Steven A. Cohen is known for his rapid-fire trading style, moving in and out of stocks with dizzying speed at his hedge fund SAC Capital Advisors. He seems to be taking a similar approach to his real estate.

Mr. Cohen reached a deal last week to pay $60 million for an oceanfront property on Further Lane in East Hampton, on Long Island, according to a person with direct knowledge of the sale. The home, which was listed for sale late last week, is down the road from one he already owns. At the same time, he has put on the market his duplex apartment in the Bloomberg Tower on the East Side of Manhattan, this person said. His asking price: $115 million.

News of Mr. Cohen’s real estate activity surfaced a day after reports that he purchased Picasso’s “Le Rêve” for $155 million from the casino owner Stephen A. Wynn. The acquisition is one of the priciest private art deals ever completed. He has quietly offered other works from his vast collection up for sale, according to several dealers.

The property was previously owned by Robert B. McKeon, a founding partner of the investment bank Wasserstein Perella. Mr. McKeon committed suicide in September at the age of 58. The $60 million purchase is among the most expensive real estate sales transacted on Long Island’s South Fork. It is unclear whether Mr. Cohen is selling his first Further Lane house. Ed Petrie, the real estate broker at Sotheby’s International Realty who had the exclusive listing, declined to comment, as did Jonathan Gasthalter, an SAC spokesman.

Mr. Cohen is a charter resident of the Bloomberg Tower on Lexington Avenue, which also goes by the name One Beacon Court. He paid about $24 million in 2005 for the 10,000-square-foot property on the 51st and 52nd floors. If Mr. Cohen got the $115 million that he is asking for his Bloomberg Tower pad, it would be the highest-priced sale to date of a Manhattan apartment.

Mr. Cohen’s primary dwelling is a home in Greenwich, Conn., which has a basketball court and a two-hole golf course, and he owns other real estate in New York. Last year, he purchased a property in the West Village on Washington Street for $38.8 million.