Key Takeaways
- • Marc Rowan, CEO of Apollo Global Management, acquired 110 acres across 17 parcels in East Marion, North Fork for $23.5 million, setting a new record for the highest-priced multi-parcel land sale in the North Fork region.
- • The transaction represents a significant shift in North Fork real estate valuations, historically positioned as a more rural and affordable alternative to the Hamptons, with comparable deal sizes and prices previously concentrated in the South Fork.
- • Previous owner Dutch businessman Raoul Witteveen, who held the majority of parcels since the 1990s, preserved approximately 68 acres through a conservation easement with the Peconic Land Trust, removing those acres from development consideration.
- • Real estate experts project sustained upward pressure on North Fork land values as high-net-worth buyers seek developable acreage with available open space, driven by density increases and new construction activity in the more saturated Hamptons market.
- • The property includes developable shoreline parcels and has historical significance, with prior ownership by musician Billy Joel, whose estate previously operated as a church summer camp venue.
Summary
Marc Rowan, Chief Executive Officer of Manhattan-based Apollo Global Management, has completed a record-setting land acquisition in East Marion on Long Island's North Fork, purchasing approximately 110 acres across 17 separate parcels for $23.5 million. According to Joan Bischoff van Heemskerck, a William Raveis real estate broker who represented one of the sellers alongside broker Nicholas Planamento, this transaction represents the highest-priced multi-parcel sale ever recorded on the North Fork.
The deal underscores a notable market shift in the North Fork region. Bischoff van Heemskerck noted that transaction volumes at this price point have been customary on the South Fork, but remain exceptional for the North Fork, which has traditionally operated as a more rural, lower-cost enclave relative to the Hamptons. The property included in the transaction, known as Cove Beach, encompasses both vacant land and developable shoreline parcels.
Prior ownership of the property provides additional context. Dutch businessman Raoul Witteveen held most of the parcels since the 1990s before executing this sale. Importantly, Witteveen had previously preserved approximately 68 acres of the land through a conservation easement with the Peconic Land Trust, effectively removing that acreage from future development potential. The larger Cove Beach parcel was previously owned by musician Billy Joel, who at one point utilized the property as a summer camp venue. Witteveen no longer maintains any real estate holdings in East Marion following this transaction.
Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, anticipates continued upward pressure on North Fork valuations and heightened luxury development activity in the region. Miller attributes this trend to increasing density in the Hamptons driven by new residential construction and sustained high-volume sales activity over the past decade. He expects the North Fork's relatively abundant open space and lower development density to position it as an increasingly competitive market for high-end residential and development projects as Hamptons-focused buyers seek alternative venues with greater land availability.
The deal underscores a notable market shift in the North Fork region. Bischoff van Heemskerck noted that transaction volumes at this price point have been customary on the South Fork, but remain exceptional for the North Fork, which has traditionally operated as a more rural, lower-cost enclave relative to the Hamptons. The property included in the transaction, known as Cove Beach, encompasses both vacant land and developable shoreline parcels.
Prior ownership of the property provides additional context. Dutch businessman Raoul Witteveen held most of the parcels since the 1990s before executing this sale. Importantly, Witteveen had previously preserved approximately 68 acres of the land through a conservation easement with the Peconic Land Trust, effectively removing that acreage from future development potential. The larger Cove Beach parcel was previously owned by musician Billy Joel, who at one point utilized the property as a summer camp venue. Witteveen no longer maintains any real estate holdings in East Marion following this transaction.
Jonathan Miller, CEO of real estate appraisal firm Miller Samuel, anticipates continued upward pressure on North Fork valuations and heightened luxury development activity in the region. Miller attributes this trend to increasing density in the Hamptons driven by new residential construction and sustained high-volume sales activity over the past decade. He expects the North Fork's relatively abundant open space and lower development density to position it as an increasingly competitive market for high-end residential and development projects as Hamptons-focused buyers seek alternative venues with greater land availability.
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