Famed Lobster Inn in Southampton sells for $8.45M

After closing its doors at the end of 2016, the iconic Lobster Inn in Southampton went on the commercial sales market for $11.5 million in March of 2017.

Earlier this week, the Town of Southampton purchased the former restaurant and marina for $8.45 million through the Community Preservation Fund and Inlet Road Operations Corp, which is affiliated with the Manna Ocean Foundation.

The Town plans on preserving about half of the property to keep it as open space and a public marina. The Parks and Recreation Department will manage the marina.

The remainder of the property “will be used for development rights to encourage an aquaculture farm with a small restaurant, operated by third-party aquaculture owner, Inlet Road Operations Corp,” according to a Douglas Elliman representative.

Town Supervisor Jay Schneiderman wrote in a statement, “This transaction will help protect water quality and will preserve the neighborhood from overdevelopment.”

Represented by Douglas Elliman agents, David Donohue and Joe Peraino, the listing suggested that the 10-acre property be used for its development opportunity. The waterfront commercial space had a variance for 25 luxury townhouses with tennis courts, boat slips, and a waterside pool and clubhouse.

Donohue wrote, “Joe and I are very happy to have been involved in this transaction, which keeps part of the property available for public use and provides wonderful opportunity for local aquaculture.”

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• 1 Inlet Road [Douglas Elliman]
• Lobster Grille Inn Closes Its Doors [27east]
• Southampton’s Lobster Inn lists for $11.5M [Curbed Hamptons]