A retail building in the heart of East Hampton Village, home to the Prada, sold recently for $10.25 million.
The two-story, 4,000-square-foot space at 2 Newtown Lane traded at $2,563 per square foot. The deal closed on Thursday, April 3.
Burgeoning boutique brokerage firm Tahari Realty was behind the deal, led by managing partner Jordan Sutton and agent Mark Golberg, with the seller, Benchmark Real Estate, capitalizing on the continued strength of the Hamptons luxury retail market.
“This is one of the most visible corners in all of East Hampton and most sought-after,” Sutton told Behind The Hedges on Friday. “It generated interest relatively quickly.”
Sutton declined to disclose the buyer.
“East Hampton is a truly unique and coveted market,” he adds. ” The energy out there has been incredible in recent years, and it’s no surprise that both investors and tenants are eager to be part of the Hamptons experience. It’s an extremely competitive market where retail assets rarely trade, so it’s been a privilege to help facilitate transactions in the area.”
Originally built in 1930 and renovated in 2012, the two-story, mixed-use building offers about 2,000 square feet on each floor on one of the most visible corners in the Hamptons.
After nearly 25 years, it was sold in January 2022 for $6.125 million, and Prada soon leased the space at a time when the village began to see an influx of high-end designers, such as Chanel and Valentino, opening their doors in East Hampton.
This sale of 2 Newtown Lane builds on Sutton’s strong track record in the village, which includes several high-profile transactions in recent years, including the $22 million deal across the street at 1 Main Street in March 2023.
Home to Cartier, the building was acquired by Bernard Arnault, the French billionaire businessman who is also chairman and CEO of the French conglomerate LVMH Moët Hennessy Louis Vuitton. Sutton, who was then with Cushman & Wakefield, where he spent a decade, represented the seller along with other agents from the firm, the designer Elie Tahari and his son Jeremey Tahari, who founded Tahari Realty in 2021 to represent the interests of their real estate holdings of their private equity firm, Tahari Capital.
Tahari Capital was launched in 2020, under Jeremey’s leadership, to diversify its portfolio outside of fashion, and into the real estate sector, managing over $300 million in retail, residential, commercial, and industrial properties, while also being one of Manhattan’s most active multifamily buyers with over $75 million in acquisitions in the past two years.
The two-floor, 5,000-square-foot retail building at the corner of Main Street and Newtown Lane sold at $4,400 per square foot.
Sutton and Tahari Capital were also involved in the firm’s 2023 sale of 46 Main Street. The sale price was $3.3 million, working out to a price per square foot of $2,006.
In 2023, Tahari Capital also sold 54 Main Street for $2.7 million. At just 972 square feet, the price per square foot was $2,778.
Back in 2022, Sutton closed a $3 million deal for 48 Main Street, home to eyewear brand and retailer Warby Parker. Tahari Capital was the seller of the 1,341-square-foot building.
Tahari Capital also owns 510 Fifth Avenue and 88 University Place in New York City, along with Zoa House in Tel Aviv.
According to Tahari Realty’s website, the firm is also selling Tahari Capital’s retail property at 53 The Circle in East Hampton, a 1,644-square-foot space by Chase Bank. It is listed at $3.650 million with Sutton, Adam Croman, Tahari Realty partner and COO, and agent Jack Basora.
Tahari Relaunch
Just this week, Tahari Realty announced the relaunch of its brokerage and capital advisory firm. Sutton, who joined the firm four months ago, was named its managing partner. He previously played a key role in facilitating over $1 billion in transactions at Cushman & Wakefield and brings a decade of expertise in investment sales, complex real estate structures, and strategic advisory services to the firm, according to a press release from Tahari.
“Joining Tahari Realty is an incredible opportunity to build something new while leveraging our collective expertise and relationships,” Sutton says. “Our goal is to cultivate a firm that provides a seamless, full-service experience for clients looking to navigate the complexities of New York’s real estate market.”
The now full-service firm has expanded its capabilities in investment sales, retail and office leasing, capital advisory, and luxury residential transactions, facilitating over $400 million in transactions during the same period, the press release says.
“The decision to relaunch Tahari Realty is driven by our vision to create a comprehensive real estate powerhouse,” says Jeremey Tahari, the managing partner of Tahari Capital. “With Jordan’s expertise and track record in investment sales, we are building a firm that offers the niceties of full-service brokerage while maintaining the attention to detail of a boutique firm, born from our roots in fashion where every stitch counts.”
