An Amagansett restaurant building found a buyer back in January and now we know for how much — 60% more than the sale nearly three years ago.
The former Main Street Tavern sold for $4.45 million on January 17. Behind The Hedges reported the sale at the time, though the exact amount was not immediately disclosed. Suffolk County deed transfers released earlier this month revealed the final figure.
The commercial building at 177 Main Street, once also known as Indian Wells Tavern, went on the market in October 2022 for $4.995 million. Lee Minetree of Saunders & Associates listed the property and also represented the buyers, he told Hedges in January.
A limited liability company called ROP Amagansett, which Minetree had said was a group of investors, purchased the property and would be leasing it out.
The sellers were listed officially as 177 Amagansett Main Street LLC, an entity tied to the Highway Group, which bought it in May of 2020 from Udell M. Cullum of East Hampton for $2.825 million. As pointed out by the Instagram account @build.in.kind_easthampton recently, that’s a $1.6 million flip in just two years and eight months, a 60% increase following a renovation.
The Highway Group, part of a New York City-based management company for high-end restaurants in Manhattan, also owns Highway Restaurant & Bar and Autostrada Catering & Retail, the former Breadzilla sandwich shop and bakery which has not reopened yet, both in Wainscott.
Meanwhile, ROP Amagansett appears to have ties to River Oak Partners, an El Paso, Texas-based company that owns shopping centers.
The now turn-key, 2,900-square-foot space seats 100 and features a large courtyard area out back. Completely renovated in 2020, the building has a new roof, as well as new electrical, mechanical and exhaust systems. The kitchen has also recently been redone.
The 0.11-acre property abuts a large municipal parking lot behind Main Street.
The property is zoned highway business for a restaurant, deli/cafe and retail use.
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