A large, rare compound in Southampton, once a motel that even boasts water views and owned by a local family for decades, recently sold for $10.6 million.
“The Hamptons Commercial Real Estate Team at Compass is proud to have transacted this legacy multi-family property in Southampton,” says Jeffrey Sztorc, who, along with Hal Zwick, brokered the deal.
A Hauppauge-based development company called the Northwind Group is the buyer, and they plan to expand the pre-existing, non-conforming use to 36 units spread across 18 structures, with three-bedroom rental homes. Northwind has been working with the Long Island Housing Partnership, the company’s principal, Jimmy Tsunis, told the Southampton Town Board in November.
The asking price for the property, which has been known as Quail Ridge, was $12 million.
Located up a steep driveway at 929 and 933 County Road 39 just west of Shinnecock Hardware, “The site spans nearly 10 acres, offering 24 keys with rolling green hills and views of Shinnecock Bay. It’s a rare property that was owned by a local family for decades,” Sztorc says.
The larger of the two properties, 929 County Road 39, is set way back off the road on a deep flag lot spanning 9.1 acres atop a hillside with park-like grounds.
Though it’s located on the north side of County Road 39, due to the unique rolling hills and elevation, it boasts views of Shinnecock Bay.
The property currently holds three structures — two motel buildings with 24 units spanning 20,000 square feet, and a garage/storage space. Since they have been used year-round for housing, they have a grandfathered use for lodging.
The sale price translated to $441,666 per unit or $530 per square foot.
Over the years, the room have been renovated and are said to be in good condition.
“A new owner could continue to run this as a multi-family compound or do a major renovation, add a pool and new landscaping/ hardscaping, and have a very unique boutique motel. It would be one of a kind given the amount of acreage,” the offering stated.
The 0.33-acre lot at 933 County Road 39, also off the road, is zoned Hotel Business, allowing for a variety of commercial applications, and could supplement the main property, such as a small restaurant or hold a swimming pool.
The Northwind Group was founded in 2000. Completed projects, according to its website, include, The Preserve at Indian Hills in Northport, The Preserve at Smithtown in Nesconset, Middle Country Meadows in Selden, Bayport Gardens, Mount Sinai Meadows, the Overbay Apartments and Village Vistas in Port Jefferson, Bayport Meadows in Blue Point and Setauket Meadows in East Setauket.
The furthest east the developers have completed a project is at East Port Meadows in Eastport, “a 55-and-better” community just minutes away from Westhampton Beach. The two-story units each offer 1,885 square feet two bedrooms, two-and-a-half bathrooms and a two-car garage. The property features a clubhouse, a fitness center, laundry facilities and a pool.
The company is also working on The Preserve at East Moriches, also for those 55 and older. The rental community, set on 27 acres with walking trails and a community clubhouse, will offer two-bedroom townhomes with a two-car garage.
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