Monday, August 4, 2008

Welcome to The New Millionaires’ Row at Lake George

The Albany Times Union ran a story this week that is one of the few looks at the really wealthy in our area:

” ‘It boggles my mind when I give a client a monthly bill for $500,000 and they just open their checkbook and write me a check without flinching,’ said Dean Howland. He’s been building high-end custom homes on Lake George for two decades and recalls only a few buyers who took out a mortgage…”

Today’s buyers typically come from the New York metropolitan area and often own their own business or amassed wealth as CEOs and money managers.

They generally refuse to be identified publicly (fear? humility? shame?) but they include this family:

Howland is building the Assembly Point complex for a Westchester County family in the construction business downstate. The owners, who asked that their names not be used, paid more than $1 million for an undistinguished house on a waterfront lot just south of Diamond Point on the lake’s west side. They tore down the old house and paid $500,000 to blast 10 feet into bedrock for a foundation, terrace the steep slope to the lake and truck in tons of gravel for a storm water management system. An adjoining parcel came up for sale. They bought that, too.

The couple’s 21-year-old daughter desired privacy, so they built a cottage with a loft, deck, gourmet kitchen and bath with Italian glass tile.

A partial tally of their lakefront compound reveals: 15 bedrooms, 13 bathrooms, 6 kitchens, 18 plasma TVs, eight security cameras, one infinity edge pool, one sauna, one steam room, one boccie ball court, one Hummer, one Corvette, one Harley, two horseshoe pits, five kayaks, three Jet-Skis, two canoes, three golf carts and a boathouse with four motorboats.

Among those actually named in the piece include Robert J. Higgins (Trans World Entertainment Corp.); Lewis Golub (Price Chopper); John Breyo (Ayco); George Hearst (Times Union); Bob Bailey (Racemark International); and Vincent Riggi (Turbine Services Ltd.).

Stephen Serlin, Glens Falls obstetrician / gynecologist is owner of the 1895 Tudor revival Wikiosco, built for Royal C. Peabody in 1895 (that’s it at left). Peabody was founder of the Brooklyn Edison Co. – one of the country’s oldest electric companies and one that was charged with bilking its customers in 1920. It’s 11,000 sq-ft located just south of the Hearthstone Point, has “seven bedrooms, 10 bathrooms, seven fireplaces, staff quarters, a guest cottage and a 20-car garage. The asking price is $17.9 million.”

Phillip H. Morse, vice chairman of the Boston Red Sox, who got rich developing cardiac catheters, owns a newly built compound on the northern tip of Assembly Point estimated to be worth more than $20 million. The main house is over 10,000 sq-ft.

One wonders large a house it would take to cover the 2.6 million people in New York State without health insurance.

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3 Responses

  1. John Warren says:

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