A modernist oceanfront compound in Amagansett designed by one of fashion's most influential creative minds has sold for $43.5 million, marking one of the most significant residential transactions on the East End this year.
The seller is Reed Krakoff, 61, who spent 16 years as creative director of Coach before taking on his current role as creative chairman of the jewelry brand John Hardy. Krakoff and his wife, interior designer Delphine Krakoff, listed the property at 55 Dunes Lane in August 2025 with an asking price of $49.5 million through Hedgerow Exclusive Properties, the Bridgehampton-based brokerage. The final sale price represents a roughly 12 percent discount from that original ask, but the deal still stands as a blockbuster by any measure.
The buyer's identity has not yet been disclosed.
Sitting on 2.8 acres in the Napeague stretch of Amagansett, the estate commands approximately 200 feet of direct ocean frontage. It's a position that alone would fetch a premium. But what makes this property genuinely unusual is the architecture. The compound consists of three glass-and-concrete pavilions designed in collaboration with Thomas Phifer and Partners, the acclaimed New York firm known for its minimalist, light-driven approach to residential and institutional buildings.
The pavilions are connected by a concrete passageway and raised on a concrete platform, giving the entire complex a floating quality above the surrounding dune landscape. Construction took five years from concept to completion, wrapping up in 2023. At 7,200 square feet, the home includes six bedrooms and seven bathrooms spread across the three structures.
It's the kind of project that could only come from someone with Krakoff's eye. During his tenure at Coach, he transformed the brand from a mid-tier accessories company into a global luxury player. That same instinct for proportion, material, and restraint is evident throughout 55 Dunes Lane. The interiors lean heavily on natural light, clean lines, and a palette that doesn't compete with the ocean views. Delphine Krakoff's design sensibility, honed through years of high-end residential work, is visible in the way the spaces feel both spare and warm.
Outside, the grounds have been landscaped with native pine, bayberry, and beach plum, all species that belong to this particular stretch of coastline. There's a heated pool, a large deck for entertaining, and a private elevated path leading directly to the beach. The whole composition feels deliberate without being fussy, which is harder to pull off than it sounds.
The financial math here is worth noting. Krakoff acquired the two parcels that make up the property in 2018 for a combined $10.5 million. After investing in what was clearly an extensive design and construction process, he's now exited at $43.5 million. Even accounting for the substantial build costs (a project of this caliber in the Hamptons can easily run $1,500 to $2,000 per square foot or more), the return is impressive.
This isn't Krakoff's first notable Hamptons transaction. Before building on Dunes Lane, he and Delphine owned Lasata, the storied East Hampton estate where Jacqueline Kennedy Onassis spent childhood summers. They sold Lasata in 2018 for $24 million, using the proceeds in part to fund the Amagansett land acquisition. It's a trajectory that tells you something about how Krakoff thinks about real estate: not as a passive investment, but as a creative act.
The $43.5 million price tag places this sale firmly among the top transactions in Amagansett's history. While the broader Hamptons market has seen a handful of deals north of $100 million in recent years (mostly concentrated in Southampton and Sagaponack), Amagansett has traditionally traded at a slight discount to its neighbors to the west. Sales at this level suggest that calculus may be shifting, particularly for properties with significant ocean frontage and distinctive architecture.
The Napeague area, where 55 Dunes Lane sits, occupies a unique position on the South Fork. It's the narrow strip of land between Amagansett proper and Montauk, defined by dunes, scrub pine, and a sense of isolation that's increasingly rare this close to the villages. Properties here tend to attract buyers who want the beach without the scene, and the Krakoff compound fits that profile perfectly.
For the broader market, this sale reinforces a trend that's been building since the pandemic-era migration to the East End. Trophy properties with ocean frontage continue to command extraordinary premiums, and the pool of buyers willing to pay $30 million or more for the right Hamptons estate shows no signs of shrinking. If anything, the scarcity of buildable oceanfront parcels is pushing prices higher.
Whoever bought 55 Dunes Lane is getting a finished product that would be nearly impossible to replicate today. Between tightening coastal building regulations, the limited supply of oceanfront land, and the sheer difficulty of executing a project at this level, the compound represents something close to a one-of-one asset.
The Krakoffs, meanwhile, move on from what was clearly a passion project. Where they'll land next is anyone's guess, but if history is any guide, it'll be worth watching.
Photos: Hedgerow Exclusive Properties
