Archive for the 'Commercial' Category

Hamptons & North Fork Commercial Real Estate Market Is Strong

Thursday, January 14th, 2016

The Hamptons and North Fork commercial real estate marketplace was very strong in 2015 in all categories — Sales in Village Business District Retail, Fringe area retail/office, Commercial / Industrial, and leasing overall.

 

Outside investors, primarily Manhattan real estate owners and in recent years hedge fund investors, continually seek village buildings to purchase but the owners do not want to sell. Rent rolls are high and they have seen considerable appreciation. It does not make sense for them to sell at a reasonable price, hence a stalled market.

 

Retailers have increased interest in Montauk, Sag Harbor, Amagansett, and Bridgehampton with limited sites available to lease. This has therefore increased the rates in these markets. East Hampton and Southampton remain strong as the key areas national retailers seek out. We are however seeing a weakness in East Hampton as rents have increased to a point making the cost of doing business too high for many.

 

Most restaurant sites were either sold or leased in 2014 and 2015 including Moby's, Momi Ramen, Fresh, Winston's, Wolffer Sag Harbor, and Baron's Cove Restaurant to name a few. While there are always restaurants for sale — there is less inventory than in past years. But with the life span of the average East End restaurant short – that will probably change by next year, as the average lifespan for new restaurants opening is about three years.

 

The most sought after sites are the Commercial/Industrial ones. Landscape and pool companies are the major buyers of these sites in the last couple of years with a current lack of inventory. Major builders have also purchased highway builders to make their presence and strength known such as Farrell, Michael Davis, and Landscape Details to name a few. There are others who have sites in contract and will be making announcement in the near future.

 

The area to watch for 2016 is the North Fork — but more on that next month.

LADIES WHO LUNCH!

Monday, October 5th, 2015

Town & Country Real Estate proudly supports the Ladies Village Improvement Society, INC. One event we particularly enjoy partaking in is the Landmark Committee Luncheon. This year’s Annual Luncheon was at The Devon Yacht Club in Amagansett.

Mother Nature was showing off her powers outside, but the lecture and the company was warm and engaging inside.

Devon celebrated its centennial, so it was fitting that this year the event was moved from The Maidstone Club to Devon. John R. Mackall gave a tutorial on the history of Devon, the Colony, the Club and beyond.

The Devon Colony Estates were built in 1909 as a summer retreat for four wealthy families from Cincinnati. The William Stanhope Rowe House was the largest of the original Devon Colony Houses, called the 7 Sisters. It was built by John Mackall’s great grandfather. Richmond Levering, William Stanhope Rowe, Joseph Rawson and William Cooper Procter were the originators. We all admire their vision and commitment to Amagansett.

Town & Country calls this afternoon our Ladies Who Lunch. We enjoyed a beautiful array of delicious foods prepared by the chefs at Devon.

Happy Anniversary to a very special place with a very special history. Devon and The LVIS forever together.

 

Town & Country’s Board of Directors and Executive Staff Members

Monday, September 21st, 2015

Town & Country's Board of Directors and executive staff members enjoyed a beautiful luncheon at Duryea’s Dock in Montauk at the Annual Fighting Chance Lobster Bash. Duncan Darrow, Fighting Chance Founder and Chairman greeted everyone.

We all enjoyed our lobsters, chowders and much more, paring this great seafood with two great North Fork wines!

Chip Duryea was honored with a painting by Paul Davis. Chip’s generosity and love of Fighting Chance shone greater than the sunshine!

T&C has been taking our Board of Directors and executive staff members for the past few years… it’s a tradition we will miss since Duryea’s has been sold and will never quite be the same again without Chip.

A good time was had by all!

  

   

        

Photo Credit: Charlie Grubb

Another Montauk Harbor establishment prime FOR SUMMER 2014 occupant

Friday, October 11th, 2013

With the ever changing face of Montauk, Cross Eyed Clam is an opportunity to add to the “new” look of the furthest hamlet on the east end of Long Island. First Salivar’s went on the market and sold (by Town &Country Real Estate), and then Lenny’s went on the market and sold (by Town & Country Real Estate, now it is Cross Eyed Clam on the market. But Cross Eyed Clam offers something the other two did not – three sources of income: a full service restaurant, a take-out snack bar and dockage for eight boats.

And what better a location than in the heart of the harbor in a town famous for its fishing, claiming to have more world records for saltwater fishing than any other port and home to the largest commercial and recreational fishing fleet in the state of New York.

POWER LUNCH

Thursday, September 19th, 2013

Members of Town & Country’s commercial division met for a true ‘power lunch’ this week at The Soundview Inn & Restaurant – one of our high profile commercial exclusives. Spearheaded by T&C Director of Commercial Sales Force, Hal Zwick the group discussed the present state of each Hamlet’s core business district in both leasing & sales, as well as the projections for the future.
 
The lunch was tasty as well as informative. The Soundview Inn is a unique opportunity like no other on the North Fork. Hal Zwick is the Exclusive Listing Associate, has more information for any qualified potential buyers.
 
Members in attendance include Hal Zwick, Judi Desiderio, Nicholas Planamento, Joan Bischoff, Rich Lennon, John Reale. Other members of T&C’s commercial division that were unable to attend are seen here in our company photo of the Commercial Division include John Wines, Bill Wines, Theresa Eurell, Jim Arnold, and Stacey Barnds. All Town & Country Associates have access to all commercial listing information and many, other than the Commercial Division, have successfully consummated several commercial transactions. The formal division is simply another means of servicing our diverse clientele.
 
Town & Country lists, sells and leases more East End commercial real estate than any other firm.

Great news: The Suffolk theater reopening in Riverhead – March 1st 2013!

Thursday, February 28th, 2013

Suffolk Theater

What better sign of a revival of a down town business district than the reopening of the beautiful Suffolk Theater on Main Street in Riverhead! If you have not seen Main Street lately – you will be surprised and you should re-visit the East Main Street area and Riverfront! The new Hyatt and Atlantis Aquarium complex, a series of new and renovated restaurants including but not limited to the Athens Grill, the little gem of the Turkuaz Grill and the always popular Riverhead Project should have given an indication of the exciting news from our Western neighbor Riverhead!

After many years of decay in the Down Town Area – the Suffolk theater will again be the crown jewel of the down town area! On march first, the Main Street area will be closed down for a festive ribbon cutting ceremony. A grand opening Gala follows-you can join for $125.00 – and a series of golden oldies opening in the subsequent days. For more information: visit their website: The Suffolk Theater and be as impressed as I am! Go Riverhead!

PROPERTY OWNERS ADJACENT TO LITTLE FRESH POND LAKE OPPOSE CAMP

Sunday, November 20th, 2011

Many years ago there was a tennis camp on Majors Path, Southampton New York. The property was sold and according to Newsday, the lawsuits have begun. The neighbors are opposed to the camp for environmental reasons. The owner, Jay Jacobs, state Democratic Committee Chairman, said the camp would have 400 daytime campers, and up to 100 staffers for 10 weeks in the summer. There is room for 40 bunk houses for camp counselors who don't live nearby but most of the staff will be local residents. He has indicated he would be updating all the old cesspools on the property with new septic tanks. The residents are concerned about the potential harm on the fragile ecosystem of Little Fresh Pond.

Bridgehamptons’ Three Corner Renovation

Friday, November 18th, 2011

It seems to be the three million dollar question in Bridgehampton….What is happening with the Bull’s Head Inn and its neighboring commercial corners.  It looks to me to be the “Revival of the Historic Mansions”.  I find this very exciting and happy to see that the current owners of the properties are restoring and renovating the 19th- century mansions and keeping a part of Bridgehampton history alive (Thanks to the “Save the Bull’s Head Inn” committee).  Another happy site, as I drove into work today,  they finally razed the old dilapidated Beverage Distributor/gas station (not sure how that building didn’t fall down in the last storm).  Let the Bridgehampton Beautification Begin!

 

After years of back and forth with permits and town objections the projects are finally approved and construction has begun.  Now the question is – what will be going in the newly restored mansions and the new building on the old beverage/gas station site. 

 

The Bull’s Head Inn is being totally restored and will be the show piece for a new hotel and restaurant.  There will be five smaller buildings constructed on the property to house the conference center, health spa and lap pool.  

 

The Greek Revival Mansion across the street from the Bull’s Head Inn started renovations sometime back and is now moving along at a much faster pace.  This building is owned by the Bridgehampton Historical Society and will be made into a museum.  Thanks to all the generous donations of the Bridgehampton community this dream renovation has become a reality and hopes to open next year.

 

The Beverage Distributor site is going to be a brand new office complex built in the same style as the Bull’s Head Inn.  It will be 9,000 square feet and should be ready for occupancy next year.

 

Bridgehamptons’ Three Corner Renovation….the past restored…..

Tony’s Asian Fusion opens in Mattituck on the North Fork

Tuesday, July 19th, 2011

 

Tony's Asian Fusion Mattituck

Tony's Asian Fusion opened up in Mattituck – great news for those of us who have a craving for better Chinese and Thai food! It's located conveniently on the corner of Factory and Main Road, accross from Waldbaum's – and you'll be surprised who I already met there! Find out for yourself and welcome this new business on the North Fork! And try their Chicken Red Curry with a glass of One Woman's Gewurztraminer… Delicious! take-out or relax in a beautiful brand new dining room.

NO-VACANCY SIGNS ARE GOING UP AT BRAND NEW “BLUE INN” IN EAST MARION FOR 4TH OF JULY WEEKEND

Friday, July 1st, 2011
Blue Inn at East Marion, North Fork

Montauk Hotelier Sam Glass succeeded in bringing the best of the North Fork and South Fork & the Hamptons together: the owner of Montauk’s Ocean Resort Inn is opening the Blue Inn this fourth of July weekend!

Visitors to the North Fork looking for a place to stay: pay attention! The Blue Inn will be the place to be beginning this weekend and no vacancy signs are going up quickly (still call to see if there are a few no-shows or cancellations – worth a try!!)

The renovations which took place since Sam Glass bought this famous North Fork watering hole and Inn last year made all the

Blue Inn Guestroom

rooms and suites conform to the highest standards in hospitality: clean, luxurious and tasteful! Each room has its own small kitchenette

The Blue inn is located conveniently on the Main Road in East Marion – only a few miles form hustling and bustling Greenport

Lavender by the Bay

Village with all its harbor-front shopping and dining. While you are relaxing on one of the rocking chair porches or sipping a cocktail at the Bar you’ll get a whiff of the breeze from the west where Lavender by the Bay has its neighboring acres fields of French Lavender blooming this weekend. It all spells out one thing: Relax and enjoy!

 

Worth a visit – and While you are out visit a few of Town and Country’s open houses on Saturday!

Welcome to the North Fork and Happy Fourth!

Porches with Rocking Chairs at the Blue Inn