On the heels of a record-breaking year in commercial real estate in the Hamptons, the preeminent team when it comes to East End investment properties is looking ahead to a robust 2023.
Hal Zwick and Jeff Sztorc, the commercial real estate duo at Compass Commercial, have a number of prime properties available and a handful of off-market opportunities. They have just announced one of the most talked about properties has come to market — the Sag Harbor property owned by the Friends of Bay Street, which scrapped plans to relocate the theater there. The asking price: $25 million.
The 0.67-acre property boasts a 15,000-square-foot building, formerly home to 7-Eleven and a host of other businesses and it overlooks Sag Harbor Cove and John Steinbeck Waterfront Park.
“We have been approached constantly by interested parties as it’s the only downtown waterfront retail availability on the South Fork,” said Zwick. “This prime waterfront spot has always been one of the most intriguing and discussed in all of the Hamptons.”
Located around the corner from the village’s Main Street, it offers 300 feet of frontage on West Water Street and adjacent to a high-end residential waterfront development, designed by the award-winning Andre Kikoski Architect.
The property with its mixed-use retail building also includes 30 parking spots.
Zwick, a lifelong New Yorker, and Sztorc, an East Hampton native, are no strangers to multi-million commercial deals.
They were behind many of the priciest commercial sales in 2022, including a $28 million off-market deal in East Hampton that was the biggest commercial sale within any village business district on the East End.
“The commercial marketplace has seen a dynamic three years,” says Sztorc. “With the increased activity and population, there have been new business concepts and exciting new players coming to the table.
Everything is cyclical but with some of the niche assets out here, there is a constant shortage of inventory.”
The team specializes in the commercial real estate market, whether its office buildings or retail centers, commercially-zoned land or industrial parks from Westhampton to Montauk, including the North Fork.
With a broad network of contacts, they have become the go-to professionals for both buyers and sellers and known for the confidentiality they offer investors, landlords and business owners. Together, they have closed over 300 transactions since working together over the past four years.
In Southampton Village, the team is repping a turn-key restaurant listed for sale for the first time in 20 years. Jobs Lane Ristorante, also known as Jobs Lane Gastro Pub, at 10 Windmill Lane is also available for lease. The prices are available upon request.
The 100-seat restaurant space is situated at the corner of Jobs and Windmill Lanes, one of the most visible corners in the village. It is located near many high-end shops and just down the block from the Southampton movie theater, which is expected to undergo a renovation soon.
“Rarely do we see a commercial property of such high standard in the heart of Southampton Village become available,” Zwick says. “This restaurant, retail, or office site is offered to a new tenant for the first time in 20 years in an ideal location for the next operator to create his or her own vision going forward.”
The 2,464-square-foot building includes a kitchen and bar, both in excellent condition. Sets of French doors lead to an outdoor space with 24 seats, in addition to the 100 inside.
A 1,500-square-foot auxiliary building, included on the property, contains additional refrigeration and wine storage.
They have also listed the only location east of the Shinnecock Canal where a new supermarket can be opened immediately.
The 6,100-square-foot grocery store at 120 North Sea Road has excellent visibility at the entrance of Southampton Village, just outside the core business district making it a most convenient stop. The 1.25-acre property also boasts a 3,700-square-foot storage basement, complemented by a loading dock, and ample parking spaces. The property, prime for an investment, is being offered at $8.75 million.
The team’s book of business is not contained to the South Fork. Zwick and Sztorc have listed the popular Legends Restaurant and its adjacent cottages on the North Fork for $4.25 million.
“Legends is a spectacular property in the heart of New Suffolk that has become available for sale for the first time in decades,” says Zwick. Sited across the street from the Peconic Bay in New Suffolk in the Town of Southold, the restaurant has been a family favorite for nearly 30 years. Patrons need not just drive to the restaurant but can access it by boat, docking in the town marina across the street.
Two parcels of land are for sale; the restaurant property at 835 First Street, facing the water, and the adjacent rear property at 830 Second Street with a house, cottage and storage barn, all renovated in 2012 and perfect for staff housing or rental income.
The 3,000-square-foot restaurant offers two completely separate and distinct dining experiences, all with water views.
The dining room has tasteful décor inspired by global art and culture with African artifacts, such as ceremonial cloths and Native American accents, while the pub features rich, dark woods and brass accents, roomy booths, copper top tables and several televisions for watching sports. The large commercial kitchen provides plenty of walk-ins/storage, and there is also a second-floor office.
“Legends is a truly great investment property with a proven track record of impressive income. It is the only restaurant complex that will ever be for sale in one of the most scenic beach communities on the North Fork,” Zwick adds.
This article appeared on the cover of Behind The Hedges in the Long Island Press’ February 2023 edition. Read the full edition here. For more stories on Greater Long Island real estate, click here.