The East End often makes headlines because of its residential sales, but commercial real estate transactions can shape our economy and the community. Behind The Hedges used Suffolk County deed transfers available through January 3, 2025, to compile a list of the top commercial sales on the East End for 2024, as well as consulting with brokers and brokerages. We will update this list if we discover any other large commercial sales that closed before the New Year.
For now, here are our top 24 commercial sales of ’24.
1) 31 West Water Street, Sag Harbor | $66.5 million
Blue Flag Capital, a real estate investment firm that has been scooping up hotels across the East End over the last few years, purchased the well-known hotel and restaurant in the heart of Sag Harbor’s waterfront on June 25 for a staggering figure (You might remember them from our 2023 list of the most expensive commercial sales). The 2.64-acre property features a restaurant, lounge and 67 guest suites, some facing the harbor. Last summer, Baron’s Cove celebrated the 65th anniversary since Tom and Arthur Baron opened the doors on Memorial Day weekend in 1958. It became a favorite hangout for John Steinbeck. The original building down the block has been replaced by condos, but in 2015, Cape Resorts unveiled a new, high-end set-up. The most recent sellers, Cape Resorts purchased the property, for undisclosed terms, in 2013 and undertook a major renovation. Listed in the deed transfers as Barons Cove Owner LLC, the company has continued to manage Baron’s Cove. Cape Resorts operates several hotels including the iconic Congress Hall and The Virginia in Cape May, New Jersey.
2) Gosman’s Sale, various addresses, Montauk | $33.08 million
Suffolk County deed transfers compiled together revealed that the nine parcels involved in the sale of Gosman family properties traded Oct. 21 for a total of $33,082,868. A combined 12 acres on Montauk Harbor, including Gosman’s Dock, had been on and off the market several times over the years. Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, listed the properties in March of 2023 at $45 million. Stephen Deckoff, a billionaire who founded private equity firm Black Diamond Capital Management, which manages $10 billion in assets, according to Forbes, was the reported buyer, but he was shielded by several limited liability companies in the transactions. Since 1943, the Gosman’s real estate portfolio has been home to their family-owned businesses, including fish packing, a fish market and restaurants. They currently hold four restaurants, six retail stores, a wholesale lobster and fish business and four staff housing properties, totaling 48,145 square feet of space, plus the dock and marina. There is also a large parking lot and some vacant land included in the deal.
3) Sands Motel, various addresses, Montauk | $23,500,900
After hitting the market in 2023 for $28 million, the Sands Motel sold March 22 for just slightly more than $23.5 million. The four-parcel property with views of the Atlantic Ocean and Fort Pond sold to a prominent hospitality group, Enduring Hospitality, according to listing agents Hal Zwick and Jeff Sztorc at Compass Commercial in the Hamptons, who represented both sides in the deal. With more than 250 feet of frontage along Montauk Highway, the property offers 360-degree water views of the ocean and pond and is located across the street from the ocean beach. There are 43 keys across four buildings, all close to Montauk’s downtown and a pool facing Fort Pond. The accommodations include a 19,000-square-foot hotel complex with three guest room buildings.
5) 1871 Old Country Road, Riverhead | $9 million
Riverhead’s first recreational cannabis dispensary opened its doors at 1871 Old Country Road in Riverhead last month, and the sale of the 14,400-square-foot building was one of the East End’s biggest sales of 2024. Located on the corner of Old Country Road and Kroemer Avenue, just east of Tanger Outlets, it was built during the COVID-19 pandemic and long sat empty. E&E Enterprises of NY Inc., headed by Barclay Ehrler, sold the 1.48-acre property to Riverhead 123 LLC on June 18.
This is the second location for Strain Stars, which opened Long Island’s first legal cannabis dispensary in Farmingdale in July 2023. Since then it has sold more than $100 million in cannabis products. This location is significantly larger than its first, making it the largest recreational dispensary in New York. It sells close to 2,000 products, following a “one-stop shop” model with any product or accessory related to cannabis, such as flowers, concentrates, edibles, topicals and vaporizers.
6) 15 Hill Street, Southampton | $8.4 million
The largest commercial commercial building in the heart of Southampton Village was sold on Jan. 31, 2024. The 19,865-square-foot building at the corner of Hill Street and Windmill Lane, just doors away from the Southampton Cinema, which is in the midst of a transformation under the ownership of billionaire developer Aby Rosen. Though the property, which includes the addresses of 1-15 Hill Street and 1-17 Windmill Lane, had been on investors’ radars and with other brokers for approximately two years, Cushman & Wakefield launched it as their listing beginning of the second quarter in 2023 with an ask of $10.95 million. Joe Musso and Daniel Abbondandolo of Cushman & Wakefield’s Long Island Investment Sales Team represented the seller, Philip Futterman of the Futterman Organization, an active local investor out of New York City who has owned the property for more than 20 years under an entity called 1616 Realty Co. Hal Zwick and Jeffrey Sztorc of the Hamptons Compass Commercial Real Estate Team brought the buyers and is handling leasing opportunities. The buyer was WHSH LLC.
7) 120 North Sea, Road, Southampton | $6.5 million
A grocery store space in Southampton Village, which has been vacant for about two years, will soon be bustling again. The owners of Red Horse Market in East Hampton have purchased the 6,100-square-foot building that sits on a 1.25-acre property, just outside the core business district. Formerly home to Schmidt’s, a much-loved grocery, deli and catering business, which did not own the building, lost its lease after 43 years in October of 2022 due to rising rent. Hal Zwick and Jeffrey Sztorc of the Hamptons Compass Commercial team repped the listing. Alfredo Barreto from Saunders & Associates brought the buyers to the deal.
8) 150 Main Street, Sag Harbor | $5.5 million
An early 19th-century building, part of a mixed-use property, in the heart of the village sold on Oct. 17. Built in 1810, the 1,920-square-foot building has retained many of its original features, including five brick fireplaces and part of the original foundation made of ballast stone from the whaling ships of the village’s past. Technically two buildings sit on the 0.12-acre parcel with seven separate spaces, including three storefronts and an apartment on the second story that boasts. large roof deck. A separate three-car garage was converted into an art gallery. It was a private sale. A recent listing with Douglas Elliman had expired and we’re told the owner, Rocco Liccardi, ended up selling the property directly to one of the recent tenants. The buyer was listed as 150 Main Street SH LLC.
9) 120 Main Street, Sag Harbor | $4 million
Tarique Chaudhary, who has owned and operated the Sag Harbor Pharmacy since September 2021, purchased the historic building that houses it earlier this year under 120 Sag Harbor LLC on Jan. 10. Lee Minetree of Saunders & Associates repped the seller, listed as EML Holding Corp., of the building, which includes a 2,300-square-foot main floor, a full basement and a second-floor residential apartment that measures about 1,300 square feet.
10) 1021 and 1065 Flanders Road, Flanders | $3.9 million
Flanders properties aren’t often on the top sales, but this unique parcel off of Flanders Road, across from the Big Duck. made the top 10. An oddly shaped, nearly 18-acre property, it was sold June 4 by Wainscott Properties Inc. to Marcar Holdings LLC, a Bellport company that is tied to CMM, a site development company. The largely vacant property is listed as commercial and improved with a land use of mining and quarrying. The Bistrian family of Amagansett, which runs an excavating and materials firm, had owned the property since 2002.
11) 88 Mariner Drive, Southampton | $3.4 million
A 7,700-square-foot space, this storage, warehouse and distribution facility on a 0.92-acre property sold on Feb. 8. WLA LLC was the seller and DCAL Properties LLC, which has an address nearby at 67 Mariner Drive, the purchaser.
12) 245 County Road 39, Southampton | $3.275 million
Long the home of the Antiques Center Southampton, the property at the corner of County Road 39 and Henry Road sold for the asking price on Jan. 11, 2024. Set at the entrance to Southampton Village, the 0.75-acre property offers flexible zoning, according to the May 2023 listing with John P. Vitello of Brown Harris Stevens, who also brought the buyers to the deal. The 4,500-square-foot main building boasts multiple skylights and vaulted ceilings. A secondary two-story building to the rear of the property offers an additional 2,800 square feet with a two-story apartment, attached garage and two-story storage area.
13) 240 Fort Pond Road, Montauk | $3.25 million
Known to many as the Old Harbor House restaurant sold again on Feb. 28, about two years after it last changed hands, and reopened as the upscale Montauk Project Restaurant & Lounge. In 2022, Brandon Hoy and Carlo Mirarchi of the successful Brooklyn restaurant Roberta’s bought the restaurant, under the name Montauk Fort Pond Acquisition II LLC, for $3 million in an off-market deal. Marc Rowan, the billionaire co-founder of the private equity firm Apollo Global Management and who also owns the nearby Duryea’s Lobster Deck, was the seller. The new owners, Sam Berkson and Bryan Seekamp, opened the Montauk Project, with its indoor-outdoor dining, in the 6,200-square-foot space in July.
14) 978 Montauk Highway, Water Mill | $3.2 million
A newly renovated building, just east of downtown Water Mill, this property is zoned for highway business with a mix of residential and commercial. The five-bedroom, three-bath house features a lower level for retail and office space. There is also a 600-square-foot accessory building on the 0.86-acre property that can be used as a workshop. Mance Properties LLC, which purchased the property in 2017 for $1.2 million, sold it to 978 Montauk Hwy Real Estate Holdings LLC on May 13.
15) 2745 Tuckers Lane, Southold | $3.15 million
16) 471 County Road 39, Southampton | $3 million
A multi-use property, this 0.46-acre property with two buildings on it sold on Oct. 18. The first building offers 1,500 square feet of retail space with two garage doors, and has been home to a business involved with cars for decades. The second building features 3,360 square feet of space with one garage bay and is being used as an auto center with an office above. This turn-key property has all-new electrical, central air, sprinkler system, plumbing and three restrooms in the buildings, all zoned for highway business. The seller was JCGCS LLC and the buyer is called Not What We Do LLC.
17) 1199 Old Country Road, Riverhead | $2.515 million
On Jan. 26, 2024, the 5,238-square-foot building at the corner of Old Country Road and Harrison Avenue changed hands. Crooked Hill Associates, a Mattituck-based company, sold to 1199 Old Country Road LLC, a limited liability company associated with Tony Asta of Flanders, an owner of Tony’s Asian Fusion restaurants, along with Tony Liu. He has since announced plans for a new Japanese restaurant or the now vacant building. Originally built in 1940, the retail property had been home to Sleepy’s Mattress Outlet and, most recently, Mattress Firm. The freestanding building sits on one acre with several parking spaces along the Route 58 entrance. The Riverhead Planning Board approved a site plan application for the 56-seat restaurant.
18) 61 Culver Street, Southampton | $2.5 million
Originally built in 1890, this former boarding house is located in the heart of Southampton Village. The estate of Jean Romolo sold the 0.28-acre property on August 28 to Culver Street SH Holdings LLC. We’re told it could be used as a hotel or a bed and breakfast, but it’s currently set up as six separate apartments.
19) 801 Montauk Highway, Montauk | $2.4 million
This mixed-use building, on Montauk Main Street, was delivered vacant when it sold on Aug. 16. The main floor features 1,100 square feet, zoned for office space or retail use. On the second floor, there is a 1,100-square-oot one-bedroom apartment, which could be converted into a two-bedroom apartment, with laundry. The 0.09-acre property has four parking spaces in the back. There is also a large basement for dry goods storage.
20) 835 1st Street, New Suffolk | $2.24 million
North Fork’s popular Legends Restaurant and its adjacent cottages sold in early February. They went on the market in 2022 for $4.25 million. Hal Zwick and Jeff Sztorc of the Hamptons commercial real estate team of Compass had the exclusive listing for the year-round family favorite restaurant that sits across the street from the Peconic Bay in New Suffolk in the Town of Southold. Diane and Dennis Harkoff opened Legends in 1993 becoming one of the North Fork’s culinary mainstays. The two parcels sold; the restaurant property at 835 First Street, facing the water, for $2.24 million and the adjacent rear residential property at 830 Second Street with a house, cottage and storage barn renovated in 2012, for $960,000. The listing had touted the latter as perfect for staff housing or rental income.
22) 1105 Old Country Road, Riverhead | $2.25 million
This property with spaces for four commercial tenants not only sold but got a makeover that hasn’t gone unnoticed. Riverhead Plaza LLC sold the building, originally built in 1983, to 1105 Main Road LLC on April 19. The recently renovated 6,300-square-foot space also got a new heating, ventilation and air conditioning system, windows, roof and siding. There’s also plenty of parking. The building remains home to AT&T and TEN NAIL, but there is at least one vacancy currently. Located next to the Staples complex, it’s a prime location, within walking distance of Peconic Bay Medical Center.
23) 1228 East Main Street, Riverhead | $2.1 million
Located at the corner of East Main Street and and Phillips Street, the building is home to North Fork Podiatry, Caremed Primary and Urgent Care and Thrivewell Infusion. The 5,400-square-foot, one-story building was built in 2006. On Oct. 11, the 0.88-acre property was traded from 1228 E Main Street LLC to Hum Riverhead LLC. It last sold in 2008 for $2,030,000.
24) 264 North Sea Road, Southampton & 64 Old Riverhead Road, Westhampton | $2 million
Tying in the 24th spot of 2024 are two properties. The first, in Westhampton, closed on June 12. Ronald Fabian sold a converted residence in the business district to Rutigliano & Galletta West Hampton LLC. The 0.47-acre property sits on the main artery into Westhampton Beach and holds a 3,553-square-foot building with tenants that include New Hope Rising, East End Liquidity and offices for several attorneys. The second property, a real estate office located on North Sea Road, was sold by Joan O’Donoghue to Hedges Realty Holdings LLC.
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