The 23 Priciest East End Commercial Real Estate Sales of 2023

commercial sales, 2023, priciest
Our list of the top commercial sales of 2023
Courtesy photos

The East End often makes headlines because of its residential sales, but commercial real estate transactions can shape our economy and the community. Behind The Hedges used Suffolk County deed transfers available through January 18, 2024, to compile a list of the top commercial sales on the East End for 2023, as well as consulting with brokers and brokerages. We will update this list if we discover any other large commercial sales that closed before the New Year. For now, here are our top 23 commercial sales of ’23.

Riverhead, shopping center, sold
ShopRite anchors the Riverhead Centre, which sold in 2023 for nearly $70 million.Taylor K. Vecsey
Riverhead, shopping center, sold
The Riverhead Centre is located at 1430-1550 Old Country Road in Riverhead.Courtesy of JLL

1) 1550 Old Country Road, Riverhead | $69.35 million

The Riverhead Centre, home to ShopRite, Best Buy, Home Depot and more, sold on April 19, 2023, topping our list of the biggest sales on the East End last year. Built in 2003, the 50-acre property at 1430-1550 Old Country Road, is reported to see 910,000 annual visits, putting it in big demand.  JLL Capital Markets, a New Jersey-based firm specializing in real estate and investment management, announced the sale of the property boasting nine buildings and 395,000 square feet of space. JLL represented the seller, which it identified as AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and procured the buyer, Prestige Properties & Development Company Incorporated. Suffolk County deed transfers show the new owners listed as a limited liability company called Riverhead Centre Owners. The sellers were listed as BIT Investment Twenty-Seven LLC.

Louis Vuitton, Cartier, East Hampton, commercial real estate, Hamptons
The designer Elie Tahari and his son sold the building at 1 Main Street in East Hampton for $22 million on March 31, 2023.Courtesy of Cartier

2) 1 Main Street, East Hampton | $22 million

The world’s richest man purchased an East Hampton building back in March, making it the highest-priced commercial real estate transaction in the Hamptons. Bernard Arnault, the French billionaire businessman who is the CEO of the French conglomerate LVMH Moët Hennessy Louis Vuitton, purchased the building from longtime owner, the designer Elie Tahari and his son, Jeremy Tahari. Cushman & Wakefield’s Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little represented the sellers. The two-floor, 5,000-square-foot retail building, which sits on the most prominent location in the village at the corner of Main Street and Newtown Lane, opened up its doors as Louis Vuitton by summer.

Riverhead Town Hall
A celebration was held at the entrance to the new Town Hall in October.Taylor K. Vecsey

3) 214 Griffing Avenue, Riverhead | $20 million

Riverhead Town purchased a complex in the heart of downtown Riverhead and opened a new Town Hall all in the span of a year. The acquisition of the former Peconic Bay Medical Center (PBMC) Foundation’s Robert Entenmann Campus on Second Street and Griffing Avenue occurred on Jan. 11, 2023. The town supervisor first announced that a deal had been reached to purchase the property from Peconic Bay Medical Center Foundation in July of 2022 when she signed a letter of intent to buy the 4.2-acre property at 4, 5 and 6 West Second Street and 214 Griffing Avenue. There are four structures there, including a 36,000-square-foot, three-story building at 4 West Second Street, where the new Town Hall opened in October.

top commercial sales 2023
The 20-acre property at 8 Midhampton Road in Qugoue.Courtesy of Hamptons Compass Commercial

4) 8 Midhampton Avenue, Quogue | $15 million

A 20-acre, light industrial site, partially built out with a 25,000-square-foot building, was sold on May 16, 2023. Hal Zwick and Jeff Sztorc of the Hamptons Commercial Real Estate Team at Compass represented both sides of the deal. The property description before it traded boasted its “unlimited development possibilities.”

The Haven is a 27-room boutique hotel in Montauk Harbor.Google Maps

5) 553 West Lake Drive, Montauk | $14,940,000

Blue Flag Partners, a company that owns several leading accommodations on the East Coast and purchased boutique hotels on the North Fork and in Montauk Harbor in 2022, also purchased The Haven hotel on June 1. Douglas Elliman’s Lisa Grenci brought the buyer and Town & Country Real Estate’s James Angelidis had the listing.

“I personally lived in Tribeca for a long time and know what Montauk is and know what it doesn’t want to be and I plan on honoring that when looking to the future of this hotel,” Jason Brown, managing partner of the Boston-based firm, told Hedges this summer. “We are honored to be the next stewards of The Haven Montauk. We look forward to investing in the hotel‘s future with the goal of offering exceptional hospitality and assuring we have a positive impact on the community.”

The 27-room property, which has a pool and picnic area, is located near Gosman’s Dock. It last sold in 2007 for $2.2 million.

“A sense of adventure inspires everything we create,” Brown said. “We are on a mission to be stewards of profound experiences through all aspects of our work. Our official mark honors the iconic nautical flag that signals the beginning of a voyage. To earn this insignia, our projects must be bold, inviting, and exceptional. These qualities are a result of a holistic development approach grounded in bold ideas and unexpected collaborations. Montauk is no different. We’re not trying to create a different Montauk, we just want to be a part of its future.”

Just across the street is Blue Flag’s other hotel. In December of 2023, Blue Flag purchased what was the Sunset Beach and now is called Sunset Montauk, as well as two vacant properties and four waterfront parcels in Montauk Harbor, totaling 3.46 acres. Suffolk County deed transfers showed the eight transactions totaled nearly $13.5 million, all closing on December 14, 2022, making it one of the biggest commercial real estate deals on the East End in 2022, when combined.

6) 352 West Lake Drive, Montauk | $14 million

Also in Montauk Harbor, Westlake Marina, a family-owned business for nearly 60 years, traded hands on March 23. The mixed-use property holds Westlake Fish House restaurant and bar, a ship store, two apartments, an office and a house, as well as 104 slips, home to many charter fishing boats. In total, there is 6,650 square feet of space on the waterfront.

While the owner was listed in the deed transfers as 352 West Lake Drive Owner LLC, Hildreth Real Estate Advisors (HREA), a real estate investment platform, took ownership of the deal. HREA has been scooping up real estate in the Hamptons in recent years and the firm says this is its 14th acquisition. HREA also owns Amagansett properties at 136 Main Street, purchased for $5.6 million in 2021, and 11 Indian Wells Highway, which it purchased for $5.2 million in 2022. In Hampton Bays, it purchased 164 West Montauk Highway for $4.275 million and. a multi-family property at 2201 N. Road, which was acquired for $7 million.

Hal Zwick and Jeff Sztorc of the Hamptons Commercial Real Estate Team at Compass brokered the deal. According to a statement on TradedNY, the firm was represented by David Shorenstein, Jason Breitstone, Yair Sarraf and Michael Sztorc. The seller was Chris Miller.

Water Mill, The Mill, commercial complex, shopping center
The Mill offers nearly 30,000 square feet of space in the heart of Water Mill, just north of Montauk Highway.Courtesy of Compass Commercial

7) 760 Montauk Highway, Water Mill | $13.1 million

The Mill shopping center, which offers 30,000 square feet of space, traded in April. Vault Development Partners, a boutique real estate investment company with other investments in East Hampton, purchased the highway property with six buildings. Hal Zwick and Jeff Sztorc of the Hamptons Commercial Real Estate Team at Compass and Lee Minetree of Saunders & Associates had the co-exclusive listing, while Zwick and Sztorc also represented the buyers in the deal.

The Sag Harbor Yacht Yard at 53 Bay Street in the villageGoogle Maps

8) 53 Bay Street, Sag Harbor | $13 million

The Sag Harbor Yacht Yard & Marina, a full-service boatyard with a ship store in the heart of the village, sold on June 14. First established in 1797 as Rysam’s Boat Yard, it built ships, especially during the exposition of the whaling industry in Sag Harbor. In the 1800s, it built “coastal cruisers” and during World War I and World War II, it outfitted minesweepers and developed torpedoes for the Navy, according to its website. Lou Grignon, who ran it for the last 30 years, retired in October.

commercial sales, 2023, priciest, most expensive
The Maidstone in East Hampton sold earlier this year.Barbara Lassen

9) 207 Main Street, East Hampton | $12.525 million

East Hampton’s iconic Maidstone Hotel property was sold in an off-market deal, facilitated by the Cerio Natter Team at Brown Harris Stevens, in early April. The buyers of the inn and restaurant are Irwin D. Simon, the chairman and CEO of Tilray Brands, Inc. who recently bought Montauk Brewing and is also a partner in the Lobster Roll restaurants, and the hotelier and restauranteur Mayank Dwivedi. Tony Cerio, Mitch Natter and Jared Schiavoni of the Cerio Natter Team, the top commercial team at Brown Harris Stevens, represented the buyers in the deal, which took 10 months of negotiations to close. Jonathan Solomon, the principal broker at Luxury New York Group LLC, based in Manhattan, represented the sellers.

10) 63 Main Street, East Hampton | $9.65 million

A 10,000-square-foot retail and office building in the heart of East Hampton Village sold on Feb. 10, 2023, with Lee Minetree of Saunders & Associates representing the buyer. Home to Vineyard Vines, the building is surrounded by other major retailers, such as lululemon, Louis Vuitton, J. Crew and Ralph Lauren.

11) 1051 Old Country Road, Riverhead | $9.5 million

The retail center at a high-traffic intersection at Roanoke Avenue, changed hands on Sept. 13. With approximately 35,000 square feet of space, the property is home to Dunkin’, Advance Auto, Island Federal Credit Union and more in the larger building on the three-acre property, as well as Verizon, in a standalone building that sits closer to Old Country Road, also known as Route 58.

12) 729 County Road 39A, Southampton | $7.4 million

Christopher and Linda Kaye sold the commercial property used as part of the Ford dealership to Black Beach Holdings LLC on Aug. 25.

The former Hidden Cove Marina in Pine NeckGoogle Maps

13) 51 Pine Neck Avenue, Noyac | $7.2 million

Hidden Cove Marina, which sits on Mill Creek, traded back on June 6 and has since become the Yacht Hampton Boating Club. Purchased under the name Marina Properties of Sag Harbor LLC, Joe Ialacci is the owner and is running his boat charter service, Yacht Hamptons Boat Rentals, partially out of the marina. According to the website, customers can rent boats between 22 feet and 62 feet for quick trips or overnight luxury stays — which has caused a stir in the quiet, low-key community of Pine Neck.

The Shinnecock Tennis Club was listed at $6,999,000.Courtesy of Douglas Elliman

14) 125 Sandy Hollow Road, Southampton | $6.1 million

The Shinnecock Tennis Club sits on five landscaped acres, surrounded by greenery, and features 14 Har-Tru Tennis Courts, a clubhouse with an apartment and men’s and women’s locker rooms with changing areas, bathrooms and showers. On the deed transfer, which closed on June 1, the seller was listed only as 125 Sandy Hollow LLC, while the owner was SC Racquet Club Propco LLC. Justin Agnello, James Keogh and Hara Kang of the Atlantic Team at Douglas Elliman had the listing. Agnello worked very closely with the seller and the buyer came direct.

commercial real estate, priciest, most expensive, 2023
Home Sweet Home storageCourtesy of Hamptons Compass Commercial

15) 342 Montauk Highway, Wainscott | $5.25 million

Known as Home Sweet Home Moving & Storage Co., the industrial warehouse building traded in November. Hal Zwick and Jeff Sztorc, now with Hamptons Commercial Real Estate Team at Compass,  represented both sides of the transaction when they were independent contractors at Town & Country Real Estate several years ago. The deal took a while to close due to zoning contingencies. The 30,000-square-foot building with a 3,723-square-foot covered dock is available for short-term lease, we’re told. The 0.62-acre property last sold in 1994 for $1.55 million, records show.

16) 321 North Sea Road, Southampton | $4.5 million

The Southampton Tire property, located next to McDonald’s at the gateway to Southampton Village, was sold on Aug. 31. The 1.4-acre parcel, zoned highway business, holds a 21,574-square-foot building. Carolyn Whitby, who owned the store with her husband, Albert Whitby, died in 2019. A company called 321 N Sea Road LLC with an address that is tied to Trotta Tire & Rubber Co. in Deer Park, purchased the property.

Main Street Tavern, Amagansett, restaurant
The restaurant at 177 Main Street is now home to Rowdy Hall.Courtesy of Saunders & Associates

17) 177 Amagansett Main Street, Amagansett | $4.45 million

At the top of the year, the former Main Street Tavern sold for 60% more than the sale nearly three years ago. The building went on the market in October 2022 for $4.995 million with Lee Minetree of Saunders & Associates, who also ended up representing the buyers. The sellers were an entity tied to the Highway Group, which bought it in May of 2020 for $2.825 million. It is now home to Rowdy Hall — but not before there was a whole uproar over the outside color of the building.

18) 95 School Street, Bridgehampton | $4.35 million

The building that holds Elaia Estiatorio, a modern authentic Greek restaurant, in downtown Bridgehampton, just off Montauk Highway, steps from the Candy Kitchen, sold on Dec. 22, according to a report from American Investment Properties. We hear the tenant purchased the property. The 129-seat, 2,482-square-foot restaurant was listed at the sale price with Southampton’s Morley Real Estate. The second floor offers 1,435 square feet with two apartments, each with two bedrooms and one bathroom.

19) 95 Carl Fisher Plaza, Montauk | $3.7 million

Built in 1970 and owned by the Rattiner family, the White’s Pharmacy building changed hands before the end of the year. Lee Minetree of Saunders & Associates represented both sides of the deal. The one-story, 4,300-square-foot building sits on a 0.15-acre property in the heart of downtown Montauk and across the Montauk Green. Thanks to its ideal location, it sold quickly, only several months after hitting the market and closed on Dec. 18. Be sure to read Dan Rattiner’s column on the bittersweet decision to sell the property his father built.

20) 11 Madison Street, Sag Harbor | $3.7 million

David Shorenstein, Jason Breitstone and Harsh Patel of Hildreth Real Estate Advisors made another major purchase buying this mixed-used property, a short distance from the village’s Main Street. The estate of Scott A. Weiss sold the two-story, 3,000-square-foot building on Oct. 25. Lee Minetree of Saunders & Associates represented both sides of the deal for the building, which sits on a 0.19-acre parcel. A restored 1744 building, there is a storefront, as well as a two-bedroom apartment with modern conveniences. It was delivered vacant on closing, according to a post from HREA.

21) 76 Mariner Drive, Southampton | $3.6 million

An 8,000-square-foot warehouse with light industrial zoning traded back on July 25. The building, constructed in 1995, houses Hardy Heating & Air Conditioning, among others. The buyer was listed as MSE Property Holdings LLC. Jeff Sztorc and Hal Zwick of Hamptons Compass Commercial represented both the seller and the buyer.

The abutting properties at 940-946 West Main Street in Riverhead, sold in June.Google Maps

22) 940-946 West Main Street | $3.4 million

Back in Riverhead, Fisher Realty Group purchased two parcels on six acres on June 26 from Ferguson Enterprises Inc. The sale included a 4.2-acre parcel with a 16,400-square-foot wholesale building, home to Blackman Plumbing, with two loading docks and offices, as well as a 6,528-square-foot, one-story building on a little more than two acres, where Advanced Imaging Systems, a copier repair service and dealer, has long been located. Christopher Stack of CBRE, a global commercial real estate services firm with an office in Melville, had the listing.

The former Breadzilla building, is located just off Montauk Highway on Wainscott-Northwest Road.Julie Froehlich

23) 84 Wainscott-Northwest Road, Wainscott | $3,365,000 

Tastebuds of Breadzilla fans still haven’t recovered from when the popular Wainscott sandwich shop and bakery closed in January of 2022. The Highway Group purchased the property for $2.7 million with promises that some favorite menu items would be back when it reopened. Despite a renovation that day never came to fruition.

On May 4, 2023, the building changed hands again, this time selling to Marc Goldberg, the principal of the well-known and much-loved Goldberg’s Famous Bagels located throughout the East End and in the building just to the south of the former Breadzilla property. He had been interested in purchasing it before and got a second chance. Lee Minetree of Saunders & Associates represented both sides.

Goldberg told Hedges at the time that he planned to move Goldberg’s Bagels from 358 Montauk Highway, but instead it became The Chicken Place and Goldberg’s stayed put. We’ll see what the future brings, though.

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