Stale Market Leaves Ponquogue Manor Project on Hold

Despite , construction on Ponquogue Manor, the 24-unit condominium complex slowly rising from the former Allen’s Acres property in Hampton Bays, is currently stalled pending a return of market confidence.

“I have been watching the market very closely this spring and summer and still didn’t see the sales velocity to add an additional 24 units to the market,” said developer Michael Ullian, who in January still anticipated a June 1, 2011, move in date. 

Despite historically low interest rates, Ullian cited bankers’ wariness to lend for new developments and mortgage prerequisites “still not in line with normal, healthy lending practices” as two of the reasons for the stall.

The status quo for the past few months at the Foster Avenue site near the foot of the Ponquogue Bridge has remained unchanged with foundations poured and a field sales office still stationed along the busy road.

First proposed in 2004, the luxury development, inspired by an 18th-century New England coastal manor, will feature four structures and feature such amenities as an onsite marina, a man-made brook, outdoor dining areas and concierge maintenance service.

Ullian spent six years securing the necessary permits, all of which have been extended, until the town of Southampton approved the project. Four of the units, which range in price from $579,00 to $1.3 million, have already sold.

“I have contacted all of my buyers and they are willing to wait to take occupancy, he said.