A turn-key Southampton Village restaurant is for sale for the first time in 20 years. Jobs Lane Ristorante, also known as Jobs Lane Gastro Pub, at 10 Windmill Lane is also available for lease.
Hal Zwick and Jeff Sztorc of Compass Commercial represents the 100-seat restaurant space, as well as an auxiliary building, at the corner of Jobs and Windmill Lanes, one of the most visible corners in the village.
“Rarely do we see a commercial property of such high standard in the heart of Southampton Village become available,” says Hal Zwick. “This restaurant, retail, or office site is offered to a new tenant for the first time in twenty years in an ideal location for the next operator to create his or her own vision going forward.”
The prices are available upon request.
Located in the heart of the village’s business district, the commercial space overlooks Agawam Park at the foot of the lake.
The 2,464-square-foot restaurant, including the kitchen and bar, is said to be in excellent condition. Sets of French doors lead to an outdoor space with 24 seats, in addition to the 100 inside.
The 1,500-square-foot auxiliary building contains additional refrigeration and wine storage.
A note on the restaurant’s website says that after William Oster, the owner and executive chef, has decided to transition into the restaurant consulting/private event space after 45 years in the industry and “19 years on this wonderful corner.”
“Southampton has been a tremendous, successful part of our journey,” the website says.
While the price was not publicly disclosed, the Hamptons Commercial team says retail space on the East End run for about $46 per square foot, well above the $33 per square foot norm for the rest of the Long Island metro area.
“Rents grew at an impressive rate of 9.8% over the past 12 months,” says the literature on the restaurant. “This growth rate was close to the highest annualized rate in the past three years.”
In fact, retail rents are 62.2% higher than a decade ago. “That’s ahead of the long-term performance in the metro, where rents cumulatively increased by 27.3% over the past decade,” the information explained.
On the sales side, the Hamptons continues to be one of the most heavily traded submarkets in the region, Zwick says.
“Annual sales volume has averaged $146 million over the past five years, including a 12-month high of $351 million over that stretch. The recorded transaction volume here reached $277 million in the past year,” he says.
Market pricing, up from last year, is $407 per square foot during 2022’s second quarter.
Zwick and Sztorc, who have sold some of the East End’s biggest commercial real estate. Earlier this year, they sold an East Hampton building on Newtown Lane for $28 million, which is being called the largest sale within any village business district on the East End.