Key Takeaways
- • Marc Rowan, CEO of Apollo Global Management, acquired 110 acres in East Marion on the North Fork for $23.5 million, establishing a new record for the largest land sale on the North Fork.
- • The transaction comprised 17 lots and included vacant shoreline parcels at Cove Beach, with approximately 68 acres preserved under a conservation easement managed by the Peconic Land Trust.
- • The deal represents a significant milestone for the North Fork real estate market, traditionally characterized by lower valuations than the South Fork Hamptons, reflecting accelerating luxury development migration northward.
- • Seller Dutch businessman Raoul Witteveen held most parcels since the 1990s; prior ownership included musician Billy Joel, whose property once housed a church summer camp.
- • Real estate market analysts project continued high-end development on the North Fork as Hamptons density and pricing intensify, with available open space attracting institutional and individual capital seeking alternative luxury markets.
Summary
Marc Rowan, chief executive of Manhattan-based Apollo Global Management, has completed a record-setting land acquisition on Long Island's North Fork, purchasing approximately 110 acres in East Marion for $23.5 million. The transaction, which closed with 17 individual lots, marks the highest single-deal price for multiple parcels ever recorded in the region, according to Joan Bischoff van Heemskerck, a real estate broker with William Raveis who represented one of the sellers alongside broker Nicholas Planamento.
The property encompasses vacant shoreline parcels at Cove Beach, also known as Cove Beach Estates or Truman's Beach, including developable waterfront land. Notably, approximately 68 acres of the acquisition remain protected from development through a conservation easement held by the Peconic Land Trust, a strategic preservation mechanism that limited the developable footprint while maintaining significant land holdings. Prior seller Dutch businessman Raoul Witteveen, who owned most parcels since the 1990s, structured the transaction to preserve environmental assets while monetizing a substantial portfolio. The property's historical ownership extends to musician Billy Joel, who previously held a significant portion of the land that once served as a church summer camp site.
The sale underscores a broader structural shift in Hamptons real estate dynamics. Jonathan Miller, CEO of Miller Samuel appraisal firm, notes that price escalation and increased residential density in the traditional Hamptons market are redirecting capital flows northward. "These amounts of money are regular for the South Fork, but not for the North Fork," Bischoff van Heemskerck observed, highlighting the market's evolving valuation landscape. Miller anticipates sustained momentum in North Fork luxury development, stating: "As the density in the Hamptons rises, with all the new builds and heavy sales activity over the last decade, the North Fork remains fertile ground. I suspect we're going to continue to see high-end luxury development expand in the North Fork, because that's where there's more open space to compete for."
This transaction reflects broader investor positioning in alternative real estate markets where capital density remains lower than established luxury enclaves, while undeveloped shoreline inventory provides meaningful strategic optionality for large institutional and high-net-worth purchasers.
The property encompasses vacant shoreline parcels at Cove Beach, also known as Cove Beach Estates or Truman's Beach, including developable waterfront land. Notably, approximately 68 acres of the acquisition remain protected from development through a conservation easement held by the Peconic Land Trust, a strategic preservation mechanism that limited the developable footprint while maintaining significant land holdings. Prior seller Dutch businessman Raoul Witteveen, who owned most parcels since the 1990s, structured the transaction to preserve environmental assets while monetizing a substantial portfolio. The property's historical ownership extends to musician Billy Joel, who previously held a significant portion of the land that once served as a church summer camp site.
The sale underscores a broader structural shift in Hamptons real estate dynamics. Jonathan Miller, CEO of Miller Samuel appraisal firm, notes that price escalation and increased residential density in the traditional Hamptons market are redirecting capital flows northward. "These amounts of money are regular for the South Fork, but not for the North Fork," Bischoff van Heemskerck observed, highlighting the market's evolving valuation landscape. Miller anticipates sustained momentum in North Fork luxury development, stating: "As the density in the Hamptons rises, with all the new builds and heavy sales activity over the last decade, the North Fork remains fertile ground. I suspect we're going to continue to see high-end luxury development expand in the North Fork, because that's where there's more open space to compete for."
This transaction reflects broader investor positioning in alternative real estate markets where capital density remains lower than established luxury enclaves, while undeveloped shoreline inventory provides meaningful strategic optionality for large institutional and high-net-worth purchasers.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.