| Issue #29, October 13, 2006 |
Real Estates by Diane Strecker
It has been evident this past year that a high number of commercial listings have hit the East End market. Numerous motels, restaurants, vineyards, retail space, and equestrian properties have either changed hands or remain for sale. It seems that the owners of these very lucrative and valuable properties are choosing to cash-in while the market is still bringing big numbers. A retail space on the corner of Main Street in the village of East Hampton sold for $8 million this year. The Deep Hollow Ranch in Montauk, the oldest cattle ranch in America and family-owned for generations, has been on the market since the spring at $17 million. The Farmers Market on Main Street, in Amagansett, was added to the list earlier this year.
Adding to that, various marinas from just about every East End point on both Forks have also entered the market.
Early this spring, East Hampton Point Resort & Marina, in the Three Mile Harbor area of East Hampton, was listed for $55 million, coming in as one of the highest-priced listings on the East End. The 58-slip marina is set on 5 acres that include 13 shingle-style guest cottages. It also offers a harborfront restaurant set on 400 feet of waterfront. There is a launch, a filling station, repair shop, general store, a pool, and tennis courts. Although there was much speculation on a deal this summer, the property is still currently listed with Town & Country Real Estate in East Hampton.
On Shelter Island, for $12 million another marina entered the market early this past season. This one has 78 boat slips and is set on a little more than 3 acres on Coecles Harbor. Shelter Island is a boater’s paradise that is popular mostly with sailors and is known for its pristine waters and more secluded harbors. This marina can accommodate boats up to 60’ and also includes boat storage and repair buildings. There is a breakfast café as well as a 3200-square-foot catering hall, an outdoor bar, a game room, and dock house.
In Montauk, the marina for sale boasts ten acres and 22 boat slips. Here there is 500 feet of waterfront. The ten acres includes 5 underwater acres as well as 5 upland acres. The property contains 14 motel units, 9 of which have kitchenettes, and is located in walking distance to the Montauk airport. The compound also includes a private residence and a horse barn. It is also listed with Town & Country Realty in East Hampton.
On the North Fork, there is a marina for sale in Mattituck at $3.5 million. It is listed exclusively with Long Island Realty Agents Inc. This property consists of four upland acres and has 650 feet of bulkheaded waterfront on Mattituck Inlet that leads directly out to the Long Island Sound. Its zoning allows not only for a marina, but for a potential heliport, residence, motel & restaurant. The deepwater dockage will also allow for larger boats. This marina, which is located on Mill Road in Mattituck, is the only marina currently for sale on the North Fork. It is zoned Marine 2. Broker Michael Harmon says he sees this property as an excellent opportunity for an investor looking to capitalize on the growing popularity of the North Fork.
What makes marina properties so desirable here on the East End is the fact that it is difficult for buyers or developers to gain the proper permits and variances on undeveloped land that are already in place on existing commercial properties. Marinas, in particular, are some of the most difficult sites to develop due to the strict regulations imposed on the shorelines and wetlands which have come about in recent years. It is not only challenging but costly to any perspective buyer or developer to face such obstacles. These factors make the opportunity to purchase an existing business far more appealing than starting from scratch.
You can reach Diane at eastendrealest@yahoo.com.
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