This week, East Hampton’s iconic Maidstone Hotel property was sold in an off-market deal, facilitated by the Cerio Natter Team at Brown Harris Stevens.
The buyers of the inn and restaurant are Irwin D. Simon, the chairman and CEO of Tilray Brands, Inc. who recently bought Montauk Brewing and is also a partner in the Lobster Roll restaurants, and the hotelier and restauranteur Mayank Dwivedi.
The two have joined forces “to create a new Hamptons hotspot while honoring the rich heritage of the property,” according to a statement from Brown Harris Stevens.
The sale price for the boutique hotel and restaurant was not disclosed.
Tony Cerio, Mitch Natter and Jared Schiavoni of the Cerio Natter Team, the top commercial team at Brown Harris Stevens, represented the buyers in the deal, which took 10 months of negotiations to close on Wednesday, April 5. Jonathan Solomon, the principal broker at Luxury New York Group LLC, based in Manhattan, represented the sellers.
“It was a pleasure working with Simon and Dwivedi because of their knowledge and understanding of the hospitality business,” Cerio says. “We are excited to witness the new chapter for the Maidstone Hotel and are confident that the new venture will be a very welcome addition to the East Hampton Village community.”
Simon and Dwivedi are preparing the property for a grand re-opening celebration on May 15. It is currently closed for the off-season.
“The property at 207 Main Street has a history as old as East Hampton itself,” the statement said. “For at least six generations, starting in the mid-1600s, the location was the site of the Village tannery.”
The current building was built around 1840, becoming a lodge soon after. Later it turned into a hotel and restaurant.
The new owners are only the fifth owners of the Maidstone Hotel.
Jenny Baker, a native of Sweden, and her husband, Jonathan Baker, had been the owners since 2008. They had given the hotel a self-described “Scandinavian cozy” vibe.
The hotel offers 19 guest rooms, including several cottages, while the restaurant seats 76 and offers a full bar.
The Maidstone Hotel sale is the latest in a slew of commercial real estate sales, including the $22 million sale of Elie Tahari’s building at 1 Main Street, which took place last week.
“The temperature of commercial real estate in the Hamptons is off the charts,” the Cerio Natter Team says in the statement.
“As fast as we get properties and as long as they are realistically priced, they fly out the door. We are noticing that the current commercial buyer is experienced, savvy and can make a quick decision whether to pull the trigger or not.”
Owner financing is a factor is today’s market, Cerio adds.
“With interest rates through the roof and the stringent guidelines set by the banks, owner financing is key to sealing the deal for many of our commercial transactions,” he says
Email [email protected] with further comments, questions, or tips. Follow Behind The Hedges on Twitter, Instagram and Facebook.