Who Wants to Buy a Vineyard? Apparently, Many People

Dan Abrams knew immediately after his first full tour of a 40-acre vineyard in Laurel that it was for him. The ABC News chief legal affairs correspondent purchased the 40-acre Laurel Lake Vineyards nearly three years ago and renamed it Ev&Em Vineyards for his two children. 

“First and foremost, I love Long Island and have long had a home here, but it had also always been a dream of mine to own a vineyard,” Abrams says. “In the five or so years before I bought what became Ev&Em, I was recognizing how much potential Long Island wines had. I was sorry years ago that I didn’t buy a vineyard in the Central Coast of California before that area exploded in terms of its quality, and I wasn’t going to let that happen again.” 

Abrams is not alone in wanting to own a Long Island vineyard. 

“There’s a surprisingly large customer base for vineyards, with way more buyers than there are vineyards,” says Joseph DiVello, a licensed real estate salesperson with the Southold office of Century 21 Albertson Realty. DiVello, who specializes in farmland and open spaces, has been the listing agent for two vineyard sales, most recently a 66-acre portion of Castello di Borghese in Cutchogue in 2022. DiVello says interested buyers typically include a large contingent from New York City, some international players, CEOs of businesses, retired local professionals, groups of investors, groups of friends and others.

Over the last year, several notable vineyards have come on the market, including Osprey’s Dominion, which includes 90-plus acres, a winery and vineyard and was listed for sale late last fall for $13 million. Part of Osprey’s Dominion is under contract to be sold for an undisclosed price, but a significant portion, including the tasting room in Peconic and the brand, remains on the market for $8.2 million.

This past summer, Bedell Cellars estate vineyard in Cutchogue and Corey Creek Tap Room in Southold were listed for $12 million. The properties span 95 acres across three separate locations. Surrey Lane Vineyard Orchard Farm, which includes vineyards and a residential property in Southold, is also on the market, for $4.15 million. 

Andrea Parks, a licensed salesperson in Douglas Elliman Real Estate’s Cutchogue office who previously managed North Fork vineyards and wineries, works with many buyers who are looking for a vineyard.

“My potential buyers are ‘watchers’ right now, as they are carefully monitoring the prices of the current vineyard inventory and also keeping an eye on any potential new vineyards that may enter the market for sale,” she says, adding that her buyer profile varies greatly depending on the specific vineyard’s characteristics, location, size, wine quality, reputation and market conditions at the time of sale. 

“In the past few years, most of the sales on the East End have been newcomers to the industry who want to maintain the legacy and tradition of where they are buying,” Parks says. “They may have been drawn to the prestige of owning a vineyard but are smart enough to rely on knowledgeable winemakers and vineyard managers to run their operations.”

Most of Parks’ buyers come from the tri-state area, and all of them approach possible purchases as an investment, she says, with some more interested than others in being hands-on operators. “Yet, all want to collaborate with experienced, local vineyard staff to ensure the success of the vineyard and their investment,” she says.

Long-time winemaker Juan Sepulveda remained at Ev&Em and worked alongside Abrams and his managing partner Vanessa Price as they renovated the tasting room and made other changes with a goal of elevating the product.   

“We have changed the winemaking strategy to be much more selective in the grapes we use, and we have planted new vines as well to expand our red wine offerings,” Abrams says. “We are thrilled with the 2022s, which are already a step up from 2021.”

Melissa Principi’s family owns Roanoke Vineyards in Riverhead, and she herself is a certified sommelier in addition to a licensed salesperson in Douglas Elliman’s Cutchogue office. With her expertise in the industry, buyers seek her out when they are looking to enter or expand their vineyard operations. 

“When it’s a newcomer, it’s usually more of a passion project,” she says. “Maybe it’s their second career. They may have a real estate or business background, and they always loved wine and want to start a new project.”  

In addition to established vineyards and wineries, Principi works with buyers to identify available farmland that could be turned into a vineyard, which she says is typically a more attractive purchase to buyers who are already in the industry. For instance, in 2022, Principi worked on Del Vino Vineyards of Northport’s acquisition of a 30-acre farm in Riverhead that will allow it to expand its operations.