Updates: Arc House Sells; Sagaponack Compound in Contract

The Arc House, which we wrote about in late June, hit the market at the end of July, it has now sold and closed. The house, formerly owned by Jessica Meli, wife of Joseph Meli, a New York businessman who pleaded guilty last year to defrauding investors, was seized by the federal government after Meli was accused of running a Ponzi scheme.

The Arc House was designed by Maziar Behrooz back in 2010. In 2013, the owners put the place on the market asking $5 million. The property didn’t sell until 2015; it traded for $3 million, about $500K less than it cost to build.

Now the property has sold and closed, for the bargain price of $2.175 million. Bonny Aarons and Janette Goodstein of Douglas Elliman brought the purchaser, Louis Levy, who is the EVP of the Levy Group and founder and CEO of thmble. Seller was the U.S. Government.

Also attracting a buyer is 673 Sagg Road, Sagaponack, now in contract. The property is 1.3 acres, which overlooks 25 acres of reserve. The new build sports a gorgeous kitchen, enormous windows, and a finished lower level with wet bar, gym, and a home theater. Outside, of course there’s a lovely pool and pool house. The historic guest house is also beautifully renovated, with two bedrooms, two baths, a living room with fireplace and kitchenette. In all, the property offers eight bedrooms, eight baths, and two half baths, as well as 10,500 square feet of space.

Originally asking north of $13 million, the asking price for the listing, repped by Terry Cohen, Kieran Brew, and Jennifer Brew at Saunders, was cut to a much more palatable $8.895 million in February, the last asking price. Well done to all concerned.