The Glass House: High-Yield Short-Term Luxury Rental
Deal Overview
Total Raise
$1.93M
Minimum Investment
$250K
Hold Period
5 Years
LP IRR
22.7%
Return on Equity
1.8x
145 Neck Path (The Glass House) is a premier 10,000-square-foot architectural trophy estate located in the heart of East Hampton’s ultra-exclusive rental market. This investment opportunity offers a unique entry point into the luxury short-term rental (STR) sector at a significant basis advantage.
- Exceptional Basis Advantage: Being acquired at an all-in basis of ~$550/SF, representing a massive discount to recent trophy-level Hamptons sales which frequently trade between $700 and $1,000+/SF.
- Rapid Capital De-Risking: The business plan features a targeted Year 1 cash-out refinance at 70% LTV, designed to return approximately 48.4% of initial LP equity while investors maintain their full equity share.
- Strong Target Returns: Projected 22.7% Net Investor IRR and a 1.8x Equity Multiple, driven by high-yield seasonal nightly rates and corporate bookings.
- Structural Scarcity: Strict zoning, floor-area-ratio limits, and environmental regulations in East Hampton effectively cap new supply, ensuring long-term pricing power for existing compliant estates.
- Professionalized Operations: Managed by AVGI’s vertically integrated platform and CXA Property Management to drive NOI growth through institutional-grade booking and maintenance strategies.
The "Glass House" is a purpose-built luxury destination with a distinctive architectural design that differentiates it from surrounding inventory. By combining a conservative entry price with an aggressive de-risking event, this project offers investors a compelling blend of high-yield cash flow and immediate downside protection in one of the most affluent resort markets in the United States.
Investment Highlights
- Attractive Going-In Cost Basis: Acquired at ~$550/SF, a massive discount compared to recent Hamptons trophy sales which frequently exceed $700–$1,000+/SF.
- Trophy-Quality Asset with Scarcity Value: A purpose-built 10,000 SF luxury estate featuring a distinctive glass-forward architectural design that differentiates it from surrounding inventory.
- Limited Competitive Supply: East Hampton luxury short-term rentals are highly constrained by strict zoning, floor-area-ratio limits, and environmental regulations.
- Rapid Capital De-Risking: Strategy includes a cash-out refinance at 70% LTV within the first 6–12 months, targeting a return of ~48.4% of initial LP equity by October 2026.
- Ultra-Affluent Market: Located in one of the most supply-constrained resort markets in the U.S., attracting high-net-worth and corporate clientele for premium seasonal rates.
Target Net IRR
22.7%
Equity Multiple
1.8x
Avg. Cash-on-Cash
9.2%
Capital Returned (Yr1)
48.4%
Meet the Team
AVGI is a real estate investment firm that purchases opportunistic assets in New York as well as secondary and tertiary markets throughout the United States. The firm currently has in excess of $80 million of new developments under construction throughout Long Island and $200 million of real estate holdings across 6 markets - Long Island, Houston, Little Rock, New York City, Binghamton, and St. Louis.
Leadership Team
Allon Avgi
Chief Executive Officer
Allon Avgi is the Founder and CEO of AVGI. Mr. Avgi started AVGI at 21 years old when he acquired his first real estate investment. Mr. Avgi has since developed a diverse real estate holdings company that has reached $50,000,000 in AUM within only 4 years using his own capital and that of a select few individuals. As he starts to open the firm's investments to outside capital and build strategic partnerships, he has ambitiously set a target to acquire and manage a $1 billion real estate portfolio over the next 5 years. In his free time Allon loves reading, creating content for his social profiles, finding new art for his collection and envisioning the future. Allon is a strong believer in giving back, both to his alma mater, Hofstra University & Chabad Lubavitch.
Christopher Catalano
Chief Operating Officer
Chris manages full service property & asset management. With a customer-centric approach, Chris is committed to providing the best services to both properties owners and tenants. Currently, Chris and his team have over 450 units under management since formation in early 2020. Chris and his team members also manage leasing, accounting, property manager and landlord relations, and the in-house construction and maintenance staff.
Michael Genovese
Investor Relations
Michael brings a unique blend of leadership and service to his role as Investor Relations Manager in the real estate sector. With a solid background as a retired police officer, he managed treasury operations for his department’s Police Benevolent Association (PBA), demonstrating his financial awareness and integrity. Prior to his law enforcement career, Michael served in the U.S. Army, where he developed a deep sense of discipline and commitment. In addition to his service background, Michael led athletic divisions in two corporate fitness facilities, where he refined his management, operations, and client relations skills. His experience in these diverse fields makes him especially adept at fostering strong, trust-based relationships with investors, guiding them through opportunities with transparency and dedication. A devoted family man, Michael balances his professional pursuits with a commitment to his loved ones, aiming to create a meaningful legacy both at home and in his career.
CXA Property Management is a full-service property & asset management firm based in Long Island, New York. With a customer-centric approach, Chris has the unique skill of providing the best services and experiences for our residents and commercial customers, while also optimizing efficiencies to drive NOI growth for our investors.
CXA currently has over 450+ units and 150k+ commercial square feet under management since formation in early 2020. CXA Property Management has a team of over 20 highly skilled professionals in leasing, accounting, landlord/tenant relations, and construction and maintenance.
Market & Sales Comps
*Source: CoStar Analytics
| Address | SF | Last Sale Price | $/PSF | Basis Advantage |
|---|---|---|---|---|
| 8 Barnes, East Hampton | 10,585 | $5,995,000 | $566 | -$146 |
| 132 Old Stone Hwy | 7,000 | $6,995,000 | $996 | -$576 |
| 937 Springs Fireplace Rd | 6,000 | $6,395,000 | $1,150 | -$730 |
| 37 Cross Hwy | 6,400 | $12,995,000 | $2,030 | -$1,610 |
| 145 Neck Path (Subject) | 10,000 | $4,200,000 | $420 | -- |
PSFT UPSIDE VS. MARKET: $146 - $1,610
Property Information
| Address | 145 Neck Path, East Hampton, NY 11937 |
| Building Size | ± 10,000 SF |
| Site Size | ± 1.93 Acres |
| Year Built / Reno | 2016 |
| Property Type | Luxury Short-Term Rental / Residential |
| Key Features | Architectural Glass Design, Private Pool, High-end Finishes |
Invest in The Glass House: High-Yield Short-Term Luxury Rental
Total raise
$1.93M
Min Investment
$250K
Hold time
5 Years
LP IRR
22.7%
Return on equity
1.8x
↓ More details available to qualified investors ↓
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