Money woes trouble a vision of luxury

Now a year old, Dune Alpin Farm, the ambitious luxury cooperative project situated on what was East Hampton's last dairy farm, is a two-headed creature--an idyllic dream come true, with luxury and service, and affluent people living cooperatively close to nature, without the headaches of country life. It is also a beast burdened by large debts, unfulfilled offerings, rancor between partners, and an uncertain future.
The $14 million brainchild of two developers, Tina S. Fredericks and Stanley Harte Jr., who were backed by a group of limited partners, Dune Alpin is 48 cooperative apartments in six"clusters" and 59 house lots on 132 acres of pastureland.
Designed for professionals who come to East Hampton as a haven from their pressure-filled careers, Dune Alpin has a full-time service staff that sees to landscaping, maintenance, and can even have a refrigerator fully stocked and a fireplace ready by the time a harried coop owner arrives for the weekend.