Apollo Global Management CEO Mark Rowan has acquired a total of about 12 acres in East Marion, on the North Fork of Long Island. The total value of the purchases reaches about $30 million, but the billionaire says he has no immediate plans to build on the land.
The bulk of the properties were acquired earlier this year. Rowan paid $23.5 million for more than 12 acres of waterfront land in East Marion. The deal was described as the most expensive land sale in North Fork history. It is joined by three neighboring properties purchased by Rowan-affiliated companies since 2024 for a total of $6.5 million.
The land has approximately 800 meters of water frontage. The large deal includes multiple individual parcels, with prices ranging from $50,000 to $4.095 million. Rowan, however, insists that the acquisitions should be viewed as one large property, and not as the beginning of a larger land acquisition in the area.
The land allows for the subdivision of 16 properties
Of particular interest is the future of the acquired land. According to Rowan, the current zoning allows for the subdivision of 16 parcels for development, but he has no intention of using these rights in the near future. The developer told The Real Deal that he will explore the property for years before deciding what to do with it.
The site is currently undergoing a major cleanup. According to Rowan, the site has been largely untouched for about half a century, with old cars and other debris abandoned there. The movement of trucks and the removal of containers have attracted the attention of local residents and authorities, but the owner claims that no construction activities are taking place.
The possibilities for future development are also limited by the conservation regime of part of the land. Approximately 279 acres are protected through Peconic Land Trust conservation easements. They were established in the 1990s by previous owner Raoul Witteveen.
Part of the land belonged to Billy Joel
The property also has a curious history. About 283 acres of the land were once owned by musician Billy Joel and supermodel Christie Brinkley. The two acquired the land in 1985, but sold it less than two years later.
Over the following decades, various owners and developers have considered options for developing the land, without most of the ideas being implemented.
Rowan already has investments in the North Fork. He acquired the former Orient by the Sea restaurant and converted it into Duryea's Orient Point. His interest in the area is also attracting attention amid increased investment in the North Fork – an area known for its vineyards, farms and relatively sparsely developed coastline.
For now, Rowan claims that the investment of about $ 30 million has no specific construction plan. This leaves open the question of how one of the largest and most expensive coastal plots in this part of Long Island will be used in the future.
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