2 Wall Streeters Bid Up A 1-Foot-Wide Piece Of Hamptons Land Being Sold For $US10 To $US120,000

All Suffolk County wanted to do was sell a little strip of beach front property 1-foot-wide by 1,885-feet-long. The county set the bidding at $US10,
according to Newsday, and contacted the adjacent owners.

Simple, right?


Enter two bankers that would stop at nothing to get that strip — Kyle N. Cruz, a managing director at Centerbridge Partners LP and Marc Helie of Chevalier Investments. Both men showed up armed with $US1,500 and the title to their properties on May 30.

And then it was war, according to the Suffolk County property manager (from Newsday):

“We’ve had one or two pieces start off at $US400 and maybe go to $US10,000, but never like this,” Wayne R. Thompson said. “But you know what water’s worth . . . You can say, ‘Oh, yes, I have a right of way to the water.’ ”

Yes, Suffolk County is home to the Hamptons, and this specific piece of land sits in Napeague, a village of super-expensive homes just west of Montauk (where all the hip kids are going these days), and gives the owner beach access.

So maybe it’s worth what was ultimately a bidding war that went back and forth 34 times and ended with a $US120,000 price tag (Helie won, for the record).

Thompson told Newsday that he “gathered” that one man “really did not want the other one walking over his property to the water.”

Cruz will now have to walk over Helie’s property to get to the ocean a few hundred feet away.

Competitive much?

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