A Manhattan textile tycoon snapped up the priciest rental property in the Hamptons after telling its owner that he wanted to leave the city on a day’s notice to escape the coronavirus crisis.
Hamptons developer Joe Farrell put his famed $40million property nicknamed ‘Sandcastle’ on the rental market last month as wealthy New Yorkers began fleeing the COVID-19 hotspot for Long Island’s tony beach towns.
At a price of $2million for six months from March 18 until Labor Day in September, the Bridgehampton home is believed to be the most expensive East End rental ever.
On Wednesday Farrell revealed that he found a renter less than 24 hours after he posted the listing.
He told the New York Post that the property was rented for close to asking price to ‘a textile tycoon and his family who were stuck in Manhattan and wanted to leave the city on a day’s notice’.
‘This was a COVID situation – not a normal summer rental,’ he said.
A Manhattan textile tycoon snapped up the Sandcastle estate – believed to be the priciest rental property ever listed in the Hamptons – after telling its owner Joe Farrell that he wanted to leave the city on a day’s notice to escape the coronavirus crisis
The 11.5-acre Sandcastle estate in Bridgehampton went on the rental market last month as wealthy New Yorkers began fleeing the COVID-19 hotspot for Long Island’s tony beach towns
Sandcastle could hardly be considered a ‘normal summer rental’ regardless – given its impressive list of perks.
The 11.5-acre estate has previously hosted a number of A-list guests including Justin Bieber, Jay-Z and Beyonce, – as well as multiple fundraisers attended by President Donald Trump.
Hamptons real estate developer Joe Farrell (pictured) said he moved out of Sandcastle ‘in a day and a half’ after receiving the rental offer
It features 11 bedrooms, 10 full and five half-baths along with a number of ‘resort-style’ amenities including a double-lane bowling alley, a 60-foot pool with an underwater stereo, a 10-seat theater, a club area with a DJ booth and a full bar and wine room. It also has a gym, as well as a court for squash, racquetball, basketball and volleyball.
The outdoor area has its own kitchen, a sunken tennis court and a baseball field.
Farrell moved out of Sandcastle ‘in a day and a half’ after receiving the rental offer and is now staying at one of his other Hamptons properties, a modern three-bedroom home by the beach.
He said he still has ‘three or four’ Hamptons homes available for rent, including a $15million house listed at $700,000 from now until Labor Day.
Farrell said he’s seen unbelievably high demand for his properties, which range in price from $65,000 to $700,000 through Labor Day.
When New York City families sign on for rentals, he said he even offers to fly them in on his company’s helicopter, as a courtesy.
Should the demand continue through the summer, he’ll have about seven more homes on the market in June and July when existing leases end, he said.
Sandcastle could hardly be considered a ‘normal summer rental’ – given its impressive list of perks
The estate features 11 bedrooms, 10 full and five half-baths along with a number of ‘resort-style’ amenities
The outdoor area has its own kitchen, a sunken tennis court (pictured) and a baseball field
Justin Bieber (left) and Jay-Z and Beyonce (right) have previously stayed at Sandcastle
So-called ‘coronavirus refugees’ have been leaving New York City in droves, snapping up rental properties in quiet communities like the Hamptons where the threat of contracting the deadly bug is significantly lower.
The exodus has caused some town populations to burgeon and practically double and rentals to skyrocket.
But locals in these ‘refugee’ towns are becoming hostile and demanding city dwellers stay away from their vulnerable towns for fear they may bring the deadly infection.
The popular vacation suburb of Southampton has already seen its population swell from 60,000 to over 100,000 over the past few weeks and rentals that usually go for around $5,000 surge to $30,000 for two weeks.
This map shows where New York City’s wealthy and elite have fled to across the Eastern seaboard, taking cover in Cape Cod, The Hamptons and Hudson Valley. However, these small towns are now grappling with COVID-19 outbreaks