Point72 Asset Management's plans to open a gated satellite office in East Hampton have reportedly hit the skids.

Mr. Cohen, whose old firm was under legal scrutiny for many years by both the United States Justice Department and the Securities and Exchange Commission, is now taking on another governmental agency: the East Hampton Town Planning Board. He has built a gated fence in front of his new branch office, at 203 Pantigo Road in East Hampton, the former Wei Fun restaurant, that has raised the eyebrows of several planning board members. The offending structure is a six-foot-tall chain link fence with a cedar facade. It was built without site plan approval. “Character is very important to this town,” Nancy Keeshan told her fellow board members, and Alexander Baranovich, an architect who is representing Mr. Cohen, on Feb. 9. The gate, she said, “is not friendly” to the rural character of Pantigo Road...Mr. Baranovich suggested that Mr. Cohen may be a bit “paranoid” at this point about outsiders.

Naturally we'll keep you abreast of any important developments as the story unfolds.

Hedge Funder’s Gate Not ‘Friendly’ [East Hampton Star via Alexandra Stevenson]