The other week we mentioned that the owner of 51 Newtown Lane in East Hampton is looking to offload the property. Today, the listing hit the Interwebs. The 13,000 sq. ft. space (of which about
6000 - 7000 10,000 sq. ft. is retail) has an ask of $13.95M.
Now, before you start screaming "they must be smoking crack", do realize that the current tenant?Scoop Beach?is locked into a lease until 2025. So, knowing the exorbitant rates (a good estimate being about $100/sq. ft.) for rentals in the Village, we would expect the new owner would expect to recoup at least half of their investment. Still pricey, but not unreasonable for such a well-trafficked village location.
· Listing: East Hampton Village Investment Opportunity [Saunders]