Waterfront North Fork Estate Sells for Record $15M

One piece of a North Fork farm has traded for the market’s newest peak price. 

A 77-acre waterfront parcel in the North Fork quietly sold for $15 million in June, according to property records. The sale marks the most expensive residential parcel sold in the area. 

The estate, at 4170 Indian Neck Lane, had previously been listed for $36 million with four other parcels of land, which made up what’s known as Indian Neck Farm. The farm, which was made up of five parcels and spanned 148 acres, last sold as a whole for $19.5 million in 2008, which at the time marked a record sale for the area. 

The piece of land that sold stretches from the road to overlook Little Peconic Bay, and includes a roughly 7,000-square-foot house, multiple barns, including one described as a “fitness and wellness barn,” and a pool.  

Property records show that another 15-acre parcel at 3375 Indian Neck Lane sold in March for $2.8 million. 

Corcoran’s Sheri Winter Parker, who had the listing, did not respond to a request for comment. 

The North Fork has seen a slew of new records in recent years. 

Apollo CEO Marc Rowan bought up 110 acres of vacant land in East Marion for $23.5 million. Rowan later told The Real Deal he does not have any immediate plans for the property. 

The record-setting sale of the property at Indian Neck Lane is a testament to the unusual size of the single plot of land, as well as escalating prices across the North Fork. The $15 million deal works out to just a price of $200,000 per acre, well below some of the other recent residential sales in the area.

The 1.2-acre bayfront Cutchogue home of late gallerist Barbara Gladstone, which sold for $11.2 million in October, worked out to over $9 million per acre. That deal held the record for priciest single-lot sale for just three months before it was knocked off by a 21-acre waterfront property in Southold that went for $12.4 million in January.

Compass’ Bridget Elkin had both of those listings. 

The North Fork’s wider market has risen with the trend line of its A-list properties. In the third quarter this year, the median sale price hit a record high of $1.25 million, a 20 percent increase from the same period last year.

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