On the heels of a record-breaking yr in industrial actual property within the Hamptons, the preeminent staff when it comes to East Finish funding properties is waiting for a sturdy 2023.
Hal Zwick and Jeff Sztorc, the industrial actual property duo at Compass Business, have quite a lot of prime properties accessible and a handful of off-market alternatives. They’ve simply introduced one of the crucial talked about properties has come to market — the Sag Harbor property owned by the Buddies of Bay Avenue, which scrapped plans to relocate the theater there. The asking price: $25 million.
The 0.67-acre property boasts a 15,000-square-foot constructing, previously dwelling to 7-Eleven and a bunch of different companies and it overlooks Sag Harbor Cove and John Steinbeck Waterfront Park.
“We’ve got been approached always by events as it’s the one downtown waterfront retail availability on the South Fork,” stated Zwick. “This prime waterfront spot has all the time been one of the crucial intriguing and mentioned in all the Hamptons.”
Positioned across the nook from the village’s Predominant Avenue, it gives 300 toes of frontage on West Water Avenue and adjoining to a high-end residential waterfront growth, designed by the award-winning Andre Kikoski Architect.
The property with its mixed-use retail constructing additionally contains 30 parking spots.
Zwick, a lifelong New Yorker, and Sztorc, an East Hampton native, are not any strangers to multi-million industrial offers.
They had been behind lots of the priciest commercial sales in 2022, together with a $28 million off-market deal in East Hampton that was the largest industrial sale inside any village enterprise district on the East Finish.
“The industrial market has seen a dynamic three years,” says Sztorc. “With the elevated exercise and inhabitants, there have been new enterprise ideas and thrilling new gamers coming to the desk.
The whole lot is cyclical however with a few of the area of interest belongings out right here, there’s a fixed scarcity of stock.”
The staff specializes within the industrial actual property market, whether or not its workplace buildings or retail facilities, commercially-zoned land or industrial parks from Westhampton to Montauk, together with the North Fork.
With a broad community of contacts, they’ve turn out to be the go-to professionals for each patrons and sellers and recognized for the confidentiality they provide traders, landlords and enterprise house owners. Collectively, they’ve closed over 300 transactions since working collectively over the previous 4 years.
In Southampton Village, the staff is repping a turn-key restaurant listed on the market for the primary time in 20 years. Jobs Lane Ristorante, often known as Jobs Lane Gastro Pub, at 10 Windmill Lane can be accessible for lease. The costs can be found upon request.
The 100-seat restaurant area is located on the nook of Jobs and Windmill Lanes, one of the crucial seen corners within the village. It’s positioned close to many high-end retailers and simply down the block from the Southampton movie show, which is anticipated to endure a renovation quickly.
“Not often will we see a industrial property of such excessive normal within the coronary heart of Southampton Village turn out to be accessible,” Zwick says. “This restaurant, retail, or workplace website is obtainable to a brand new tenant for the primary time in 20 years in an excellent location for the following operator to create his or her personal imaginative and prescient going ahead.”
The two,464-square-foot constructing features a kitchen and bar, each in wonderful situation. Units of French doorways result in an outside area with 24 seats, along with the 100 inside.
A 1,500-square-foot auxiliary constructing, included on the property, incorporates extra refrigeration and wine storage.
They’ve additionally listed the one location east of the Shinnecock Canal the place a brand new grocery store might be opened instantly.
The 6,100-square-foot grocery retailer at 120 North Sea Highway has wonderful visibility on the entrance of Southampton Village, simply exterior the core enterprise district making it a most handy cease. The 1.25-acre property additionally boasts a 3,700-square-foot storage basement, complemented by a loading dock, and ample parking areas. The property, prime for an funding, is being provided at $8.75 million.
The staff’s e-book of enterprise shouldn’t be contained to the South Fork. Zwick and Sztorc have listed the favored Legends Restaurant and its adjacent cottages on the North Fork for $4.25 million.
“Legends is a spectacular property within the coronary heart of New Suffolk that has turn out to be accessible on the market for the primary time in a long time,” says Zwick. Sited throughout the road from the Peconic Bay in New Suffolk within the City of Southold, the restaurant has been a household favourite for almost 30 years. Patrons needn’t simply drive to the restaurant however can entry it by boat, docking within the city marina throughout the road.
Two parcels of land are on the market; the restaurant property at 835 First Avenue, going through the water, and the adjoining rear property at 830 Second Avenue with a home, cottage and storage barn, all renovated in 2012 and ideal for employees housing or rental revenue.
The three,000-square-foot restaurant gives two utterly separate and distinct eating experiences, all with water views.
The eating room has tasteful décor impressed by world artwork and tradition with African artifacts, similar to ceremonial cloths and Native American accents, whereas the pub options wealthy, darkish woods and brass accents, roomy cubicles, copper prime tables and a number of other televisions for watching sports activities. The giant industrial kitchen gives loads of walk-ins/storage, and there’s additionally a second-floor workplace.
“Legends is a really nice funding property with a confirmed observe file of spectacular revenue. It’s the solely restaurant complicated that can ever be on the market in one of the crucial scenic seaside communities on the North Fork,” Zwick provides.
This text appeared on the duvet of Behind The Hedges within the Lengthy Island Press’ February 2023 version. Read the full edition here. For extra tales on Better Lengthy Island actual property, click here.
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