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Meridian Tapped for Court-Ordered Sale of Hamptons Condo Project
Meridian Investment Sales has been exclusively appointed by the debtor to sell a substantially completed waterfront condominium project in the Town of Southampton, NY through a bankruptcy court-ordered sale. Senior executive managing directors Amit Doshi and David Schechtman and managing director Shallini Mehra of Meridian have been retained by all parties.
Ponquogue Point, located at 68 Foster Ave., is a 21-unit package of luxury waterfront condos. It includes a 300-foot-wide dock for six boat slips and sits on 3.5 acres in the exclusive Hampton Bays area of Long Island. The project was constructed in 2014 and overlooks Shinnecock Bay.
The property’s amenities include a swimming pool, bocce ball court and onsite parking. The project is 80% to 90% complete, and the brokers estimate a projected sellout of $26.8 million, which will yield a 16% return.
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