Latest news with #Hamptons-based
Yahoo
5 days ago
- Business
- Yahoo
Even The Rich Are Tightening Their Belts As Summer Rentals In the Hamptons Are Down 30%
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. If you want to gauge how much confidence the wealthy have about the economy, look no further than the Hamptons. The luxury Long Island enclave, where the well-heeled think nothing about spending $450,000 on renting a home for the summer season, is down by 30% on last year's rental numbers. Renting in the Hamptons during the summer for the ultra-rich, from investment bankers to celebrities, offers access to exclusive parties and social gatherings. It comes with a price, which this year seems out of reach for some. 'People are holding on to their money,' Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman Brokerage (NYSE:DOUG), told CNBC's Inside Wealth. 'They don't like uncertainty.' Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can The uncertainty Morabito refers to is economic uncertainty, CNBC says, sparked by stock market volatility and tariff unpredictability, which has caused renters to press pause. As a result, large waterfront properties that would have normally been rented by March or April are still vacant. Owners have lowered their prices. 'This year, I have great rentals available in every town, from Southampton to Montauk,' Hamptons broker Gary DePersia from the Corcoran Group told CNBC. He is, however, hopeful for a mid-season turnaround. 'I think a number of people have deferred decisions, or they weren't sure what [they were] going to do, go to Europe or the West Coast,' he said. 'They will realize they want to be in the Hamptons; they have a lot of friends and colleagues here, and then they start scurrying around for rentals.' Trending: Invest Where It Hurts — And Help Millions Heal: Despite the sluggish start to the rental season, home sales in the Hamptons have been booming, a possible result of stock market volatility, with investors preferring to secure their cash in real estate. The median sales price for a Hamptons home is $2 million, up 13% from last year and almost double what it was five years ago, according to Douglas Elliman's recent Hampton's sales report. In addition, sales were up 86% in the first quarter compared to the same time last year, according to the report, indicating that real estate has been a safe haven for investors spooked by the stock market; however, the inverse is true when it comes to renters. 'The tired story of the housing recovery coming out of the pandemic is high prices, low sales,' Jonathan Miller, head of real estate appraisal and consulting firm Miller Samuel, who co-authored the Douglas Elliman report, told Business Insider. 'The Hamptons doesn't fit that pattern. It's high prices and high sales.' , Susan Breitenbach, a Hamptons agent with the Corcoran Group, has been a direct beneficiary of soaring sales. Business Insider reports that she has closed more deals this year than she did in the entirety of last year. Recent sales have included a $17.5 million waterfront property in Bridgehampton, an Amagansett residence for $13 million, a Sag Harbor home for $21 million, and a Southampton property for $5.6 million. Her most recent listing is a $44.5 million estate situated on 2.5 acres of oceanfront property, bordering Southampton and Bridgehampton. 'It's not about the house, it's about the land,' she says. 'And that's a deal.' Read Next: With Point, you can Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock This article Even The Rich Are Tightening Their Belts As Summer Rentals In the Hamptons Are Down 30% originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
NBC News
30-05-2025
- Business
- NBC News
Summer rentals in the Hamptons are down 30%
Summer rentals in the Hamptons are off to a chilly start to the season, as unrented homes start to pile up and sales slow, according to brokers. Hamptons rentals are down 30% from the same period in previous years, according to Judi Desiderio of William Raveis Real Estate. Brokers who focus on ultra-high-end rentals say their rental business is down between 50% and 75%. 'People are holding on to their money,' said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. 'They don't like uncertainty.' Of course, Hamptons renters often wait until the last minute to book July and August rentals. Brokers say this year may be starting even later due to cold, rainy weather in May. Some renters may also be holding out for better deals in a Hamptons market that has become far more expensive after Covid. Yet brokers and renters say privately that the volatility in the stock market and economic uncertainty sparked by the ever-changing tariff landscape has made some affluent renters and even some buyers hold off on a pricey Hamptons vacation this summer. After the post-election euphoria in markets at the end of last year, brokers saw a surge in interest from potential renters in January and February. But as spring arrived, along with the April tariff announcements, the early interest didn't translate into rentals. Morabito said he represents several homeowners with large waterfront and luxury properties that typically would have been rented by March or April. Today, they're still available. He said some homeowners who rent out three or four homes in the Hamptons during the summer may start to question their investments after this summer if renters don't start emerging. On the plus side, the rise in unrented inventory means potential bargains and choice for renters. Brokers say some listings have started lowering their prices by 10% to 20% in hopes of saving the summer. Some homeowners are adding more flexibility, allowing for shorter one- or two weeks stays in hopes of getting renters. Gary DePersia of My Hampton Homes said the best houses in the Hamptons typically get rented early in the year. 'But this year I have great rentals available in every town, from Southampton to Montauk.' While tariffs and economic uncertainty may play a role in the slump, he said renters seem to have been waiting longer and longer every year, perhaps holding out for better deals. Eventually, he said, they end up renting. 'I think a number of people have deferred decisions, or they weren't sure what [they were] going to do, go to Europe or the West Coast,' he said. 'They will realize they want to be in the Hamptons; they have lot of friends and colleagues here and then they start scurrying around for rentals.' Desiderio said the combination of weather and grim economic headlines made for a slow start that will quickly reverse. 'I believe this year there was so much 'dark noise' out there financially, and geopolitically, and the weather was not conducive to thinking of summertime,' she said. 'There's no doubt that by the time July 1 is upon us, all of the rentals will be taken this year.' When it comes to home sales, the Hamptons real estate market remains fairly strong, despite relatively low inventory. Sales in the first quarter were down 12% from a year ago, although the median sales price jumped 13% to a record $2 million. Brokers say when a quality home in the Hamptons is priced right, it sells immediately. They add that the surge in high-end sales in Manhattan over the past two months could also lift the Hamptons market. 'I just had two Canadians put a bid on an $18 million house, sight unseen' Morabito said. 'When Manhattan comes alive, we always follow.' This 11,000 square-foot home in Bridgehampton in the Hamptons has slashed its rental price from $450,000 to $375,000 for August through Labor Courtesy of Corcoran.
CNBC
30-05-2025
- Business
- CNBC
Summer rentals in the Hamptons are down 30%
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Summer rentals in the Hamptons are off to a chilly start to the season, as unrented homes start to pile up and sales slow, according to brokers. Hamptons rentals are down 30% from the same period in previous years, according to Judi Desiderio of William Raveis Real Estate. Brokers who focus on ultra-high-end rentals say their rental business is down between 50% and 75%. "People are holding on to their money," said Enzo Morabito, head of the Hamptons-based Enzo Morabito Team at Douglas Elliman. "They don't like uncertainty." Of course, Hamptons renters often wait until the last minute to book July and August rentals. Brokers say this year may be starting even later due to cold, rainy weather in May. Some renters may also be holding out for better deals in a Hamptons market that has become far more expensive after Covid. Yet brokers and renters say privately that the volatility in the stock market and economic uncertainty sparked by the ever-changing tariff landscape has made some affluent renters and even some buyers hold off on a pricey Hamptons vacation this summer. After the post-election euphoria in markets at the end of last year, brokers saw a surge in interest from potential renters in January and February. But as spring arrived, along with the April tariff announcements, the early interest didn't translate into rentals. Morabito said he represents several homeowners with large waterfront and luxury properties that typically would have been rented by March or April. Today, they're still available. He said some homeowners who rent out three or four homes in the Hamptons during the summer may start to question their investments after this summer if renters don't start emerging. On the plus side, the rise in unrented inventory means potential bargains and choice for renters. Brokers say some listings have started lowering their prices by 10% to 20% in hopes of saving the summer. Some homeowners are adding more flexibility, allowing for shorter one- or two weeks stays in hopes of getting renters. Gary DePersia of My Hampton Homes said the best houses in the Hamptons typically get rented early in the year. "But this year I have great rentals available in every town, from Southampton to Montauk." While tariffs and economic uncertainty may play a role in the slump, he said renters seem to have been waiting longer and longer every year, perhaps holding out for better deals. Eventually, he said, they end up renting. "I think a number of people have deferred decisions, or they weren't sure what [they were] going to do, go to Europe or the West Coast," he said. "They will realize they want to be in the Hamptons; they have lot of friends and colleagues here and then they start scurrying around for rentals." Desiderio said the combination of weather and grim economic headlines made for a slow start that will quickly reverse. "I believe this year there was so much 'dark noise' out there financially, and geopolitically, and the weather was not conducive to thinking of summertime," she said. "There's no doubt that by the time July 1 is upon us, all of the rentals will be taken this year." When it comes to home sales, the Hamptons real estate market remains fairly strong, despite relatively low inventory. Sales in the first quarter were down 12% from a year ago, although the median sales price jumped 13% to a record $2 million. Brokers say when a quality home in the Hamptons is priced right, it sells immediately. They add that the surge in high-end sales in Manhattan over the past two months could also lift the Hamptons market. "I just had two Canadians put a bid on an $18 million house, sight unseen" Morabito said. "When Manhattan comes alive, we always follow."
Business Journals
14-05-2025
- Business
- Business Journals
Hampton Chutney Co. to return to Manhattan
Hampton Chutney Co. is returning to Manhattan after a four-year absence. The Hamptons-based café will occupy an approximately 2,800-square-foot space, located at 740 Broadway in NoHo, that includes around 1,300 square feet of ground-floor retail space and 1,500 square feet of basement space for storage. Coffee shop Felix Roasting Co. previously occupied the space. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events The lease is for 15 years. GFP Real Estate, the landlord, was represented by in-house by Neith Stone along with Newmark's Ross Kaplan and William Chaplin. CBRE's Spencer Levy represented the tenant. 'This high-visibility location puts them in the center of a vibrant neighborhood filled with students, locals, office workers and tourists — an ideal spot for the brand to reconnect with the city and reach a wide, diverse audience,' Stone said in a statement. Founded by Gary and Isabel MacGurn, Hampton Chutney Co. serves South Indian-inspired dosas and chutneys. The pair opened their first café in 1997 in the Hamptons' Amagansett hamlet. In 2001, they opened cafés in Manhattan in SoHo and on the Upper West Side. Aside from moving its SoHo cafe in 2015, according to Eater New York, the two cafés remained open until 2021, the company said. The MacGurns also relocated their flagship location to East Hampton Village that year. Now they're returning their café to Manhattan with the space in GFP Real Estate's 12-story, 152,000-square-foot building. Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting New York.
Forbes
18-04-2025
- Entertainment
- Forbes
Reality Star Jesse Solomon Talks Hosting First-Ever Shabbat Dinner On Bravo's ‘Summer House': ‘I'm Too Proud Of Being Jewish To Hide That About Myself'
BRAVO FAN FEST — 'Bravo Fan Fest Red Carpet from Ice Palace Studios in Miami, FL on Saturday, ... More November 23, 2024' — Pictured: Jesse Solomon — (Photo by: Ivan Apfel/Bravo) The usual Hamptons-based drama on Bravo's Summer House took a brief hiatus (sort of) in last week's episode when cast member Jesse Solomon presided over the show's first-ever Shabbat dinner. Bringing the weekly Friday night meal enjoyed by Jewish families all over the world into the hit reality program seemed like a no-brainer for Solomon, who personally pitched the idea to the producers. 'I don't do it often in the city, because people have tiny apartments and there's a lot going on. It's hard to do a homey thing in the city,' he explains over a video call. 'I was like, 'We have this mansion, we should do a Shabbat. It's a casual dinner with your friends where you decompress and talk.' And everybody's welcome at Shabbat. It's all-inclusive: Jews, non-Jews. Being on the show, these people become colleagues, friends, family. They're there for you, you live with them. You're in this microcosm and it bonds you even further. You feel like you get to know people way faster because of it. So I just thought it was a nice experience to share with some of the other cast that might not have experienced a Shabbat before." Other than the omnipresent cameras, of course, no one at the table was allowed to use their phones. Technology is strictly forbidden on Shabbat, a prohibitive measure intended to encourage rest, thoughtful introspection, and spiritual wellness. '[I said] The dinner went off without a hitch…that is until Lindsay Hubbard leveled an accusation of cheating against ex-fiancée Carl Radke. By Solomon's own admission, things 'got a little out of hand,' but he was able to salvage the tense moment with a little dose of comedy. 'I was like, 'I just talked to the Big Man Upstairs. He said you could use your phone for this one little cheating accusation," he laughs. "Hopefully, God understood.' In any case, it was the kind of drama fans of reality television just can't get enough of. 'You get to experience the drama of somebody else's life without having to have it happen to you,' Jesse says. 'I think the reason people watch this show is because they want to live vicariously through the characters. People just crave authenticity in a world of fake bullsh** and social media and everything.' WATCH WHAT HAPPENS LIVE WITH ANDY COHEN — Episode 22052 — Pictured: Jesse Solomon — (Photo by: ... More Charles Sykes/Bravo) Despite the steady rise in anti-Semitism in the United States, Solomon didn't think twice about openly expressing his Jewish identity on national television. While he grew up in a Reform household in the suburbs of Chicago and didn't necessarily keep kosher or observe all the laws of Shabbat, a great deal of emphasis was always placed on — in the words of Fiddler on the Roof's Tevye — tradition! 'We would celebrate Shabbat every Friday growing up,' he notes. 'It was a culturally important thing in my family … It's important and I'm too proud of being Jewish to hide that about myself." That willingness to embrace one's full self is what made Jesse a Summer House fan favorite (or fan-hated depending on who you are) in the first place. In particular, audiences really resonated with his inspiring story of surviving testicular cancer. 'I get a lot of people who reach out to me being like, 'Thank you so much for openly sharing your story. It encouraged me to go get checked and I found something, but I found it early.' Or, 'I was so ashamed that I had cancer and now I feel good talking about it because of you,'' he continues. 'The same thing with being Jewish. A lot of people reached out after the Shabbat [episode] thanking me so much for sharing and they just really connected with seeing Shabbat on a show that they watch. I think now is as important of a time as ever to be openly Jewish. I do get hate for it, but that's who I am." His romantic actions on the show are another story entirely. Addressing his polarizing image among Summer House viewership, Solomon admits, 'I think I'm also very easily hatable" with a knowing grin. He goes on to add: 'Things don't really bother me and I think people think I love myself, and I'm cocky. But [in reality], I'm just easygoing and if you don't love yourself, it's hard to love others. You gotta be good with who you are and know that you're a good person. I think I'm good with who I am, and I know that I try to do the right thing as much as possible. And if I don't, I apologize, take accountability, say sorry, and move forward. As long as my family and my friends love me — and I love me — then I'm good with all the haters that come out of this whole experience." At the same time, he hopes to parlay his Bravo notoriety into several lucrative business ventures, with a career in music sitting at the very top of the wishlist. In fact, it was last season's made-up 'What Would Jesse Solomon Do?' song that really pushed him into the spotlight. 'I sang the song on the show just as a joke. I didn't even really think much of it. I kind of had the idea for it and then put the lyrics together the night before — and it went viral. Now it's what I'm kind of known for.' Similarly, he's been releasing original singles on his YouTube channel every month. "I hope it works," concludes Solomon, who's been singing since childhood. "It's not like everything is riding on me being a musician. I feel very fortunate that I'm not a starving artist, but I'm treating it like I am, because I'm working really hard at it and trying to make stuff that sounds good to me. And I think it would be really fun to be able to be a touring musician. So that's my main goal right now.' All available episodes of Summer House are now streaming on Peacock.
