One Pandion Asking $15M Seeks Shelter Island Record

A modernist Shelter Island estate is seeking a residential sales record for the patch of land sitting between Long Island’s North and South Forks.

The property, located at One Pandion Road, spans 3.4 acres and features a newly built 6,000-square-foot residence that sits just feet from Coecles Harbor.

The home went into contract asking $14.495 million. If it closes at that price, it would set a record for the island.

One Pandion was developed by High Line Properties’ Joshua Greenwald, who bought the land for $3.25 million in 2021, according to property records.

Greenwald completed construction in October and rented the home for $475,000 from Memorial Day through Labor Day, after which the deal is expected to close, according to Compass’ Terry Cohen, who had the listing.

“He spent a lot of money developing it,” she said. “His business is curating a home that people want to move into, so he doesn’t want to do a spec house. He wants to do a finished product that somebody would call a home.”

The home originally listed for $13.3 million in 2023 before construction was complete. In the process of finishing the property, “we kept putting more and more into the property,” Cohen said of the last asking price. “Everything we decided to do, we always made the more expensive choice.”

The six-bed, six-bath home stretches over two levels. The first floor features 10-foot ceilings and an open living plan, with floor-to-ceiling windows and a gas fireplace in the living room. A floating staircase leads up to the primary suite, which has a private terrace and a bath with a soaking tub.

The backyard features a heated saltwater pool, inset jacuzzi and outdoor kitchen with a covered dining patio and a barn-style pool house.

The home is part of a community of five homes across six lots on Pandion Road, which provides access to a boat house, boat storage and tennis courts. The home leads down to an exclusive dock with slips for each of the properties on Pandion Road.

“If you just went down to North Haven, these would be 30, 35 million,” Cohen said of the Pandion homes.

Interest in Shelter Island, generally considered more laid-back than the nearby Hamptons, has been on the rise in recent years as buyers find relatively affordable good deals on the less-developed stretch of land.

The island is connected only by ferry and plane, which Cohen said some might see as preferable compared to the congested roads on the South Fork.

“Try to drive from Southampton to East Hampton — no thanks,” she said. “I’d rather take that beautiful ferry that takes about five minutes.”

Cohen said for Greenwald, who focuses on niche and emerging markets, Shelter Island made perfect sense as a development opportunity.

“People are building expensive homes there,” she said.

The Snyder House at 2 Charlie’s Lane, originally built in 1952 by the architect Bertrand Goldberg for railroad car executive John Snyder and updated in 2002, held the previous record, selling for $12.95 million in 2023.

The sale could prove a boon for another Shelter Island estate looking to smash the island’s recent sales records.

The Vella Group’s Zach Vella is currently seeking $25 million for his 1.5-acre property that sits on Dering Harbor.

The property originally featured a main home built in 1925 and a guest home, but Vella combined the two with a 33-foot great room to create a 10,000-square-foot manse.