Julia B. Fee Sotheby’s International Realty announced that the company represented the buyer in the $16 million record sale of 116 Premium Point in New Rochelle. The sale achieved the highest-ever price for a property in the Mamaroneck School District encompassing Mamaroneck, Larchmont and parts of New Rochelle, and the highest for each of those towns overall. Mimi Magarelli of the firm’s Larchmont brokerage represented the buyer.
Known as “All View” for its Long Island Sound views at every vantage point, extending to New York City, the historic property resides on a three-acre promontory within a private gated community. The residence is a 23,000 square-foot estate built in 1890 for the Gilded Age banker and famed yachtsman Charles Oliver Iselin, and designed by Stanford White of McKim, Mead and White—the architectural firm responsible for such iconic works as the Boston Public Library, the East and West Wings of the White House and more. The grounds were originally designed by Central Park landscape architect Frederick Law Olmsted.
The property was purchased in the 1980s by the late Nigerian billionaire and former United Nations ambassador Antonio Deinde Fernandez, who added new wings on either side of the house, as well as unique details throughout such as the door and window hardware displaying the diplomat’s tribal crest. It was sold in 2012 to the most recent owners, who completed an extensive restoration on the home honoring its Beaux Arts heritage while bringing it up to date for the modern era.
“It’s an incredible honor to have participated in this record-setting sale,” said Mimi Magarelli. “This stunning and grand waterfront property feels a world apart, yet it stands just a half hour from midtown Manhattan. The property has an important legacy, and it is exciting to see it embark on its next chapter.”
The sale comes on the heels of two additional major real estate transactions in the area handled by Julia B. Fee Sotheby’s International Realty. Last month, the company was involved in the highest waterfront sale of Larchmont and Mamaroneck since 2006 at $10.3 million, while earlier in November the firm was involved in the sale of the Mamaroneck Beach and Yacht Club, last offered at $10 million. Julia B. Fee Sotheby’s International Realty had both listings.