This article was updated on February 4, 2023, and March 7, 2023.
Behind The Hedges used Suffolk County deed transfers available through December 31, 2022, to compile a list of the top commercial sales on the East End, from Montauk to Riverhead Town, 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’s our top 22 commercial sales of ’22.
1) 21 Oceanview Terrace, Montauk | $77.5 million
The top commercial sale was the sale of Marram Montauk, a 96-room boutique hotel on the ocean. The deed transfer, which showed the exact price of the transaction, was only available on February 4, 2023.
2) 66 Newtown Lane, East Hampton | $28 million
It is no surprise, even when the building traded in an off-market deal on June 1, that it would be the biggest commercial sale of the year. The sale of the 20,000-square-foot multi-use building is the largest ever within any village business district on the East End, according to Hal Zwick and Jeff Sztorc of Compass Commercial, who put the deal together, representing the buyer and the seller. The buyer is listed in deed transfers as Benchmark 66 Newtown LLC, a low-key investment entity. According to property records, the seller was 66 Newtown Corp, a private family entity, which bought the property in 1997 for just $4 million.
The two-story building contains nine retailers on the ground level and 12 office suites on the second floor. The 1.126-acre property also boasts a dedicated parking lot in the rear, a rarity for the village commercial property. Since the sale, Sant Ambroeus, an Italian eatery and coffee bar located with locations in Southampton Village, New York City and Palm Beach, opened in the restaurant space, the longtime home to Babette’s restaurant, which closed in October of 2021.
3) 1414 Old Country Road, Riverhead | $14,777,000
A 55,000-square-foot building in Riverhead, home to Hobby Lobby, sold quietly on July 22. The freestanding building, built in 2021, is sited on a 12.08-acre parcel that sits at the corner of Osborn Avenue and Old Country Road. Flora & Irwin LLC sold the property to Hoblob 58 LLC, a private investor. The deal was brokered by Michael Tuccillo and Matthew Klang of the Tuccillo Group at Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
Coming in at third place is the sale of the Atlantic Hotel, which sold on April 12. Anthony Cerio of the Cerio Natter Team of Brown Harris Stevens, which brokered both sides of the deal, sold this property for the second time. The four-acre property includes 62 hotel rooms, a dining area, a large heated pool, an outdoor lounge area and two tennis courts, plus plenty of parking. Hampton Resorts, LLC purchased the property in November of 2015 for $5.7 million. The new owner is listed as ESC Southampton LLC.
In December 2022, Blue Flag Partners purchased what was the Sunset Beach Montauk, and will be called Sunrise Beach, as well as two vacant properties and four waterfront parcels in Montauk Harbor, totaling 3.46 acres. The single-story hotel with three buildings and walk-out rooms, renovated in 2019, straddles two contiguous properties at 540 West Lake Drive and 17 Soundview Drive. There are 34 turn-key rooms spread across the buildings, one of which used to be Culloden House and, in recent years, was combined with Sunset Beach Hotel. The Sunrise hotel properties, totaling about an acre, made up the bulk of the sale with 17 Soundview Drive trading for $5,536,726 and 540 West Lake Drive going for $5,107,610. Lisa Grenci of Douglas Elliman had the listings.
The nearly seven-acre, year-round hospitality mainstay had been on the market for several years when it sold on June 21. Despite its name, Wainscott Inn is technically located in the Village of Sagaponack, just west of Wainscott. It includes a main inn building, five cottages and three motel units that provide a total of 36 rooms. There is also a heated pool and two tennis courts. Patti Ann Kelly of Nest Seekers International, who had been the last agent to list the property, brought the buyers, listed as AE Wainscott LLC to the sellers, Ionian Construction Inc.
7) 50 Station Road, Water Mill | $11 million
The Watermill Station office condominium complex quietly traded on June 29, 2022. Completed in 2015, there are seven two-story buildings behind the Water Mill shopping center, along the railroad tracks. Modern offices have central air conditioning and lower level storage. Morrisville Associates LLC purchased the complex from Bridgehampton Partners.
Best known as the nightclub Sloppy Tuna and Nick’s on the Beach, the property was sold on November 8, 2023, though it did not show up in the deeds until March of 2023. Chris Coleman of Compass represented both sides of the deal. Plans for the 5,284-square-foot property, which sits on a 0.13-acre beachfront parcel in the center of Montauk, are not clear yet. The buyer is a limited liability corporation called 7G S Emerson.
The Southampton movie theater traded for $8 million when it closed on November 16, according to Suffolk County deed transfers available just this week. Located in the heart of the village, the theater has been shuttered since the COVID-19 pandemic began in March of 2020 and the plan is to reopen the theater for movies and cultural events. Exactly who is behind the purchase is unclear. Hill Street Cinema LLC is the listed new owner, buying the 17,859-square-foot building, which sits on 2.2 acres, from Southold Properties Inc.
10) 579 Edwards Avenue, Calverton | $7,687,548
The industrial building that houses a FedEx warehouse and distribution center appears to have sold in an off-market deal on April 28. The 66,810-square-foot building sits on 10.51 acres near Route 25, just west of Riverhead. It was built in 1999. The buyer is listed only as NL-Edwards NY LLC.
11) 2201 N. Road, Hampton Bays | $7 million
Hildreth Real Estate Advisors (HREA) acquired this multi-family property in an off-market deal on May 24, the first sale of the property in over 20 years. David Shorenstein, Jason Breitstone, Max Padway and Yair Sarraf bought the property that spans 11,760 square feet for what amounts to $595 per square foot or nearly $292,000 per door. Glenn Yurgel of Hampton House Realty Corp. was listed as the seller.
12) 408 West Lake Drive, Montauk | $6.5 million
The iconic and shuttered Liars’ Saloon was sold when Offshore Sports Marina changed hands in July. Patti Ann Kelly of Nest Seekers International — who also sold the Wainscott Inn — represented the seller and found the buyer, listed as 408 West Lake Drive LLC. In August, 27East identified the buyer as Sam Gershowitz, the founder of Gershow Recycling, which operates throughout Long Island. The Southampton resident also owns Star Island Yacht Club in Montauk.
Along with the bar and a second-floor apartment with two bedrooms, the property consists of three cottages — two with recent five-star renovations, we hear — a separate building with showers and toilets, each with its own keyed doors, a coin-operated washer and dryer facility and a pantry. A large office building faces the marina with a gift shop and bait and tackle store that boasts picturesque water views. There are also two gas pumps for boats. Offshore Sports Marina Inc. was the seller. Vincent Carillo, the longtime owner, died in 2020 at the age of 80.
One of the prime commercial locations in the Village of East Hampton, at the corner of Newtown Lane and Main Street, sold at the top of the year and Prada soon moved in. Benchmark EH LLC purchased the two-story mixed-use building on January 31 from Red Lad LLC. Hal Zwick and Jeff Sztorc of Compass Commercial repped the listing, last asking $6.25 million. The building offers retail on the ground floor and office space on the second floor.
14) 28 Newtown Lane, East Hampton & 363 Dune Road, Hampton Bays | $6 million
There is a tie for the 13th place on our list with two properties selling at $6 million. The building at 28 Newtown Lane in East Hampton sold April 20. Z & S Realty LLC sold to 26 Newtown Lane LLC. This summer a Chanel pop-up took over the 2,500-square-foot building, the former home of Eileen Fisher.
Over in Hampton Bays, a marina and restaurant traded on July 6 with Garson Beach Realty LLC selling to 363 HB Beach Road LLC. EHP Hospitality Group is said to be expanding the footprint of The Inn Spot, a bayfront hotel and restaurant purchased in 2021, and a sister location, considered a “hangout” that will be called the Dune Spot. Located just outside the Shinnecock Inlet next to Sunday’s On the Bay and Oakland’s, the property, it is at the end of Dune Road, which is technically 363 Beach Road. There are 24 slips, a 150-seat restaurant, a 375-person capacity bar, as well as an additional 40-seat cafe and retail on the ground floor of the main building. Hal Zwick and Jeff Sztorc of Compass Commercial were also involved in this deal.
15) 11 Indian Wells Highway, Amagansett & 223 West Montauk Highway, Hampton Bays | $5.2 million
Closing just before the holidays, Hildreth Real Estate Advisors (HREA), a real estate investment platform, purchased 11 Indian Wells Highway on December 22. Known as Amagansett Applied Arts for the art school that was once there, the red barn-style structure, just south of Montauk Highway and around the corner from the Amagansett Square, is a 1.2-acre property that abuts 136 Main Street, which HREA bought a year ago. Hal Zwick and Jeff Sztorc of Compass Commercial, who had the exclusive listing, represented both sides of the deal.
The two-story medical and professional building at 223 West Montauk Highway in Hampton Bays anchored by Royal Bank of Canada and SightMD, also sold for $5.2 million. With 5,000 square feet of space on each floor, it can accommodate five tenants. The 1.07-acre lot has ample parking. The Tuccillo Group’s Michael Tuccillo, Matthew Klang and Michael Apostolopoulos, investment specialists in Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, Phoenix Group of Hampton Bays Inc. The buyer was Timac Kaminia Hamptons LLC, which closed on the deal on March 18.
A former manufacturing plant, the building was once home to Luxfer Magtech Inc., which specializes in developing, manufacturing and supplying products that safeguard and protect, and shuttered the plant in 2018. The vacant 35,750-square-foot commercial space that sits on 11 acres traded hands on March 18 with Elton Operating LLC as the buyer. A firearms training facility had been proposed there, which drew opposition. In October, the Riverhead Planning Board approved a site plan for the property that include
A rare multi-family complex sold in November, less than a year after it sold for only $1.9 million. Fairfield Properties, a Melville-based owner and developer of commercial real estate that manages many complexes throughout Long Island, is the most recent buyer, while Hildreth Real Estate Advisors (HREA), which has been buying up commercial real estate throughout the East End, made a hefty profit. The complex is now called Fairfield Estates at Hampton Bays.
18) 548 West Lake Drive, Montauk | $4.2 million
The Sail Inn, a cozy tavern with rooms and a restaurant by the docks on Montauk Harbor, was sold October 28, 2022, for $4.65 million to the mother-son team of Colleen Croft and Luca Guaitolini, according to The East Hampton Star. Suffolk Counnty deed transfers show the real estate sale was $4.2 million. They also own the well-known Elio’s restaurant on the Upper East Side. The seller was George M. Gallaway, who built the Sail Inn before it opened in 1986.
19) 270 West Montauk Highway, Hampton Bays & 1049 Osborn Avenue, Riverhead | $4 million
Another tie for the 17th spot, the first being the legendary Boardy Barn bar at 270 West Montauk Highway in Hampton Bays. Under the same ownership for 50 years, it sold on May 5 to Vozi Realty LLC. The 2.6-acre parcel was listed exclusively with Jones Lang LaSalle, a commercial property management company, in October 2021. Plans for the property are not yet clear.
On Sept. 30, a 2.5-acre lot at 1049 Osborn Avenue, on the corner of Route 58, in Riverhead sold for $4 million, as well. The parcel is situated at a major intersection with a traffic light and 550 feet of frontage on the highway. It is zoned business commercial with access to the public sewer system. The listing says it is perfect for retail or a restaurant. Dewall Manor LLC was listed as the buyer.
20) 36 Windmill Lane, Southampton | $3.95 million
Shippy’s Pumpernickel Restaurant, a local favorite for 68 years, sold on July 14 and soon closed for a makeover. Hal Zwick of Compass Commercial and Joe Piccininni of Compass brought the buyers to the deal, while Piccininni also repped the seller, Nicolai Nielsen. John Betts, who grew up in North Sea and moved back to Southampton after serving as the president and CEO of McDonald’s Canada, has been reported as the new owner, though it was purchased under 36 Windmill Lane LLC.
21) 109 Pantigo Road, East Hampton | $3.85 million
Located right in the middle of the business district, the 2,800-square-foot, two-story building sold for its full asking price. Hal Zwick and Jeff Sztorc of Compass Commercial represented the listing. The building had most recently been home to the Tracy Anderson fitness studio, it is zoned for retail, exercise or office use. Salomalea LLC sold the property officially on May 16 to 30 Park Place EHV LLC.
Honorable Mention: 210 Hampton Road, Southampton | $3.4 million
The former Red Bar Brasserie building sold to EHP Hospitality Group on February 10. Maritza Jimenez of Brown Harris Stevens had the listing on the property, which included the restaurant, an apartment above and a single-family residence. Chris Coleman of Compass represented the buyer. Red Bar, though popular, closed in September of 2018. The restaurant is undergoing renovation and will open in 2023 as Enchanté, a modern French-inspired bistro.
Honorable Mention: 1742 Bridgehampton-Sag Harbor Turnpike, Sag Harbor | $3.3 million
The new home of another Goldberg’s Bagels, the property changed hands July 5. The 1,600-square-foot building was the Hamptons’ location of Ed’s Lobster House, which closed after last season. Three years earlier it was the well-liked Bay Burger, owned by Joe and Liza Tremblay and John Landes, who had also owned the real estate. Hal Zwick and Jeff Sztorc of Compass Commercial repped the sellers and buyers.
Honorable Mention: 29 Old Stone Highway, Springs | $3.18 million
Located at the center of Springs’ historic district, the Springs General Store is simply iconic. The 1.3-acre harborfront property was sold June 21 and includes the approximately 2,520-square-foot store with a second-floor apartment, built in 1844 as a post office and general store. There is also a detached two-car garage and of course the old-fashioned gas pumps. Springs General Real Estate LLC was the buyer. Tina B Plesset, Kammy Wolf and Phelan Wolf of Sotheby’s International Realty had the listing.
Honorable Mention: 24-26 Park Place, East Hampton Village | $3.15 million
A 1,500-square-foot building with an arched brick façade off the Reutershan’s parking lot in the village sold on November 23. There are rental units available, most recently occupied by TASCHEN, a leading art-book publisher known for its coffee table books. Hal Zwick and Jeff Sztorc of Compass Commercial were the listing agents. Agnes Wanielista of Compass brought the buyer.