For freshly flush Wall Streeters, renting on the East End this summer is akin to the “Goodfellas” mobster who buys a showy Cadillac after pulling a big heist.
With public scrutiny and resentment at an all-time high, financiers at firms like Goldman Sachs are keeping a low profile this summer.
They are seeking more modest seasonal rentals to avoid attention, brokers and industry insiders said. “That’s the message that’s being conveyed,” said a human-resources staffer at a Wall Street investment bank. “We have enough eyeballs on us already, [so] don’t do anything really extravagant right now that will attract any more. It’s really just common sense at this point.”
Andrew Saunders of Saunders & Associates real estate has clients who are holding back this year.
“If we show them something on the higher end,” he said, “sometimes people will say, ‘It’s not the right time.’ ”
Saunders noted that the resurgent Hamptons real estate market — which has translated into brisk rentals for the upcoming season — is strongest in the modest $50,000 to $75,000 range.