On Mattituck’s iconic and bustling Love Lane on the North Fork, a large building is ready to be redeveloped into a restaurant and retail space.
Hal Zwick and Jeff Sztorc of Hamptons Compass Commercial, along with Devin McCrossan of Compass Commercial, are representing the listing, which is asking $2.575 million.
“This is the most prominent complex on the most iconic block on the North Fork,” says Zwick of the building, formerly home to Capital One and North Fork banks. “The community has been looking forward to the redevelopment of the building to further enhance the lure of Love Lane.”
Situated on a corner lot, the existing 17,500-square-foot, two-story building faces the Long Island Rail Road station across Pine Street and Orlowski’s True Value Hardware across Love Lane. It is also down the block from the popular Love Lane Kitchen, Village Cheese Shop and Lombardi’s Love Lane Market.
Renderings already show the building’s potential.
“There is not another mixed-use site on the North Fork ready to be executed with approved plans for redevelopment to build a restaurant, retail and an apartment,” according to the offering memorandum.
The property located at both 245 Love Lane and 50 Pike Street measures about ninth-tenths of an acre with the building offering 6,895 square feet on the ground floor and 3,862 square feet on the second level and 6,894 square feet of floor area on the lower level.
The building’s first two floors are already approved for use as a restaurant or retail space and an affordable apartment, while the lower level is approved for a commercial kitchen/restaurant space.
There is also a privately-owned outdoor seating area.
The property has dedicated parking, as well as access to additional town parking on a 1.1-acre parcel behind the existing building.