A unique commercial building in Amagansett was sold just before Christmas to a group that purchased an adjoining property last year.
Known as Amagansett Applied Arts for the art school that was once there, the red barn-style structure at 11 Indian Wells Highway, traded for $5.2 million on Thursday, December 22. Hal Zwick and Jeff Sztorc of Compass Commercial, who had the exclusive listing, represented both sides of the deal. The last ask was $5.9 million.
Hildreth Real Estate Advisors, a real estate investment plaform which purchased 136 Main Street a year ago, the rear of which abuts 11 Indian Wells Highway, is the buyer. The building last sold in 2014 for $4.7 million.
Located just south of Montauk Highway and around the corner from the Amagansett Square, the 1.2-acre property is part of a commercial business zone, allowing for a wide variety of uses, including mixed-use commercial and/or residential.
“It could be an incredible take-out food service entity, select retail, offices or a school just to list a few possibilities,” the listing description read, which billed it out as a development opportunty.
Over the years, the nearly 10,000-square-foot building has been home to Grain Surfboards, the art school and other local retailers. Built in 2003, it offers 3,333 square feet on the lower level with a bathroom, while the main floor features 2,449 square feet, including two large studios and two bathrooms. The uppermost level has two large studios, plumbing available for a bathroom and an office totaling 3,052 square feet. An elevator services all three floors.
A two-bedroom apartment “with beautiful updated finishes” can be found in the front of the building, the listing says. There is ample parking — 23 in total— and established landscaping.
The site is vacant, according to Zwick. Compass Commercial has been hired to lease it out. “A tenant could take all 5,940 square feet or just one 3,000-square-foot floor,” the material explains.
“The offering overall is an opportunity to shape the Amagansett Town business district,” the lease info says.
The building at 136 Main Street sold for $5.6 million in November of 2021. There are 10 leasable spaces on the one-acre site with three retail stores facing Main Street, including Gloria Jewel and the Computer Shop, and retail spaces on the side of the building, such as the longtime tenant One Stop Pet. In addition to second-floor offices, there is also large commercial/industrial usage in the back. Zwick and Sztorc also put that deal together, one of the piciest in 2021.
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