Located on one of East Hampton Village’s most recognizable commercial corridors, a mixed-use building has come to market with Hamptons Compass Commercial.
The 2,245-square-foot main building has prominent visibility at 98 Newtown Lane, with an existing multi-tenant configuration and is surrounded by neighbors like Wittendale’s Garden Center, the UPS Store, Hampton Chutney and Riverhead Building Supply.
The asking price is $3.5 million. Hal Zwick and Jeff Sztorc of Hamptons Compass Commercial have the listing.
“This is a rare asset within beautiful and historic East Hampton Village,” says Sztorc. “If we look at the downtown landscape, we can only count on one hand how many of these properties exist. A niche within a niche — 98 Newtown is a rare mixed-use opportunity to buy into the village at a reasonable price. The demand for these buildings is high due to a wide variety of use applications and can make sense for an owner/operator, live/work setup, or an investor looking for rental income.”
Currently, it is configured with a dry retail store, professional office and an apartment, but the layout is adaptable and could support a variety of uses with the village’s “commercial” zoning, we’re told.
The 0.3-acre property boasts on-site parking and a three-car garage, too.
There is also redevelopment potential. A potential proposed site plan allows for the removal of the existing garage and the construction of a new, freestanding two-story commercial building with 852 square feet of space in total. The proposal also expands on-site parking to 19 spaces, which is unparalleled in the village.
With its existing mixed-use income, prime location on Newtown Lane and expansion potential — all for $3.5 million — this opportunity doesn’t seem like it would last long.
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