East Hampton Commercial-Residential Complex Trades at $7.2 Million

The main building at 105 Newtown Lane, which houses Mary's Marvelous.
Courtesy Brown Harris Stevens

A unique complex that includes the tallest building in East Hampton Village, housing the popular Mary’s Marvelous cafe and apartments, has changed hands in the latest in what has been a busy commercial market.

The .38-acre property at 105-107 Newtown Lane traded at $7.2 million, according to Tony Cerio and Mitchel Natter at Brown Harris Stevens.

“The Cerio Natter team has been intimately involved with this landmark property (it’s the tallest building in East Hampton Village and nearly a century old) for nearly 15 years,” Cerio said in a statement.

“We brought the listing to market for the first time in over 80 years and ultimately sold the property in 2012 to the current sellers,” he continued. “Now, we celebrate a second sale of the same property and are very pleased to know this important part of East Hampton Village will continue to serve as a commercial and residential hub in the very capable hands of the new owners.”

The property went into contract in early January. The last asking price: $8.395 million.

The three-story, 10-783-square-foot brick building on Newtown Lane is a mixed use property with commercial space on the ground floor, currently occupied by Mary’s Marvelous and Elegant Touch Nail Salon, and eight one-bedroom apartments on the second and third floors.

Behind the building on Pleasant Lane, there are also a 1,105-square-foot detached garage and a four-bedroom house.

We’re told the complex is fully rented and there is even a waiting list for tenants interested in renting space there.

Cerio and Natter also recently closed a deal on their listing at Ruschmeyer’s, a Montauk landmark and summer hotspot overlooking Fort Pond that went on the market this fall for $35 million.

They also recently brokered a deal for the Latham House at 117 Main Street in Sag Harbor with a last ask of $5.999 million.

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An aerial view shows the main building and the garage and house behind it, all of which sold for $7.2 million.Courtesy of Brown Harris Stevens

 

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