (including apartment 

cooperative units) located within 

the fi ve boroughs of New York City and 

other cities with a population of one 

million or more. 

Effectively, this is a way for the state 

legislature to tax only New York City, 

since there are no other cities in New 

York State with a population that exceeds 

one million. The new increases are 

applicable to closings that occur on or 

after July 1, 2019, although an exception 

exists for transactions entered into prior 

to April 1, 2019 but that close on or after 

July 1, 2019. The Mansion Tax is in addition 

to the New York State Transfer Tax. 

THE ORIGINAL MANSION TAX 

A brief history of the Mansion Tax is 

in order. On October 19, 1987—a day 

known as “Black Monday”—the stock 

market crashed. The decline amounted 

to over 22% of the Dow Jones Industrial 

Average. An economic crisis ensued and 

it took two years for stocks to top the 

levels on the last trading session before 

Black Monday. The real estate market 

similarly was adversely affected by the 

stock market crash and was in dramatic 

recession for about seven years following 

the crash. 

The economic crash resulted in 

a dramatic decline both in real estate 

prices and, more importantly, in the 

number of transactions in both residential 

and commercial property. Consequently, 

New York State revenues also 

declined dramatically, as its revenues 

are strongly bolstered by taxes paid at 

the time of a sale or transfer of real estate. 

It is in this context that in 1989, the 

original Mansion Tax was enacted to 

raise funds for the State to replace the 

“lost” tax revenue. 

The original Mansion Tax was a 

straight one percent tax on the sale price 

of one-, two- and three-family homes 

as well as condominiums and cooperative 

apartments, where the sale price 

commons.wikimedia.org. 

was $1 million or more (hence the term 

“Mansion Tax”). The tax was paid by the 

purchaser of the property. In 1989, a sale 

price of $1 million for a residence was the 

exception, and therefore the residence 

was considered a “mansion.” The tax was 

not pegged to an index, and $1,000,000 

in 1989 had the same effective purchasing 

power of $2,000,000 today. 

THE AMENDED TRANSFER AND 

MANSION TAXES 

Today, in New York City, a large percentage 

of residential transactions exceed 

$1 million, and the tax applies to 

many homes that would not be considered 

mansions. While the original tax 

was fixed at one percent for all transfers 

of residential property over $1 million, 

the newly enacted amendment to 

the Mansion Tax is graduated, and as 

the chart below indicates, the tax rate 

increases as the sale price increases. 

This reflects the attitude that people 

purchasing—and therefore able to afford— 

a more expensive home should 

pay a higher percentage in taxes. 

58 


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LAW 

The purchaser is still required to pay 

the Mansion Tax, but the newly amended 

law makes the seller ultimately responsible 

for paying the Mansion Tax 

in the event a purchaser fails to pay the 

tax,—or if a purchaser is exempt from 

paying the tax. If a seller is required to 

pay the Mansion Tax due to the purchaser’s 

failure to pay (as opposed to 

purchaser’s exemption from paying), the 

tax will be a joint and several liability of 

the seller and the purchaser. 

In addition to the rate increases in the 

Mansion Tax, which apply only to residential 

real property sales in New York 

City (or cities of one million or more), 

New York State has increased the rates 

of its Real Property Transfer Tax (applicable 

to all New York State real property 

sales, including residential) and typically 

is paid by the seller. 

A CHILLING EFFECT 

What is the effect of these increases in incremental 

taxes on the overall residential 

real estate market in New York City? For 

the past two years there has been a leveling 

off of prices after skyrocketing price 

increases for the years following the 2008 

financial crisis. The year 2018 showed 

prices had declined. In addition to the 

softening of the residential market due to 

market forces, supply-demand ratios, etc., 

the Federal Tax Reform Act of 2017 was 

particularly onerous on owners of real estate. 

By limiting the combined New York 

State and New York City income tax and 

real estate tax deductions to a maximum 

of $10 thousand, it has had an additional 

chilling effect on real estate transactions. 

The perception that a move to New York 

City will result in a higher tax bill than in 

other parts of the country has affected an 

untold number of transactions. 

In recent years, there has been an increase 

in both population and real estate 

transactions that was due, in part, to 

older empty nesters choosing to sell the 

family home in the suburbs and retire to 

the city where condo and co-op living 

allowed them to downsize and eliminate 

the headaches that go with maintaining 

a house and property. The elimination 

of most of the income tax and real estate 

tax deduction likely will make some 

baby boomers reconsider the choice of 

cities (specifically New York City) as 

their retirement destination. 

In addition to the elimination of 

these tax deductions, the increase in the 

Mansion and Transfer Taxes and the cumulative 

potential psychological effect 

8 SPRUCE 

NEW applicable New York State Mansion Tax rates 

Purchase Price 

Pre-7/1/19 

NYS Mansion Tax Rate 

New NYS Mansion Tax Rate 

Under $1 million not applicable not applicable 

$1 million–$1,999,999 1.00% 1.00% 

$2 million–$2,999,999 1.00% 1.25% 

$3 million–$4,999,999 1.00% 1.50% 

$5 million–$9,999,999 1.00% 2.25% 

$10 million–$14,999,999 1.00% 3.25% 

$15 million–$19,999,999 1.00% 3.50% 

$20 million–$24,999,999 1.00% 3.75% 

$25 million and up 1.00% 3.90% 

of this increase may accelerate a trend 

to avoid New York City. When statistics 

for calendar year 2019 are available, it 

would not be surprising to see a decline 

Purchase Price 

NEW applicable New York State Transfer Tax rates 

Pre-7/1/19 NYS 

Transfer Tax Rate 

— Residential 

New NYS 

Transfer 

Tax Rate — 

Residential 

Pre-7/1/19 NYS 

Transfer Tax Rate 

— Commercial 

6sqft.com 

in both transactions and certain population 

groups moving to New York City. ■ 

Harvey I. Krasner is a partner at Warshaw Burstein, 

LLP in New York 

New NYS 

Transfer 

Tax Rate — 

Commercial 

Under $2 million 0.40% 0.40% 0.40% 0.40% 

$2M–$2,999,999 0.40% 0.40% 0.40% 0.65% 

Over $3 million 0.40% 0.65% 0.40% 0.65% 

60 


LAW 

TRANSFERRING 

DEVELOPMENT 

RIGHTS BY 

ZONING LOT 

MERGER 

What’s a Wedding 

Without Parties?! 

WRITTEN BY 

Michael Smith 

with contributions by 

Alexander Berger 

(Herrick, Feinstein LLP) 

Photo Credit: Miguel de Guzmán 

160 EAST 22ND STREET, CANTILEVERED OVER THE ADJACENT 

2-STORY TOWNHOUSE 

THE MOST SUCCESSFUL marriages 

are combinations that benefit both 

individuals. So it goes in a zoning lot 

merger, which is like a marriage between 

New York City properties. In a zoning 

lot merger, owners combine adjacent lots 

into a shared zoning lot, and pool together 

their development rights. For example, 

two owners with lots that each have 

100,000 square-feet of development rights 

could agree to a zoning lot merger that 

gives them 200,000 square-feet of collective 

rights. They could then agree to a 

development rights transfer that sends 

50,000 square-feet from one site to another, 

leaving one with 150,000 square-feet 

of development potential, and the other 

with 50,000 square-feet. These transfers 

are increasingly common because owners 

with untapped development rights profit, 

and the developers who purchase them 

can construct larger buildings. 

In consummating this marriage, 

owners typically enter into a prenuptial 

agreement of sorts, called a zoning 

lot development agreement (ZLDA). 

A ZLDA (pronounced Zelda) is supremely 

important because it dictates how 

the development rights will be split up, 

and without one, unused square footage 

would be free for the taking by any owner. 

Frequently the subject of misconception: 

while recommended, technically 

you do not need a ZLDA to merge zoning 

lots (rather, the marriage is actually 

consummated separate from the ZLDA, 

in a marriage certifi cate of sorts called 

a declaration of zoning lot restrictions). 

Owners play the lead role in ZLDAs, 

but the marriage can’t go on without all 

of the parties (in interest)! That’s because 

under New York City’s byzantine, 

62 


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Composite 

C M Y CM MY CY CMY K 

LAW 

1,300-page Zoning Resolution, zoning lot mergers require 

waivers from all “parties in interest,” including mortgagees 

of the sending and receiving sites. 

Lenders are the classic example of parties in interest, and 

they often play a role because mortgage collateral typically 

includes development rights. To consummate a zoning lot 

merger, a borrower typically requests a waiver of the lender’s 

“party in interest” status under the Zoning Resolution, 

the lender’s consent to the borrower’s ZLDA, and a subordination 

of the mortgage lien to the ZLDA. When lenders 

consider these borrower requests, it’s important to perform 

the due diligence necessary to ensure their rights and collateral 

are protected. 

Moreover, beyond lenders, a party in interest should 

always conduct an independent zoning analysis before consenting 

to a zoning lot merger. After a fee title closing, purchasers 

walk away with physical property that can be seen 

and touched (land, building, keys, etc.). Development rights 

however, are invisible. Until a developer pulls a building 

permit to use the rights (which may be long after money 

has changed hands), New York City provides no confi rmation 

that the transaction was correctly completed. 

A specific item to focus on is zoning compliance. 

Let’s say a property owner enters into a zoning lot merger 

with a lot that contains an illegal hotel. Building violations 

occur on a zoning lot-by-zoning lot basis, so in that scenario, 

the hotel violation becomes the subject property 

owner’s problem as well. To avoid such complications, 

parties in interest should conduct a zoning compliance 

analysis of every property that will be joining the zoning 

lot, and include ZLDA terms that limit further zoning lot 

expansion without its consent. In addition, parties in interest 

should ensure that the ZLDA provides for the means to 

fix future problems, including through self-help remedies 

and zoning lot divorces. 

ZLDAs also typically have multiple provisions devoted to 

a property owner’s ability to rebuild damaged improvements 

after a casualty, in part because New York City can downzone 

areas. If a downzoning occurs, and an owner with no 

remaining development rights suffers a catastrophic event, 

such as a building collapse, they would be unable to rebuild a 

true replacement building - they would have to build smaller! 

ZLDAs can also include easements, purchase options, 

rights of fi rst refusal and fi rst offer, and unusual provisions. 

Among the most common provisions are light and air easements, 

which restrict the height of future buildings, and 

provisions that give a developer the right to cantilever a 

new building over its neighbor’s airspace. Parties entering 

into a ZLDA may also be executing an unrecorded construction 

license agreement (CLA) that requires temporary 

scaffolding, access to the neighboring property or permanent 

underpinning beneath it. Parties in interest should pay 

close attention to these ZLDA provisions, and ensure that 

CLAs protect the stability of buildings on the property in 

which they have an interest. 

Zoning lot mergers are increasingly common, and as 

major development expands into the boroughs, we should 

see more of them. ■ 

go online to equicapmag.com — For a recent article by this author regarding obtaining 

underpinning rights from neighboring properties — “Like a Good Neighbor, 

RPAPL § 881 Is There: Developer Receives Underpinning Relief through 

Court-Ordered Access License”. 

DRINK RESPONSIBLY 




63

URBAN PLANNING 

TRANSIT ORIENTED 

DEVELOPMENT 

Financing the Infrastructure 

that Supports It 

The solution is to create a direct and immediate 

correlation between the catalyst of the increased 

property values and the actual value there is to capture.” 

WRITTEN BY Michael Santora, Principal, Scott Brownrigg + Crown 

TRANSIT ORIENTED DEVELOP- 

MENTS (TODS) are not a new concept; 

however, they have recently been gaining 

popularity as a method for creating 

sustainable development during rapid 

urbanization and population growth. 

TODs seek to maximize the business, 

residential and leisure space within close 

proximity to one or many modes of public 

transportation. The access to new or 

improved transportation provides the 

convenient connectivity to the rest of the 

city that can regenerate neighborhoods 

and increases property values—but are 

the transportation systems seeing their 

fair share of the income in comparison 

to what they invest? In New York City at 

least, it would seem not. 

Waiting for future property taxes to 

generate revenue and make its way back 

to the transit system has proven to be an 

insufficient system. This city requires a 

state-of-the art transit system that covers 

the entire city and maintains a low fare for 

everyone to afford. 

When the transit system goes through 

an expansion, or existing infrastructure 

is improved, it causes the property values 

to immediately rise. Conversely, the additional 

operation and maintenance costs 

associated with the project, as well as the 

debt for the capital improvements, create 

more of a financial burden on a system 

that already loses money. 

The solution is to create a direct and 

immediate correlation between the catalyst 

of the increased property values and 

the actual value there is to capture. Here 

is how that can be achieved: 

• Up-zone land occupied by transit systems, 

stations, yards, rights of way and 

other facilities. Then amend zoning regulations 

to permit and promote development 

above appropriate infrastructure 

and transfer development rights to 

surrounding lots where building directly 

above is not appropriate. 

• Allow the transit operator to finance the 

proposed expansion or improvement by 

pre-selling development rights to surrounding 

properties at future (post-improvement) 

market values. This will 

also ensure that new private developments 

are constructed simultaneously 

with the infrastructure, so the urban 

fabric develops cohesively. 

• Allow the transit operator to share in 

profits of developments constructed 

over the property in perpetuity by partnering 

with private developers through 

ground lease structures. This will ensure 

funds for the ongoing operation 

and maintenance of the project. 

The value of connecting transit 

infrastructure improvements to private 

land development is two-fold; the 

public captures the monetary value of 

private development without having 

to pay construction costs or take on 

the building risks, and infrastructure 

projects will be implemented faster 

because they will not have to compete in 

a political form for public funds. 

A program like this will contour 

New York City’s urban-development 

approach by creating new residential 

neighborhoods that are fully integrated 

within the transit infrastructure. The 

stations will be connected by a network 

of interior passageways lined with amenities, 

as well as with outdoor parks and 

plazas. In addition to these commuter 

communities now being efficiently 

linked to the central business districts 

through mass transit, some of the development 

land, such as train yards and bus 

depots, can be expanded under the same 

model to create industrial and manufacturing 

spaces that generate local working 

class jobs and facilitate last mile distribution 

centers that, in the future, may 

also permit public transit infrastructure 

to dually act as a freight network during 

off-peak times. Additionally, these developments 

can incorporate affordable 

housing and the city can tie additional 

zoning bonus tiers to achieving difference 

thresholds of affordable housing 

and community facilities. 

In conclusion, our current public 

transportation model is unsustainable 

and programs such as the one outlined 

here should be implemented to ensure 

these systems are financially independent 

and self-reliant. The dense populations 

and high property values of New 

York City will allow this program to produce 

substantial funding while promoting 

sustainable urban expansion. ■ 

Michael Santora is Founder & Principal of Crown 

Architecture and Consulting, D.P.C, which has recently 

partnered with Top 100 Global Architecture fi rm 

Scott Brownrigg to form Scott Brownrigg + Crown. 

Illustration courtesy of Guilford Station TOD Concept designed by Scott Brownrigg + Crown 

64 


5 

0 

0 

- 

M 

E 

T 

A 

V 

E 

- 

B 

R 

O 

O 

K 

L 

Y 

N 

Spectacular water views 

no longer require a yacht. 

The city’s sexiest hotel isn’t in Manhattan. 

Taking reservations at indigowilliamsburg.com

INTERVIEW 

that price 

spike is where 

traders like 

me sell the 

positions 

we just 

accumulated.” 

—Shah Gilani 

LUNCH WITH 

SHAH GILANI 

EQ’s Daniel Hilpert recently sat down with Shah Gilani, a retired hedge fund manager, Fox business 

news regular and editor of WallStreetInsightsandIndictments.com, for lunch at DaDong and to 

discuss real estate and the economy. 

DH: Shah, it’s always good catching up with you, 

especially having lunch at DaDong, one of our 

favorite places. I took the liberty of ordering the 

Champagne Glazed Vine Tomatoes and Chinese 

Cabbage Two Ways [Mustard & Vinegar]. The 

Chinese Cabbage is one of the best in the City, it’s a 

“must try.” 

SG: I look forward to it; this is your place Daniel, I have 

to thank you for introducing me to it, as it’s now one of 

my favorites too. 

DH: I’m seeing a lot of people here. Is this a 

reflection of our economy, or do you believe the 

U.S. economy is slowing—and are we facing the 

prospect of any kind of recession? 

SG: I don’t see the economy backsliding into recession, 

at all. The GDP growth trend since 2015 has been 

solid, if not great. The low point of 2015 was Q4, when 

GDP growth slowed to less than 0.5%. In 2016, it rose 

to about 1.8% for the year. In 2017 we saw it shoot up 

to 2.65%. Last year it jumped to 3%. That’s a very positive 

trend. There’s no reason to expect a turnaround. 

Some slowing wouldn’t be a surprise or a worry, 

probably because of our dust-up with China over 

trade, and also that we’re now facing down Mexico on 

trade over President Trump’s immigration policies. 

But signs of any kind of recession… no, none. 

DH: 2019 Q1 GDP came out at 3.2% annualized and 

still the equity markets backtracked. Some say 

the slip in equities was all China trade-war fears. 

From what I’ve read, it’s the result of markets 

seeing unexpectedly strong GDP growth in Q1 and 

thinking that it’s as good as it gets and that we’ve 

borrowed too much from future consumption and 

production. What are your thoughts? 

SG: I think you’re right; some investors have been 

discounting the solid GDP growth numbers, which 

by the way for Q1 2019 just edged down to 3.1% on a 

second revision. And, yes, I think investors hedged 

their equity bets a little this Spring on the heels of 

a slow Q4 2018, at 2.2% growth, then the Q1 jump, 

which could be looked at as borrowing from future 

quarters’ growth. But, that’s superficial, in the sense 

that models don’t trade much based on that kind of 

discounting. 

DH: Why not? If investors see the economy jump 

and then believe that jump, which came as you say 

on the heels of an unexpected slowdown in Q4, 

might be unsustainable, especially with our trade 

war with China heating up, why wouldn’t they discount 

that growth and do some selling or hedging? 

SG: Because the Federal Reserve watches the markets, 

sees stocks trade lower, worries about what 

66 


INTERVIEW 

that will do to investor sentiment and 

consumer confidence, and consistently 

rushes in to apply its so-called PUT. And 

these days almost everyone’s trading 

models and their econometric models 

apply that Fed PUT in their calculations. 

So, the discounting gets discounted by 

the assumption of Fed easing. 

DH: And that’s just what we got, wasn’t 

it? The Fed just saw equity markets 

slip, not even 10%, and they came 

rushing in with rate cut rhetoric. 

That’s the PUT you’re 

talking about. 

SG: Precisely. Ah, this looks 

like our food, what did you 

order for our main course? 

DH: That’s the Steamed King 

Crab, the Truffle Braised 

Whole Abalone, and lastly 

the Prime Chili Diced Short 

Rib. So tell me, what’s just 

driven interest rates down 

so quickly and why would 

the Fed come in after rates 

have been hammered lower 

by strong buying, especially 

of the Treasury 10-year, and 

talk about cutting? 

SG: First, on the rapid rise in 

prices of bonds and the slide 

in rates, I think a lot of that 

is institutional trading. Big 

Treasury buyers piled into 

bonds to make a profit on price 

appreciation, and it became a 

momentum trade. At the same 

time, and this is how these big 

boys play, knocking down rates 

makes it look like investors are 

buying bonds as a safe haven 

because the trade war and a 

slowing economy is going to hit 

stocks, while bonds will rally. 

That’s well played. As rates 

came down the financial news 

media started talking about recession 

fears being reflected in 

the bond market, and low and 

behold, the Fed stepped in with calming 

words. And guess what? That push 

lower in rates, that price spike, is where 

traders like me sell the positions we just 

accumulated. 

But there’s more. Sadly, in my 

opinion, it’s because we don’t have 

“free markets” anymore. The Fed is the 

economy’s central planner, and that’s 

what we’re seeing increasingly. The 

recent rhetoric by James Bullard, the St. 

Louis Fed Bank president, who just said 

he sees rate cuts potentially ahead, and 

Fed Chair Jerome Powell talking about 

acting appropriately, meaning cutting, 

if the trade wars get out of hand, in the 

Fed’s opinion that is, that’s their way of 

signaling they’re at the ready to backstop 

markets. Not the economy mind 

you, markets. It’s a real problem, in the 

long run, because we don’t know how 

markets will ever “clear” if they’re not 

allowed to. That means bubbles. 

MULTI-FLAVORED 

WHITE CHOCOLATE 

SHELLS 

DH: Glad you brought up the Fed and 

the prospect of rate cuts. Interest 

rates drive our business. How’s that a 

problem for our business or commercial 

real estate in general? 

SG: It’s not a problem, it’s great for you. 

In fact, you should be looking at a lot 

more business. I’m sure your transactions 

will increase markedly now that 

rates have just been trounced, as long 

as potential clients have not recently 

Photo courtesy of DaDong 

refinanced or over-leveraged themselves. 

I’m sure you also watch the yield 

curve. In my opinion, the flattening of the 

yield curve is problematic for the same 

reason, a flat yield curve doesn’t allow 

for proper risk pricing. What’s coming 

next? 

DH: For our dessert I ordered 

Multi-Flavored White Chocolate 

Shells and Crispy Chocolate Rice 

Pudding. Speaking of yield curves, in 

my business it’s mostly about 

banks, though hedge funds 

and insurance companies are 

increasingly go-to providers 

of mortgage funds. How do 

you see the banks these days, 

especially given your hard 

criticism, I’d say bashing of 

them, during the financial 

crisis and during the Great 

Recession. 

SG: The big banks are in much 

better shape today than at any 

time since the crisis, thank 

goodness. But the flat yield 

curve is cutting into their NIM 

(net interest margin) and trading 

is too up and down to be a 

consistent, regular contributor 

to earnings. They’re in good 

shape, but I believe they’re still 

over-leveraged. It’s the smaller 

banks that I’d be worried about. 

They have much different funding 

and liquidity profiles. 

DH: True. Lastly, where do 

you see equities going? 

SG: I see them going higher 

as long as the Fed PUTs are 

in place. If the trade war with 

China gets resolved, equities 

will rally in relief, maybe 10%, 

maybe 20% if the economy 

looks like it’s still growing. 

On the other hand, if we don’t 

get a resolution to the China 

trade tremors and at the same 

time tech stocks get the wind 

knocked out of them by the Justice 

Department and the FTC on anticompetitive 

ground shaking, equity markets 

could drop a good amount lower, as in 

maybe 10% to 20% lower. 

DH: Then I guess we’ll just have to 

have you back soon to tell us what’s 

next. Thanks, Shah. 

SG: Until next time, Daniel, thank you 

for a delightful lunch. ■ 




67

Coffee WITH DAVID STEINGARD OF 

LAUGHING MAN COFFEE COMPANY 

LAUGHING MAN COFFEE AT 184 DUANE STREET is a neighborhood hangout where I frequently meet with other 

Tribeca real estate execs to get an inside scoop and negotiate deals. Founded in 2011 by Hugh Jackman and David Steingard, the 

company supports coffee farming communities by investing in programs that clear the way to health, growth and success for 

coffee farmers and their families. Recently, I sat down with David Steingard to sip double shot macchiatos and talk about all 

things Tribeca, entrepreneurship and coffee. — Daniel Hilpert 

DEAL MAKING 

Q&A 

Daniel Hilpert: You were in law, and 

now you run Laughing Man. Tell me 

a little bit about your background 

and what made you embark in this 

direction. 

David Steingard: I loved being a prosecutor 

at the Brooklyn District Attorney’s 

office, both the work and the friends I 

made. As someone with an entrepreneurial 

spirit, I get a little antsy, especially 

when I am in an environment that 

does not reward or foster ingenuity and 

initiative. I started to look for the next 

thing. I knew of the vacant space where 

the cafe is now and thought about getting 

back into coffee; my family had been in 

the business when I was growing up. It 

was around the time specialty coffee, 

micro-climates and attention to the 

farmers was starting to become more 

important. It was a great mix of hospitality 

and creativity that I was looking for. 

At the same time, Hugh had come back 

from an Ethiopian coffee project he was 

supporting and he wanted to get more 

involved. We pitched our idea, he loved it, 

and we partnered up. Like Paul Newman’s 

organizations, Hugh gives 100% of 

his profits to the Laughing Man Foundation 

and I donate 50% of mine. Our 

contributions support various projects, 

the latest being 100 new home and home 

improvement projects in Colombia for 

coffee farmers, and 45 college scholarships 

for children of coffee farmers. 

What has it been like having Hugh as a 

partner? What is he like to work with? 

He has a genuine love and care for 

Laughing Man and what it can do for others. 

He is extremely smart and well-read 

in world socio-economic issues, and is a 

self-proclaimed coffee snob but as down 

to earth as they come. Laughing Man is 

not a celebrity endorsement after-thefact; 

he is fully engaged in its growth and 

brings a voice of compassion, authentic- 

ity and joy through which he can tell the 

story. His ability to give full attention to 

anyone or anything given the demands 

on him is inspiring. 

HUGH JACKMAN 

ENJOYING A CUP OF 

LAUGHING MAN COFFEE 

Photo Credit: Laughing Man Coffee 

What is Laughing Man’s mission? What 

is its role in the community? 

Our mission is twofold. Locally, it’s to 

change the customer’s world through 

hospitality, what we call ALL BE HAPPY 

moments. Our motto, ALL BE HAPPY, 

comes from a sanskrit prayer “may all be 

happy, may all be free of disease, may all 

have wellbeing and none suffer the misery 

of any kind.” We take ALL BE HAPPY 

and ask how we can create a moment for 

someone where they feel connected and 

a little more inspired as they go through 

their day. Great hospitality can create a 

value reset, and for a moment a customer 

can remember the real things they 

cherish. We know our regulars’ drinks 

before they order. We have a group of 

PS 234 parents who show up at 8:30am 

after dropping off their kids. One of them, 

Claudia Saez-Fromm, a five-year regular, 

gets a large plain black coffee, while a 

friend of hers gets a cortado. They stay 

and unwind before happily leaving for 

their SoulCycle and yoga classes. Local 

professionals, like Claudia, who’s also a 

broker at Corcoran, linger to set up meetings 

or build relationships. So locally, it’s 

a very simple principle, but hard to pull 

off for as long as we have and that speaks 

to our incredible staff. 

Globally, we want to be a company that 

leaves the world a little better than we 

found it. We want to nourish and support 

the very things that we draw from, the 

farmers and their farms. To us, coffee is 

a family business, in the cafe çwe treat 

staff and customers as family. The foundation 

is focused on projects that move 

the whole family and community forward. 

You’re adjacent to Duane Park, how did 

you get these street seats approved by 

the City? 

The street seats are part of a DOT administered 

program. Under their watch 

and authorization, we were allowed to 

provide a public seating area for the 

community. We paid to have it built and 

we maintain it. It has really brought the 

community together and fosters the kind 

of connection we think is valuable to a 

happy life. 

What is Laughing Man’s next move? 

We have had a location at Battery Park 

for about six years and it’s going great. 

It has a beautiful view of the water. We’re 

soon expanding this space into a larger 

format cafe, offering the community the 

same great vibe and community feeling 

with a little more of a food offering, and 

additional space to sit and shelter from 

the heat and cold. Hopefully, we will open 

by Labor Day. ■ 

68 


56 LEONARD, 6 WEST 

Price: $8,650,000 | Bed/Bath: 3/3.5 | Web ID: 5767388 

25 MURRAY STREET, 3H 

Price: $2,800,000 | Bed/Bath: 2/2 | Web ID: 5774277 

77 BLEECKER, 306/307 

Price: $2,800,000 | Bed/Bath: 3/3 | Web ID: 5752831 

75 BANK STREET, 1CDE 

Price: $2,450,000 | Bed/Bath: 3/2 | Web ID 5679329 

885 PARK AVENUE, 1A 

Price: $1,250,000 | Medical Office | Web ID: 5702386 

Mark David Fromm 

Licensed Associate RE Broker 

Licensed As Mark David Fromm 

o 212.444.7965 | m 917.331.4400 

markdavid.fromm@corcoran.com 

Claudia Saez-Fromm 

Licensed RE Salesperson 

Licensed As Claudia M Saez 

o 212.444.7964 | m 212.203.1798 

claudia.saezfromm@corcoran.com 

Real estate agents affi liated with The Corcoran Group are independent contractors and are not employees of The Corcoran Group. Equal Housing Opportunity. The Corcoran Group 

is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All listing phone numbers indicate listing agent direct line unless otherwise noted. All information furnished 

regarding property for sale or rent or regarding fi nancing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property 

information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. All dimensions 

provided are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualifi ed architect or engineer.

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WEALTH MANAGEMENT 

Shanghai wants to 

be an international 

city and a center 

for hedge funds” 

—Mr. Zhang Xiaosong 

WRITTEN BY Bruce McGuire 

Managing Partner, Global Alpha Research, LLC and Co-Founder of the 

Greenwich Economic Forum 

China’s economic growth over the last 40 years has 

been astonishing. The rate may have slowed, but the 

country continues to mint high-net-worth individuals 

(HNWIs) at a break neck pace. The number of 

Chinese with at least RMB ¥10 million (about US $1.5 million) 

in investable assets increased from approximately 180,000 in 

2006 to nearly 1.6 million in 2016, representing a more than 

eightfold expansion within a decade. 

Among HNWIs, the ranks of the richest 

of the rich—those with at least RMB 

¥100 million ($15 million) in investable 

assets—have grown at an even faster rate. 

There are now about 116,000 of these ultra-high-net-worth 

individuals (UHN- 

WIs), compared with 7,000 in 2006. 

All in, China’s pool of private wealth 

has ballooned to RMB ¥165 trillion 

(about $24 trillion), more than six times 

its level in 2006. 1 China’s ever-expanding 

pool of private wealth— roughly 

40% of which is held in cash and bank 

deposits—is about twice the size of the 

country’s GDP and represents one of the 

fastest- growing accumulations of wealth 

in modern history. 

Collectively, China’s HNWIs have 

about RMB ¥49 trillion (about $7 trillion) 

in investable assets, and they have 

become more open about how, and with 

whom, they invest that money. Older 

wealthy individuals in China, who were 

the first generation to benefit from the 

government’s embrace of a market-based 

economy, were inclined to manage their 

own money, favoring real estate and 

“hot” growth stock. By contrast, newer 

HNWIs (who often include the sons and 

1 

5th China Private Wealth Report, by Bain & Company 

daughters of first-generation company 

founders) are more willing to seek professional 

advice. 

The explosive growth of China’s HN- 

WIs, combined with their increased willingness 

to use professional advisors creates 

tremendous opportunities for banks, 

wealth managers, and fund managers, 

including hedge funds. 

The more established and skilled 

western asset managers are taking notice 

and deploying to mainland China for 

the fi rst time. They are taking advantage 

of programs such as the Qualified Domestic 

Limited Partnership program run 

out of Shanghai, that allows mainland 

Chinese to invest in foreign hedge funds. 

Foreign fi rms are also taking advantage 

of new rules that allow foreigners to set 

up wholly foreign owned enterprises 

in China—the so called WFOE (pronounced 

Woofee). 

Even so, western firms as large as 

Fidelity and BlackRock struggle with 

brand awareness, and so the real nearterm 

story is about the domestic Chinese 

fund industry. 

I first became aware that China was 

building a domestic funds management 


industry in early 2011, when I was contacted 

by representatives from Shanghai’s 

FengXian District, one of the 18 districts 

that make up the city, asking for help in 

organizing a junket for government and 

business officials visiting Greenwich, CT, 

the “hedge fund capital of the world.” 

When the delegation arrived, we 

rolled out the red carpet and introduced 

them to members of the local hedge fund 

community, local academics and even 

dined with the Mayor of Greenwich. 

Greenwich is the example that the 

Chinese want to emulate, proclaimed 

Mr. Zhang Xiaosong, a member of the 

72 



FUND 

TOWNS 

The explosive growth of China’s high-net-worth 

individuals has created opportunities for western 

asset managers—and China’s growing domestic 

hedge fund industry 

SHANGHAI IS ONE OF 15 CHINESE CITIES WHERE LOCAL HEDGE FUND BUSINESS HAS TAKEN OFF. 

Standing Committee and Vice Magistrate 

of the Shanghai FengXian Committee 

of the CPC People’s Government of 

FengXian District. 

“Shanghai wants to be an international 

city and a center for hedge funds,” he 

told us. “We want to know how to create 

a good environment to attract the fi nancial 

industry.” 

When our guests returned to China, 

they got to work building a hedge fund 

enclave of their own. 

Two years later, while speaking at a 

conference in Greenwich, I descended 

the stage, to be greeted by a Chinese 

woman who asked, “are you Bruce Mc- 

Guire, President of the Connecticut 

Hedge Fund Association?” When I said 

yes, she informed me that she was a Chinese 

expat living in Stamford, CT, and 

that she had been deputized by offi cials 

in Beijing to make contact and arrange a 

similar junket. 

When asked if they were familiar with 

the Shanghai initiative, they replied yes, 

but that “Beijing Fund Town” would surpass 

anything being built in Shanghai. 

In China, as I have learned, they like to 

organize their business districts by industry 

type, and in the case of the asset 

management industry, they call these 

places “Fund Towns.” 

Hedge funds didn’t exist in China six 

years ago, but with the blessing of the 

central and provincial governments, the 

Chinese hedge fund industry is growing 

rapidly — by my last count, there are no 

fewer than 15 different fund town initiatives 

in cities throughout China. The 

total number of Chinese hedge funds 

doubled since 2016, and assets under 

management have more than tripled 

over the past three years. 

Since those first junkets, I have received 

many Chinese delegations from 




73



China’s Stock Market is 

Alpha Rich 

If you haven’t been paying attention 

to the Chinese capital markets, then 

you will probably be surprised to 

learn that the Chinese stock market 

is already the second largest in the 

world, while the Chinese bond market 

ranks #3. China’s markets have 

entered something of a sweet spot; 

while they’ve grown more sophisticated, 

adding new tools such as 

futures and options, they’re still inefficient 

enough to produce attractive 

returns for skilled managers. 

That’s thanks in part to the outsize 

impact of individual investors, who 

drive more than 80% of volume in 

the Chinese stock market, vs. about 

15% in the U.S. 

It’s easier to produce alpha in 

China. Alpha — the holy grail of investing 

— is the investment industry 

term used to describe portfolio 

returns attributable to a manager’s 

skill not general market forces. For 

those outside of China and unable to 

access the most talented Chinese 

fund managers, take heart. The domestic 

Chinese stock market, the 

“A-Share” market has been made 

more accessible. 

Chinese authorities implemented 

the Qualified Foreign Institutional 

Investor program in an effort 

to internationalize the RMB, and 

allow (on a selective basis) global 

institutional investors to invest in 

RMB denominated capital markets. 

Once licensed, foreign investors are 

permitted to buy RMB-denominated 

A-shares in China’s mainland 

Shanghai and Shenzhen stock exchanges. 

Thus, foreign investors 

benefit from an opportunity to invest 

onshore, which is otherwise often 

insulated from the rest of the world, 

and subject to capital controls governing 

the movement of assets in 

and out of the country. 

HANGZHOU AT A GLANCE 

Population: 9.8 million 

(5th highest in China) 

1) LIUHE PAGODA. 2) YUEFEI TEMPLE. 

3) CHINA NATIONAL SILK MUSEUM. 

4) WEST LAKE. 5) HANGZHOU ZOO. 

6) HANGZHOU CUISINE. 

6 

1 

Photo Credit: commons.wikimedia.org, chinadiscovery. 

cities such as Hangzhou, Nanjing, Shenzhen 

and Shanghai, all attempting to create 

a fund industry enclave — the “Greenwich 

of China.” As CTHFA President in 

Greenwich, CT, “fund town #1”, I have 

become a mini-celebrity in Chinese fund 

industry circles. I have spoken at Chinese 

fund industry conferences, been profi led 

in China Daily Newspaper, and even 

made an appearance in China Central TV. 

In Hangzhou, a video of me touring the 

local fund town is on display, and a picture 

of me speaking to the local Chinese 

press graces the fund town’s web site. 

Hangzhou is an interesting case. 

A city of 9 million, it is approximately 

one hour south of Shanghai by high 

speed rail. It is the capital city of Zhejiang 

Province, a very wealthy and business-friendly 

southern province that 

is home to a vibrant tech industry anchored 

by Chinese tech giant Alibaba. 

As a sign of its growing clout Hangzhou, 

was selected as the site of China’s first 

and only G20 Summit back in 2016. 

With 9 million residents, Hangzhou 

is large by U.S. standards, but its planners 

have made livability a priority. The 

beautiful “West Lake” district is the 

pride of the city and a destination for vacationers 

from all over southern China. 

The gated Yuhuang Shannan community—on 

the same site where emperors in 

the Song dynasty prayed for good harvests 

centuries ago—takes city planning 

to the next level; it is quiet and green, 

exuding the feeling of a laid-back, highend 

oasis. 

2 

3 

4 

5 

74 



Like Greenwich, Yuhuang Shannan, 

has become popular with the Chinese 

hedge fund crowd. So popular, in fact, 

that local authorities turned the entire village—until 

recently a hub for the design 

industry—into an exclusive enclave for 

China’s aspiring masters of the universe. 

More than 1,000 hedge funds and private 

equity funds, overseeing a combined 

RMB ¥580 billion (US $84 billion), have 

registered in the village since its offi cial 

rebranding in May 2015 as, straightforwardly 

enough, Yuhuang Shannan Fund 

Town (YSFT). Unlike Greenwich, tax 

subsidies amounting to 30% of a typical 

firm’s tax bill add to the town’s appeal, and 

YSFT now boasts one of China’s largest 

hedge fund clusters. 

Realizing that they are in competition 

with other Chinese fund towns, Hangzhou 

has been the most persistent in cultivating 

good ties with Greenwich, CT. So 

much so that in 2018, we worked to forge 

a sister-city relationship which gives them 

significant street cred back in China. 

Not too long ago, the thought of a 

hedge fund village in Hangzhou, or anywhere 

else in China, would have struck 

most observers as absurd. Hedge funds 

weren’t officially sanctioned in until 2012. 

Before then, authorities tended to focus 

their development plans on the country’s 

vast middle and lower classes. Havens for 

elite money managers, haven’t traditionally 

been a priority for the ruling Communist 

Party. 

Today however, the concept isn’t so 

outlandish. The Chinese hedge fund industry 

is booming, thanks to support from 

securities regulators and the gradual liberalization 

of local equity and bond markets. 

For YSFT, and the 15 smaller fund 

towns scattered across the country, longterm 

success may ultimately depend on 

what kind of China emerges over the next 

few years. If President Xi Jinping’s government 

follows through on pledges to 

give markets and service industries a central 

role in the $11 trillion economy, the 

hedge fund boom may have a lot further 

to run. If, however, policymakers backtrack 

or the country proves pessimists 

right by tipping into a fi nancial crisis, the 

tranquility in China’s Greenwich-like 

communities is unlikely to last. It is also 

important to realize the big difference between 

the Chinese and western regulatory 

environments. As an example, in 2015 

after China suffered dramatic declines 

in its stock markets, regulators passed a 

law making it a criminal offense to be an 

“unfriendly short seller”. 

For economic planners keen to reduce 

the nation’s reliance on infrastructure 

spending and heavy manufacturing, 

there’s a lot to like about hedge funds. 

They’re non-polluting, creating highskilled 

jobs, and adding more choice to 

a domestic investment landscape dominated 

by bubble-prone property and equity 

markets. 

Investor inflows fueled a 55% jump in 

industry assets, while the number of registered 

funds has risen to a record 27,015, 

according to the Asset Management 

Association of China. 

I believe that the bilateral relationship 

between the US and China, and 

the integration of Chinese markets into 

global capital markets represents the 

central issue of our times. Great fortunes 

will be made and lost, and I for one am 

thankful to have a ringside seat, and to 

be living in interesting times! ■ 

Bruce McGuire is Managing Partner of Global Alpha 

Research, LLC and Co-Founder of the Greenwich 

Economic Forum. 

Merging the innovation of a young growing firm with the experience 

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75

FOOD & DRINK 

LORD & LADY 

CARNARVON RELAX 

WITH THE 1936 ROLLS 

ROYCE PHANTOM 

BEFORE AN EVENINGS’ 

FESTIVITIES. 

Glass 

ADAM VON GOOTKIN’S HIGHCLERE GIN IS DISTILLED FOR THE 

DISCERNING — AND DOWNTON ABBEY FANS 

FROM 

GARDEN TO 

WRITTEN BY Jacqueline Burt Cote 

There have likely been many to make the lofty (or dubious) claim that whiskey 

runs through their veins, but the biological impossibility seems somehow 

plausible in the case of Adam von Gootkin. His ancestors ran Chafee & Co. 

Distilling until the distillery was shut down for tax evasion on a Canada-bound 

shipment of whiskey. During prohibition, the family opened the opulent Chafee’s 

Hotel on the Connecticut River featuring a notorious speakeasy. 

In 2011, von Gootkin—along with his partner, Peter 

Kowalczyk—brought his family’s then-dormant 

legacy to life with Onyx Moonshine, the Nutmeg 

State’s fi rst authentic high-end moonshine and whiskey 

brand. And then there’s his most recent venture into 

the world of spirits, Highclere Castle Gin, which has 

taken the 36-year-old entrepreneur far from his home 

state to the juniper-covered hills of Hampshire, England 

surrounding Highclere Castle... or as you might 

know it, Downton Abbey. 

Fans of the award-winning series and soon-to-be 

fi lm are more than familiar with the image of Highclere 

Castle, which serves as the fictional abbey’s stunning 

location. But even the most devoted Downton 

watcher may be unaware of the Jacobethan style country 

house’s history, or the fact that it’s situated on a fully 

functional 5,000-acre estate, home to the 8th Earl and 

Countess of Carnarvon. 

Interestingly, von Gootkin’s fi rst collaboration with 

the Highclere Estate was a detour from spirits: the Highclere 

Castle Cigar. Per von Gootkin, “enjoying cigars 

has been a tradition at Highclere Castle since the 1800s 

and continues today.” Sparked by von Gootkin’s friendship 

with Foundation Cigar Company founder and 

76 


FOOD & DRINK 

world-renowned cigar 

blender, Nick Melillo, the 

Highclere Castle Cigar 

was crafted after years 

of travel, research and 

building special relationships 

throughout Central 

and South America. 

While the Highclere Cigar 

is distributed around 

the US and the UK to 

many accolades and 

awards, Lord Carnarvon 

and von Gootkin agreed 

that Highclere Castle’s 

legacy had still more to 

offer the world. 

“W hilst Dow nton 

Abbey has brought 

much attention to the 

beauty and heritage of 

our home, Highclere 

Castle, there are so many 

more layers of both history 

and diversity in the 

landscape and world in 

which the Castle sits as 

the centerpiece,” Lord 

Carnarvon tells EQ. 

A farming estate 

which produces mixed 

crops, Highclere is home 

to “a large herd of sheep, 

conservation banks 

of wildflowers, beetle 

banks, stubble [fields] for birds, old chalk 

downland and ancient Bronze Age landscapes,” 

Lord Carnarvon continues. 

“Highclere was owned by the Bishops 

of Winchester for 800 years. The Estate 

had good field for pasture for horses, 

they grew crops such as oats and created 

a walled garden for fruits trees and 

herbs. The walled garden is still here today—the 

Monks’ Garden—framed with 

lavender borders, and walking through it 

we have used our heritage as our inspiration. 

Behind the Monks’ Garden lies 

the Orangery, and as in past centuries we 

grow citrus fruits. Meanwhile, juniper has 

grown on the ancient hills for hundreds of 

years and there is also some planted in the 

gardens. Optimistically, we have planted 

“ 

Super premium 

gin is the fastest 

growing spirits 

category in 

the world” 

— ADAM VON GOOTKIN 

LORD CARNARVON ENJOYS 

A HIGHCLERE CASTLE CIGAR 

ever more juniper, since 

we began this project, 

given it is the heart of every 

gin.” 

Even the bottle pays 

close attention to detail, 

another trademark 

of von Gootkin and the 

Carnarvon’s uniquely 

high standards. “It reminds 

us of the squared 

Castle towers, whilst 

the beautiful purple colour 

draws again on the 

spiritual color associated 

with the Bishops,” says 

Lord Carnarvon. 

Centuries of tradition 

are catching up with the 

modern market at the 

perfect time, according 

to von Gootkin. 

“Super premium gin 

is the fastest growing 

spirits category in the 

world,” he says. “When 

you combine the deep 

roots of Highclere Castle’s 

heritage with an 

exceptional tasting gin 

and a strong global distribution 

network, we’re 

seeing markets coming 

on board faster than we 

ever expected. Availability 

will begin in the United States in July/ 

August of 2019.” 

Lord Carnarvon finds himself likewise 

marveling at the joint venture’s successful 

trajectory thus far, on multiple 

levels. “It is amazing how projects begin, 

how an idea has led to new friendships 

and become real—part of our real 

Downton Abbey story,” he says. 

“I think we all started thinking it was 

a good idea but then you have to go out 

and test it and ask for opinions. It has 

however already been so enthusiastically 

received and customers really appreciate 

the detail and care of the past 

two years, which we have used time and 

again to ensure we think it is better than 

the best.” 




77

FOOD & DRINK 

Highclere Castle... 

or as you might know it, 

Downton Abbey 

Distilled with botanicals from Highclere’s 

own land, the taste is an absolute 

departure to a time and place that the majority 

of the population has only seen on 

the screen. “The authenticity of the story is 

truly rare in the world of spirits,” says von 

Gootkin. “It’s resonating with people. 

And the reason it’s resonating 

with people is because it’s real.” 

“Through books and TV 

we have sought to share the 

journey from field to table, 

of provenance and now 

have sought to extend our 

journey to create a gin,” 

says Lord Carnarvon. “The 

theme is Garden to Glass. It 

is again about provenance, 

heritage, producing something 

excellent, distilling taste, 

style and memories.” 

It appears that distilling style and 

memories is von Gootkin’s signature 

skill, and Highclere Gin is the proof. ■ 

Gin & Tonic 

HIGHCLERE STYLE 

INGREDIENTS 

50 ml HighClere Castle Gin 

Artisanal Tonic Water 

Fresh Orange Squeeze 

G A R N I S H W I T H 

Orange Peel and Rosemary Sprig 

SERVE IN 

Chilled Highball or Balloon Glass 

78 


made in new york 

www.rivaynyc.com

“Great local late summer 

corn...it can be a great relish, 

an amazing side dish or the 

fresh pop in our Striped Bass 

Provencal or a similar dish. 

— PETER AMBROSE 

FOOD & DRINK 

NO BETTER 

PLACE TO SAMPLE 

CUISINE THAN 

AT A BEACH-SIDE 

PARTY 

HAMPTONS 

FOOD SCENE 

WRITTEN BY Alex Lehnen aka Alex von Salad 

The “Hamptons,” which is not what the locals call this 

area and most likely never will, has an abundance of 

excellent food sources. Whether getting vegetables 

at the farm stand or going to a great local restaurant, there 

is something for everyone. However, knowing which farm 

stands are selling their own produce and experiencing great 

local food prepared by our top-notch East End chefs is a 

complicated task because not everything in your rear-view 

mirror is locally sourced. 

There is nothing wrong with eating 

other good things that are not local, but 

if you’re already fighting traffic on Friday 

afternoons to get out of the city heat in 

the middle of the summer or maybe Blade 

it to Easthampton airport, then why not 

eat local? Experience what local chefs 

and local farmers have in store for you. 

After all, the “Hamptons” got its start as a 

farming, fi shing and whaling community 

way back in the 1640s. 

I first came out East the summer of 

1997. I was running a nightclub in the city 

and was asked by the owners to come out 

80 


FOOD & DRINK 

Photo Credit: chefpeterambrose.com 

on weekends to man the door at the Tavern 

nightclub on Tuckahoe Lane (an old 

potato barn) in Southampton. 

The Tavern was the epitome of 

NYC-Hamptons nightlife. It has a great 

crowd with many celebrities, models, 

photographers and artists. 

Friday afternoons I’d jump in my ’69 

Triumph and head east on the LIE. Sunday 

afternoons I returned. I was officially 

a Hampton weekend commuter except 

I came out to work, not to vacation. 

I got to experience a few local restaurants 

and slowly got the feel for one of 

the most beautiful places on Earth. I 

fell in love with the Hamptons and have 

been ever since. 

My fi rst real culinary experience was 

1999 at Pacific East in Amagansett which 

was then helmed by Alexander Duff & 

Chef Michael Castino who had successfully 

launched Pacific Time on Lincoln 

Road, one of the best restaurants on Miami 

Beach at the time together with Jonathan 

Eismann. 

Their Hamptons outlet was superb. 

Pan-Asian cuisine which was the style of 

the moment in the late nineties. 

It was also the year I opened my fi rst 

restaurant in NYC in the Flatiron District. 

“Von’s Aura” was a true Supper Club 

where the menu changed daily dependent 

on the ingredients I found at the 

Union Square Farmers Market that day. 

Over the years I was involved in a 

few East End Eateries, one being Banzai 

Burger on the Napeague Stretch and a 

pop-up Japanese summer spot on Shelter 

Island called Katana. Both were multi 

concepts Japanese Driven. 

After a stint out West, I took my newfound 

food philosophy and started my 

own catering company out East until last 

summer when I decided to buy a farm in 

the Hudson Valley and grow my own Japanese 

specialty vegetables. 

Over my 20+ summers in the Hamptons 

I was fortunate to meet many amazing 

chefs and many great farmers. I have 

worked with many hand in hand and 

have used local ingredients strictly for all 

my clients and events. 

One of my favorite farm stands during 

the summer is the Babinksi Farm stand in 

Sagaponack (not to be mixed up with the 

Babinski Farm Stand in Watermill). Same 

name, but unrelated. Babinski in Sagaponack 

is run mainly by Andy, the patriarch, 

and has an ever-rotating seasonally 

dependent selection of local vegetables 

ABOVE: MATTY BOUDREAU OF THE PRESTON 

HOUSE’S PRIME STRIP STEAK; MIDDLE: 

PETER AMBROSE, MEAT FRESH OFF THE 

GRILL; BOTTOM: ERIC MILLER ADDING THE 

FINISHING TOUCHES 

and fruit. That counts for all farm stands 

by the way. Of course, they will sell other 

items during the summer, which they 

source from other farmers on Long Island. 

Edible East End is a great source if you 

want to find out what’s available at the 

time depending on the growing season. 

Another favorite of mine is the Fairview 

Mecox Farm owned and run by 

the Ludlow Brothers. Here you can fi nd 

anything, and I like the one-stop-shop 

possibilities. 

They also bring in amazing grass-fed 

meats from one of their cousins upstate 

and they have amazing gluten free natural 

ice cream. Did I mention the pies? 

Anyway, there is an abundance of 

fresh ingredients available at a lot of farm 

stands. Keep in mind it takes time to get 

to each of them during the crazy summertime 

traffi c. Hence, my preference of 

visiting some that have a good variety of 

product. Another favorite spot is the Amagansett 

Farmers Market which has been 

there forever. We used to get lunch there 

during the Pac East times. There you have 

local produce and gourmet items and the 

lunch sandwiches are divine. 

If you’re already out that way, a must 

stop is the Aquaculture Fish Farm towards 

Lazy Point on Cranberry Hole 

Road. You’ll be able to pick up some of 

the freshest fish in the East End along 

with some Goose as they also have geese 

pens—this is an interesting combo, but a 

very symbiotic relationship. They’ve been 

farming fish since 1974. The cool thing 

there is you can bring a bottle of rosé and 

order some fresh take-out and then truck 

your goodies home that you want to cook. 

It’s an absolute must stop—but beware— 

this is not your white cloth Hamptons fish 

market; this is a very relaxed, casual place. 

Think flip-flops and shorts, also a great 

bike ride coming from Amagansett, but 

watch out for the ridgebacks! 

If you’re headed to the North Fork 

there is one farm I really like because 

they specialize in Asian vegetables and 

I used to shop there for my Shelter Island 

pop-up Sushi bar. They’re called 

Sang Lee Farms in Peconic and they are 

lovely people. If you’re over that way 

you must stop at Southold Fish Market 

which in my opinion is the best fi sh 

money can buy unless you catch it yourself 

or are friends with some of the pirates 

in Montauk. 

Tell Charlie I said hello. 

(Continued) 




81

HAMPTONS 

FOOD SCENE 

FOOD & DRINK 

seven questions with Alex Lehnen 

I would like to introduce to you a handful of local chefs who represent the food scene Out East properly and are taking food and our 

locally grown produce to the next level. They are honest, professional and innovative chefs and I would highly recommend trying 

out their amazing dishes when you’re out East this s ummer. Maybe I will see you there. Enjoy and Bon Appetit!, Alex Lehnen 

1 

What’s your favorite 

vegetable to use and why? 

PETER AMBROSE: 

Great local late summer corn. For me I 

can make a meal on it. When cooking for 

others, it can be a great relish, an amazing 

side dish or the fresh pop in our Striped 

Bass Provencal or a similar dish. 

ERIC MILLER: 

My favorite vegetable is summer 

corn. There are so many ways to use 

it—in soups, bisques, velouté, salad 

and salsa to name a few. 

COLIN AMBROSE: 

I love sweet corn. Roasted it gets even 

sweeter, works well with eggs, chicken, 

fish, in soups and salads. I had a 

counter customer named Dan. He was a 

dinner regular for ten years and called 

me the King of Corn. I liked that. 

MATTY BOUDREAU: 

Celeriac aka celery root can be used so 

many ways. It’s great raw in slaw, boiled 

and smashed or crispy, fried in extra 

virgin olive oil, and for those healthy minded 

folks, it’s allowed on most diets. 

2 

What local farm(s) do you 

work with? 


I typically work with Balsam Farms, 

Mecox Bay Dairy, Wells Pig Farm, 

Pike Farms and Satur Farms. 

ERIC MILLER: 

We like Multi Aquaculture Systems 

which does a fantastic job at growing and 

raising. Paulette Satur of Satur Farm 

is an old friend. We also work with Balsam 

Farms and Wesnofske Farm. 


My neighbors Bette and Dale have been 

providing local organic food for the plates 

at Estia’s Little Kitchen for more than 10 

years. I also work closely with Marilee 

Foster from Foster Farm in Sagaponack. 

That said, Scott Chasky from Quail Hill is my 

guiding light. As my best gardening advisor, 

Eric Miller 

Silver Lining Diner 

silverliningdiner.com 

Peter Ambrose 

Endless Summer Events Catering 

chefpeterambrose.com 

@chefpeterambrose 

Photo Credit: Noah Fecks, wwd.com 

Photo Credit: chefpeterambrose.com 

Scott and I have conceived more farm-born 

events than anyone else I know of, it started 

in 1992 at Estia in Amagansett. I’m blessed 

to have friends like these farmers. 


Browder eggs rock! Paulette Satur is a 

green goddess, Ian at Balsam Farms is a 

genius, Goodale Farm in Riverhead has epic 

dairy and the Corwin family at Crescent 

Farm produces the best Long Island duck. 

3 

What’s your new summer 

dish for this season? 


I’m working on a Bulgogi Seared Tuna which 

will feature a Sesame Crusted Seared Tuna 

with a Bulgogi Sauce, Gochujang Peanut 

Sauce, Grilled Corn and Kiwi Relish served 

over sticky rice charred on the grill. 

ERIC MILLER: 

A new dish, soft shell crabs brined in 

buttermilk, rolled in corn flour, and served 

with a corn-chili and tomato salsa, accompanied 

by a tomato water vinaigrette. 


My new summer dish? Stay tuned. 

Last year it was a sweet corn and Amber 

Waves Farm wheat berry dish, 

it’s on my blog at estias.com. 


New menu; I took my yearly pilgrimage 

to Spain and drew up a new dish from my 

travels. Charred Pork Steak, brushed 

with harissa topped by a lardon, side of 

watermelon radish and baby arugula 

salad with a lime mustard dressing. 

4 

What do you eat for 

breakfast? 


For breakfast, I usually craft myself 

avocado toast—sourdough bread, 

avocado, and LnW Market’s Green 

Siracha with a Sea Salt topping. 

ERIC MILLER: 

When I get the chance to eat breakfast, it’s 

buttermilk pancakes and real Vermont 

maple syrup; but mostly it’s just coffee. 

82 


FOOD & DRINK 


Breakfast is generally a few corn tortillas 

with brown rice, red beans and 

adobo pork, finished with a scrambled 

egg and some of Juana’s avocado salsa. 


I go light on breakfast. I drink Bulletproof 

coffee and have a hard-boiled egg, avocado 

with lime or an omelet with greens. 

5 

Name three East End chefs 

that you respect for their 

style, skill and philosophy 


Jeremy Blutstein. who takes localism to a 

whole other level. He has a commitment 

to localism that requires an intense 

level of dedication to hard work that he 

has committed to along with his entire 

staff. They are working harder on new 

flavor combinations and profiles that are 

bold, imaginative and created without 

fear of failure. Also, Gretchen Mesner. 

Just a kick-ass Chef, who has pumped 

out great food from one of the busiest 

kitchens in all the Hamptons. An individual 

who has persevered through some life 

curve balls to continue to kick ass in 

the kitchen. And Joseph Realmuto. A 

friend to all in the culinary community. 

Someone we can all aspire to match 

in his demeanor and respect which he 

shows to his colleagues, employees both 

front and back of house and also his loyal 

clientele. A chef family tree that Ancestry. 

com would have a hard time following. 

ERIC MILLER: 

I love Colin Ambrose of Estia. Joe Realmuto 

of Nick and Toni. Laurent Tourondel 

of BLT Burger and Sag Pizza. 


My pals, Jeremy Blutstein, Joe Realmuto 

and Jason Weiner like to make human 

pyramids; it’s always a pleasure to take 

a position. I’m indebted to them as they 

help me when eventing (both on-site and 

off) gnarly. Another stand-out guy, Dennis 

MacNiel, has been a huge supporter since 

the early 1990s. He has an Estia brunch 

dish “Den Den’s” named in his honor. 


Terry Hardwood, my mentor, took me 

from a line cook and gave me my first 

sous chef job and helped mold me into 

the chef that I now am. Sam McClelands 

bring his A-game every day. He has some 

of the best fish dishes on the East End. 

Michael Rossie. He’s hands down the 

best chef on the East End in my opinion. 

edibleeastend.com 

Colin Ambrose 

(no relation to Peter) 

Estia’s Little Kitchen 

estias.com 

@chefambie 

Matty Boudreau 

The Preston House & Hotel 

theprestonhouseandhotel.com 

@chef_matty_boudreau 

Photo Credit: Daniel Brennan 

6 

If you could change anything 

Out East that would help your 

food movement what would it be? 


I was on vacation in Seaside, FL last year and 

loved the fact there were food trucks intermingling 

and coexisting with great restaurants. I 

believe food trucks would not hurt restaurants 

but rather create towns that would be food 

destinations and get people out more often. “I 

am going to Sag Harbor tonight to eat, not sure 

where, not sure what, I just know that Sag Harbor 

has a great food scene.” I would also love 

to have a food truck and be successful with 

it, but I do not think current laws allow it. 

ERIC MILLER: 

Every one should use fish that is local and 

sustainable, and do their best to support the 

local bay men/fishermen and farmers. 


I get to change things in my garden every summer 

as I choose what seeds to plant and where 

to plant them. Changing anything else on the 

East End would be crazy, it’s changing all the 

time without my help. Best for me to stay centered 

and accept the things I cannot change. 


Affordable housing. We lose so much by not having 

our employees and their families able to live near 

their workplace. People who work in this community 

should be able to live in it. It would create a better 

sense of environment, connection and community. 

7 

You’re shipwrecked on a 

deserted island and you grabbed 

three items last minute before 

your ship sank. What are they? 

(knives don’t count) 


If I were shipwrecked, a fishing pole, 

a 50-degree wedge and a golf ball 

with a cover that could hold up. 

ERIC MILLER: 

Three things… I’m stopping at one, my wife. 


Shipwrecked, there would be a rigged fly rod 

on the deck so that would be the last thing 

I’d grab before jumping. It would be nice 

to have a hat and a stand-up paddle board, 

it would be easier to spot the fish on. 


A cast iron lodge pot, a box of thin mints and 

a really nice bottle of red burgundy. ■ 




83

TUESDAY 

DECEMBER 3, 

2019 

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EQ. Magazine Summer Issue 2019

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