Southampton - There are prime commercial spaces available in the Hamptons as we head into yet another season. Here's what happening in three East End villages:

East Hampton

Commercial real estate in East Hampton Village is 25 percent to 70 percent higher than a year ago. "It's a matter of supply and demand," Hal Zwick of Devlin McNiff said. East Hampton is still the gold standard in East End retail. Every other hamlet is trying to play "catch-up."

The last available space on Main Street in East Hampton just went into contract for a long term lease at $150,000 per year, thanks to Horton Realty. That's a lot of money for a 900 square foot space in what was never considered a great location, having seen the likes of Tumi, Brooks Brothers and Balenciaga come and go in quick succession.


There are still a few, off-the-beaten-path, store fronts available for rent in the Town of East Hampton. Zwick is offering 1,350 square feet, the former Bridgehampton National Bank at 24-26 Park Place for $35,000 per month for July and August and then about $13,000 per month year round.

Josh Roth of Manhattan Skyline is offering three available spaces. Tucked away on The Circle; 59 The Circle, is 630 square feet while the former Jill Stuart space behind Chase Bank is 800 square feet. Roth is also renting 825 square feet at 106 Park Place but the realtor is not giving up the asking price, nor is he interested in seasonal rentals or splitting the spaces. "If someone is interested in a long term lease, we are willing to work with them," he said.

Rudy DeSanti, Sr. of Dreesen's, formerly on Newtown Lane, is overseeing construction of a new building at 15 Lumber Lane, near long term parking. Rudy DeSanti, Jr. will run Dreesen's catering and wholesale out of a new kitchen on the first floor. There are two other spaces for rent, about 1,000 square feet each.


The new building could usher in new life to upper Newtown Lane, a dead zone as of late. If so the owners of 105 Newtown Lane may have a better chance of getting $9 million. That would be a four percent cap rate for the 11,900 square foot brick, multi-use building, according to LoopNet.com.

Hotpads.com has 98 Newtown Lane, a two story, 2,000 square foot traditional on .38 of an acre, listed for sale for $1,395,000 which might actually be a real investment and can be used for residential, office or retail.

A new sign in the window of the old Crossroads Music store reads, "Jamaican Specialties." The project looks to have stalled, most likely due to problems with their permits. Let's hope they work it out. East Hampton could use a little spice.

There are a lot of restaurants for sale in the Town of East Hampton. Just outside the village on Three Mile Harbor Road, a nightclub/restaurant is ripe for re-development. Meaning the 5,000 square foot building, on less than one acre, might work as well for retail or a bank. It's listed at $4,295,000.


Further down Three Mile Harbor, on the water, is East Hampton Point, a 20 suite resort, 400 seat restaurant and 58 slip marina. The price has been lowered to $25 million, from the original top of the market $55 million asking price. It's listed now at $30 million through most Realtors in town.

The Spring Close House opened for its first season this spring on Pantigo Road. Property owner Bernard Kiembock is selling the 7,500 square foot on almost four acres for $8 million. In addition to the farmhouse-style, 200-seat restaurant, there is a barn with an apartment.

Another multi-use property for sale at 251 Pantigo Road includes two buildings, one with two stories, formerly used for retail, now offices, offered by Brown Harris Stevens for $1,495,000.


Amagansett

Better to ask what commercial property is not for sale in Amagansett. It certainly seems like the entire hamlet is for sale.

Entering Amagansett from the west, the Amagansett Business Center is for sale. Listed as "distressed" through Siverstone Property Group, it includes a total of 7,600 square feet - has an 80 percent occupancy as retail, office and a gas/service station, for $4,750,000.

LaCarrubba's building at 3 Main Street is for sale in Amagansett. The family have owned the building (Outdoor Store, Pamela Williams Gallery and Corcoran Real Estate) since 1930. It totals 4,600 square feet on a little over a quarter acre, listed for $14,750,000 through Town and Country, which is also offering the following two restaurants.

Indian Wells Tavern has a lease in place until 2018 but would consider a buy-out if 117 Main Street was sold. The restaurant is 2.900 square feet on .41 acre property and comes with four cottages, leased month to month, for $6,950,000.


Astro's Pizza, another long time Main Street, Amagansett business for sale for $4.5 million. It totals 2,200 square feet and includes an apartment and parking for six cars.

Two buildings, 4,000 and 2,000 square feet on .50 acre with a large lawn set back on Main Street is for sale for $5,900,000 through Loopnet.

Gordon's, in the good old days, is now empty. Saunders is leasing Randy Lerner's 70 seat, 3,000 square foot restaurant, which was recently renovated and listed at $144,000 annually. An upstairs apartment and office are also for lease.

If its old you like, there are several historic structures for sale on the south side of Main Street. On the corner of Meetinghouse Lane, 2,500 square foot antique shop occupies the first floor of a Victorian. A two bedroom apartment has wide plank pine floors and exposed beams. Two barns are in the back, listed at $3,765,000 by Town and Country.


Next to the Farmer's Market, 415 Main Street has been for sale since Pacific East restaurant closed, close to 10 years ago. It's listed at $4.5 million and the owners are ready to negotiate, according to Saunders broker Lee Minetree. However, the non-profit Amagansett Food Institute are actively raising funds to purchase the property for a community food education center which may be the best option for everyone.

On the other end of the slow/fast food spectrum, convenience store 7-Eleven was rumored to be taking over empty space in the building owned by Richard Principi and Yyonne Velasquez, next to the IGA. Construction had started but stopped once the Concerned Citizens of Amagansett got wind of it. Everyone is holding their breath, wondering if there will be second 7-Eleven in the Town of East Hampton, after Montauk.

Montauk

Commercial real estate at "The End" has now hit a crescendo. Momentum has been building for the last couple of years with some high profile transactions. Shagwongs, the Montauket and Salivar's, along with other iconic establishments are on the block. Chances are they too will follow the path of the Old Shabeen, the Crow's Nest, the Shepard's Neck and Rushmeyer's into hipster-land.


Firstly, on Main Street coming into the hamlet, a multi-use, two story (1,500 square feet each floor) building that looks toward the ocean and backs up to Fort Pond is for sale for $1.5 million. It almost seems like a bargain.

Saunders is offering four spaces zoned wet-use; two empty restaurants, a grocery store and a deli. The old Oyster Pond, 3,620 square feet, between Main Street and the ocean is $1,850,000 and a 6,300 square foot, 184 seat restaurant with a rare Dance Hall/cabaret license by the railroad station has just been reduced to $1.2 million. Cromer's Market, 2,500 square feet at 805 Montauk Highway, is for sale for $245,000 plus $7,500 monthly rent. National chain Subway was in talks to take over the 1,943 square foot Village Deli on Main Street but that fizzled out when they discovered business drops dramatically in the winter. Someone has stepped up to the plate and the A-location is now in contract. The asking price was $1.2 million - 721 Montauk Highway includes the famous John's Pancake House, a barber and a three bedroom, two bath, apartment on the second floor is for sale for $2 million, offered by Prudential Douglas Elliman Real Estate.


The Ronjo Motel sits in the middle of the village at 55 South Elmwood on .61 of an acre. Three two story buildings with 33 rooms (16 with kitchens) totals 11,2500 square feet offered at $6 million. MTK Cafe is going for $1.8 million. Both offered by Atlantic Beach Realty.

The Carriage House, a 28 year old 550 square foot gift shop on Main Street including inventory. The cost is $139,000 through Town and Country.

Shagwong Main Street has been the true hub of Montauk village since 1927. The 112 seat restaurant and tavern each have its own entrance and there is a four bedroom, two bath apartment with second story views of the ocean and a fireplace, offered by Martha Green for $4,995,000.


Green also has the listing for the Montauket on Fort Pond Bay. Known for its amazing sunsets, cheap beer and "friendly" crowd. Listed for $17.5 million the 1.3 acres include 12 room motel, modest bar and restaurant, two cottages and a four bedroom house.

Salivar's is more than a late night bar and early morning diner serving commercial fisherman. At 60 years old, it's the largest commercial fishing dock with 28 slips. Brown Harris Stevens is asking $6 million. They are also marketing it with the Inlet, 541 East Lake Drive, a new 100 seat restaurant on seven acres, as a complete waterfront package, at the head of the harbor, for $21 million.

Brown Harris Stevens is offering three unique hotels configurations. A "boutique-style" consisting of five cottages with kitchens and a two bedroom house on 2.2 acres. It comes with mooring rights on 105 feet of Lake Montauk frontage and is offered at $3.7 million. The Sail Inn, a 50 seat, 1,200 square foot restaurant and 10 room inn, on .46 acres at 548 West Lake Drive near Gosmans is listed just under $3 million. The Surfside restaurant (with wine cellar and stone fireplace) and motel on .38 acres at 685 Old Montauk Highway is for sale totalling 5,000 square feet for 4.2 million.

Get your checkbooks out. . .