What Wall Street Really Does In The Hamptons

greetings from the hamptons

The Hamptons has long been a haunt of Wall Street.

A short drive (or flight) from Manhattan and Greenwich, the food is good, the views are spectacular, and the pace is leisurely.

There’s a reason that Upper East side restaurateurs, Madison Avenue retailers, and Meatpacking club owners, open up outposts on the East End — because that’s where all their clientele go for the summer.

And much of that clientele, made their money on Wall Street.

They take sea planes, or helicopters or private jets from Manhattan to their hamlet of choice

Wall Street tends not to take public transport to the East End...

For example, overheard in the Goldman Sachs elevator last summer...

Person 1: I've gone in on a helicopter share for the summer

Person 2: How much?

Person 1: $13,000.

Person 2: Bargain.

They live in mansions on Meadow Lane in Southampton, and Lily Pond Lane in East Hampton

Meadow Lane in Southampton has views of both the ocean, and the bay. There's a reason Leon Black, David Koch, David Ganek, (and formerly John Paulson) bought mansions in this part of the East End.

In East Hampton, financiers abound on Lily Pond Lane, where some of the properties face the ocean. Carl Icahn and Ron Perelman can be found at this address. It's only a walk or luxury car ride to Georgica beach, where Wall Street hangs with Gwyneth Paltrow and Chris Martin.

They buy beachfront estates from other Wall Streeters

David Tepper bought a Sagaponack oceanfront mansion from former Goldman Sachs chief -- and his old boss -- Jon Corzine for $43.5 million.

(He then knocked it down, so he can build his own estate for next summer).

If they don't own a home, they line up a rental months in advance for the summer

'Financial industry honchos have wasted no time lining up rentals months in advance in the Hamptons... One top banker shelled out $200,000 to rent an oceanfront house... for August,' according to the Luxury Institute.

Meanwhile, young Wall Streeters continue to flock to their Hamptons summer shares and are paying, in some cases, around $5,000 each ($15,000 per room, 2-3 people per room) for the summer.

They play golf at courses where you can't buy a membership, you have to be invited

The titans of Wall Street -- the absolute cream of finance -- play golf at courses where you have to be invited to join, and even then, there's a multi-year waitlist.

Clubs where money doesn't count, include Maidstone, Shinnecock Hills, National, and the newer Sebonack, of which Stanley Druckenmiller is a founding member -- he paid $1.5 million to join.

Members of Shinnecok and National Julian Robertson of Tiger Management and Ted Forstmann. Mary Meeker reportedly plays at Sebonack.

Source: Bloomberg

They eat at Nick and Toni's

Nick and Toni's, a tony Italian restaurant in East Hampton, has long been a power scene for bankers (and celebs) on vacay.

As New York Mag explains, however, its 'haute without being haughty.'

They pay $400 to get dropped 3 blocks from a club, when they're done partying

We were told by a Hamptons cab driver that a moneyed lad paid $400 to go three blocks once.

The party-goer had just left nightclub Lily Pond, now SL East (run by the guys who do Tenjune, another banker hotspot, in Manhattan), and wanted to get driven three blocks to his house, and shelled out $400 to do so.

The men get stalked by women looking for banker husbands

The Hamptons has supposedly seen a massive influx of young Russian hotties looking for banker love and the loot that comes with it. Daily Beast reporter Lynnley Browning spoke to a whole range of locals who confirm that there's been a genuine invasion of girls with one aim - pin down 'young, hot, hedge funders and guys in loveless marriages.'

Then there are those that make the journey on their own, like Cheryl Mercuris, who rented a home in Bridgehampton last summer and will again this summer, to land a career-oriented banker.

They donate to Hamptons charities

John Paulson donated $5 million to Southampton Hospital -- it was the largest donation the hospital ever received, and will fund the Jenny and John Paulson Emergency Department.

The Lloyd and Laura Blankfein Foundation donated to the Animal Rescue Fund of the Hamptons.

And charities host parties in the Hamptons too. Like, Miracle House, which had its 20th Anniversary Gala on Memorial Day Weekend in Bridgehampton, and honored Jim Chanos and his wife.

They throw parties -- rowdy ones, and relaxed ones -- and hang out with other financiers

The Hamptons is a great place to throw a party -- there's more space; there's sunshine; there's an outdoor area...

Which is why financiers like Richard Kimball of Goldman Sachs, have a ton of them.

Obviously that also makes it a great location for a wedding, something hedge fund manager Richard Perry knows all about.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.