A unique opportunity to own a waterfront resort in the Hamptons just came on the market in Hampton Bays. The Drake Inn property at 16 Penny Lane offers 15 recently renovated units, a three-bedroom main residence, a waterside pool and six dock spaces — plus panoramic and sunset views of a creek off Shinnecock Bay.
Asking $8.75 million for the property and the business, it is the only property zoned for a waterfront business and hotel on the market in all of the Hamptons, according to John Frangeskos of The Corcoran Group, who is exclusively representing the property with James Peyton, also of Corcoran.
Frangeskos calls the hotel “a turnkey operation.” The contemporary-style resort units were renovated in 2020 and they are each fully furnished. Each unit ranges from 3oo to 400 square feet and features a private bathroom, kitchenette and air conditioning. They each have an approximately 300-square-foot covered porch.
The one-acre property, zoned as a resort waterfront business, even has the potential to add a restaurant and entertainment area, Corcoran says. Investors and/or owners will be able to bring their own vision to life here.
The huge main residence offers seven bedrooms total and four bathrooms.
The property is located just minutes from Dune Road’s ocean beaches, waterfront dining and shops in Hampton Bays.