Hamptons McMansions Herald a Return of Excess

But there is no surer sign that the big-spending ways that characterized the pre-financial crisis era have returned to the Hamptons than the blue “Farrell Building” signs multiplying across the pristine landscape here, along with the multimillion-dollar houses they advertise. It is a process some are calling “Farrellization,” and not necessarily happily.

“We’re as busy as we’ve ever been,” said Joe Farrell, the president of Farrell Building, during a recent interview and tour of his $43 million, 17,000-square-foot home here. The estate, called the Sandcastle, features two bowling lanes, a skate ramp, onyx window frames and, just for fun, an A.T.M. regularly restocked with $20,000 in $10 bills.

To spend a day with Mr. Farrell — a local version of Donald Trump, without the history of debt, the lush hair or the insults — is to see just how fully the Hamptons have rebounded, along with the confidence, and the bonuses, of their wealthier summer visitors.

With a customer base composed largely of Wall Street financiers, Mr. Farrell has more than 20 new homes under construction, or slated for construction, at a time, making him the biggest builder here by far. He has plans for more, many of them speculative homes built before they have buyers.

He said the going rate to rent his own home was around $500,000 for just two weeks; last year’s tenants were Jay-Z and Beyoncé. He also helped arrange a $900,000 summer rental for the hedge fund manager Marc Leder, who has since drawn scrutiny from Southampton authorities — and gossip writers — for boisterous parties that draw an endless stream of black S.U.V.’s.

Of course, the Hamptons’ wealthier enclaves did not exactly suffer through the great recession in the true sense of the word. Foreclosures hit lower-priced areas, but they were relatively few in the supermansion neighborhoods of Water Mill and Sagaponack. Many owners who were in real trouble were able to sell, if only at reduced prices. The summer rental market dipped, but scores of houses were still renting, for the equivalent of the national median annual salary.

But many Hamptons-goers were wary of flagrant spending, out of either anxiety or decorum. So, Porsche and yacht sales slowed. High-rolling holders of black American Express cards tossed them around less frequently. And the practice in nightclubs of offering V.I.P. treatment to those willing to buy bottle service — entire bottles of alcohol, at a huge markup — fell out of favor, a development marked by the 2009 closing of the Southampton club that was known for it, Pink Elephant.

Now local Porsche and yacht sales are climbing once again, and Pink Elephant reopened this summer in East Hampton offering Methuselah (six-liter) bottles of Dom Pérignon for $30,000. It is not just a novelty; the club’s co-owner David Sarner said Pink Elephant had sold “a few” this season, and many more “trains” of smaller Dom Pérignon bottles for as much as $8,000. “It was a bit lean for a couple of years in the Hamptons,” Mr. Sarner said in an interview, acknowledging that the term is relative. “There’s this at least perception that we’re doing a lot better than perhaps we were, so people are freer to spend money because they’re being psychologically conditioned with the highs in the market.”

This is not to say that appetites here have not been affected at all by the recession that was.

“Houses have gotten smaller over all but not entirely: 8,000 square feet was the norm, now 6,500 is,” Mr. Farrell said. “Everyone wants six or seven bedrooms and their pool and their tennis.”

Where Mr. Farrell built speculative homes that sold for as much as $20 million before the recession, he now specializes in properties that sell for between $3 million and $10 million. “Mostly, though, $3 million to $6,” he said. “I love that market — there are probably 10 times as many people in that market than to buy an eight- or nine-million-dollar house, right?”

Herald Tribune to Be Renamed The International New York Times

The New York Times Company said on Monday that it was planning to rename The International Herald Tribune, its 125-year-old newspaper based in Paris, and would also unveil a new Web site for international audiences.

Starting this fall, under the plan, the paper will be rechristened The International New York Times, reflecting the company’s intention to focus on its core New York Times newspaper and to build its international presence.

”This recognizes our global reach and is an exciting and logical move,” said Jill Abramson, the executive editor of The New York Times.

Mark Thompson, president and chief executive of The New York Times Company, said in a statement that the company recently explored its prospects with international audiences, and noted there was “significant potential to grow the number of New York Times subscribers outside of the United States.”

He added: “The digital revolution has turned The New York Times from being a great American newspaper to becoming one of the world’s best-known news providers. We want to exploit that opportunity.”

A Times Company spokeswoman would not provide details on how the name change would affect The International Herald Tribune’s employees. Currently, half of the staff members who work in Paris are subject to French labor law, while Herald Tribune employees spread throughout the rest of the world are governed by local labor laws.

The masthead of the paper will also change, the spokeswoman said, but she declined to elaborate.

Stephen Dunbar-Johnson, publisher of The International Herald Tribune, said in an interview that the name change was driven by “extensive research” showing that there was substantial potential, under the new name, to increase the number of international subscribers to the digital editions of The New York Times.

Mr. Dunbar-Johnson said the name change would be accompanied by new investments aimed at enhancing the paper’s international appeal. New employees will be hired to work on nytimes.com — currently the combined Web site of The New York Times and The Herald Tribune — in Europe and Asia, he said.

The renamed paper will remain based in Paris, where it was founded 125 years ago as the European edition of The New York Herald, Mr. Dunbar-Johnson. It will also keep its sizable office in Hong Kong where the Asian edition is edited. Mr. Dunbar-Johnson said there also would be investments in other locations. Until the fall it will continue to be published as The International Herald Tribune.

“Everyone at The New York Times thinks fundamentally that for this to be successful, the paper needs to be edited and curated for an international sensibility,” Mr. Dunbar-Johnson said. “The core attributes of The International Herald Tribune will be retained and refined.”

Through a series of ownership changes, the paper became The New York Herald Tribune, European Edition, in 1935. In 1967 it became The International Herald Tribune when The Times and the Washington Post Company invested in the paper to keep it afloat after The New York Herald Tribune folded. In 1991, the Post and Times companies became co-owners of the paper, and in 2003 The Times bought out The Post’s share and became its sole owner. The announcement is part of the company’s larger plan to focus on its core brand and build its international presence, the Times spokeswoman said. Last week, the Times Company said it was exploring offers to sell The Boston Globe and its other New England media properties. Last year, the company sold its stake in Indeed.com, a jobs search engine, and the About Group, the online resource company.

This article has been revised to reflect the following correction:

Correction: February 25, 2013

An earlier version of this article published online misstated the year when a predecessor to The International Herald Tribune first bore the name of The New York Herald Tribune for its European edition. It was 1935, not 1959.