105 Newtown Lane, East Hampton, NY 11937

Property Description

105-107 Newtown Lane (the "Property") is prime, mixed-use asset. The Property is one of the largest commercial, mixed-use buildings in East Hampton. It includes three street-level commercial units, eight 1 bedroom rented residential apartments, and a separate 4-bedroom, 4-bathroom rental house. The property is fully leased. The property is 9,342 SF (0.21 acres) with 10,900 SF of Gross Floor Area in the main building plus a 3,000 SF of basement space. This 10,900 SF is split roughly into 6,800 SF of residential space and 4,100 SF of commercial space. In addition, the 1150 sf of garage space may be converted to dry retail. The Property has an excellent location on one of East Hampton's main high streets - Newtown Lane. The site is located on Newtown Lane and the corner of Railroad Avenue. It's within short walking distance of Main Street in the Village of East Hampton. East Hampton's train way station is located diagonally opposite the property. This location has driven absorption such that there has not been a vacancy in a decade. There are no un-utilised development rights available today however in 2-4 years, the town will install a sewer system which will allow for more density throughout town. Thereafter, we believe additional development opportunities will materialize at that time.