Friday, March 24, 2023
Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Westhampton Village Main Street (East)
    • Sagg Main Beach, Sagaponack
    • Live Weather
    • 39A Corner, Southampton
    • Main Beach, East Hampton Village
    • South Ferry, Shelter Island
    • Coopers Beach, Southampton Village
    • Southampton Village Main Street (South)
    • Southampton Village Main Street (North)
    • Southampton Village Main Street (Hildreths)
    • Downtown Circle, Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach, Hampton Bays
    • Ponquogue Beach, Hampton Bays
    • Ponquogue Bridge, Hampton Bays
    • Shinnecock Fishing Dock, Hampton Bays
    • Village Main Street, Sag Harbor
    • Downtown Main Street, Sag Harbor
    • Windmill Beach, Sag Harbor
    • Foster Memorial Beach, Sag Harbor
    • Conscience Point Marina, Southampton
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Westhampton Village Main Street (East)
    • Sagg Main Beach, Sagaponack
    • Live Weather
    • 39A Corner, Southampton
    • Main Beach, East Hampton Village
    • South Ferry, Shelter Island
    • Coopers Beach, Southampton Village
    • Southampton Village Main Street (South)
    • Southampton Village Main Street (North)
    • Southampton Village Main Street (Hildreths)
    • Downtown Circle, Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach, Hampton Bays
    • Ponquogue Beach, Hampton Bays
    • Ponquogue Bridge, Hampton Bays
    • Shinnecock Fishing Dock, Hampton Bays
    • Village Main Street, Sag Harbor
    • Downtown Main Street, Sag Harbor
    • Windmill Beach, Sag Harbor
    • Foster Memorial Beach, Sag Harbor
    • Conscience Point Marina, Southampton
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
No Result
View All Result
Hamptons.com
February 18, 2016

Exploring The East End Commercial Real Estate Market: The Hamptons Versus The North Fork

John A. ViterittibyJohn A. Viteritti
in Real Estate
Home Real Estate

Since the East End’s commercial real estate market is intriguing to many, I met with Hal Zwick, a well-known and respected Town & Country real estate agent who brokers commercial real estate on both the South Fork and North Fork, for insights into this market.

Do you devote your efforts exclusively to commercial real estate?

HZ: Yes. I get about a half dozen residential listings each year from commercial customers, but I refer them to other people in our office. I don’t want to be distracted from responsibilities with my commercial transactions, nor do I know the residential market as well as my colleagues who work in residential. Often, I will receive an inquiry from someone for a commercial property, and because I know the market so well, I may sell them something completely different that better suits their needs and resources. That is also true of agents who specialize in the residential market.

The common practice with residential is for brokers to co-broke their listings with other brokers. How do you handle that?

HZ: I co-broke my listings with other brokers unless directed by the owner or landlord not to. This is especially true when they do not want the local community to know. For instance they will say, you can co-broke the listing outside the Hamptons but not within. They want confidentiality, which is their prerogative. However, three quarters of my listings are co-brokered.

How much of your renters and buyers are from outside the area?

HZ: More and more. About three quarters are from outside the area. It’s not local mom and pops. Most of the time restaurant tenants and purchases are from outside the area. When the Soundview in Greenport on the North Fork recently sold, I had that listing for two years, and a lot of local people were interested in it, but we sold it to someone outside the area.

How do you reach out to prospective buyers and landlords outside the community?

HZ: Town and Country and I spend a lot of money on advertising and promotion, both within and outside the community.

What other North Fork businesses are you involved in?

HZ: I brokered O’Mally’s restaurant in Southold, and I have the listing on North Fork Table and Inn, also in Southold, as well as the Lobster Roll in Riverhead. The North Fork is ripe for commercial transactions.

How would you compare the North Fork and South Fork markets?

HZ: The North Fork will never be developed like the South Fork. The Town of Southold is very careful from a zoning perspective what is developed. For instance, I have had calls from people who want to develop hotel condos. The zoning won’t allow it. What I think will be happening over the next ten years is a lot of the hotel owners will begin to retire, while at the same time the interest in the North Fork will continue to grow, and the town officials are going to work to maintain the ambiance of the North Fork. Those who want to do business on the North Fork recognize that they have to plan projects that are more “low key.” They have to appeal to the apple pickers rather than the Wall Street crowd. The season on the North Fork is longer than the South Fork because of the apple picking, the pumpkin picking, the Christmas festivals and the vineyards and, it’s easier to get to than the South Fork.

How would you compare the commercial markets of the towns and villages on the South Fork to each other?

HZ: Westhampton and Quogue are easier to get to than the towns father east, especially East Hampton and Montauk. The business community is going to see more demand, especially in Westhampton Beach, and prices are about a third of East Hampton. What has happened in Southampton, is that because of lack of space and higher rental prices in East Hampton, a lot of businesses of greater diversity have moved in to Southampton generating an increase in foot traffic. Also, Southampton has more of a variety of smaller stores which are in demand. Just to give you a frame of reference, 1,000 to 1,500 square feet as opposed to 2,000 to 2,500 in East Hampton at a higher cost per square foot. By the way, restaurants are valued on the basis of the number of tables that can fit into a space rather than square footage. There is a great demand for Hampton Road in Southampton since Citarella and Starbucks went there. In Sag Harbor, there is nothing available. The dock, Bay Street Theater, the movie house, the variety of stores and restaurants, have made Sag Harbor a “go-to” place. Also, the businesses have benefited from the development of condos.

It sounds as though the commercial markets on the East End are going through a transition. You have identified the towns and villages of increasing demand as opposed, for instance, to East Hampton. Can you speak to that?

HZ: I had brokered a deal in East Hampton that fell apart before we went to contract. Why? The CFO of the corporation, a large retailer, said, “I can pay $200,000 to $250,000 for three months in East Hampton, or the same price for nine months in Manhasset. It doesn’t make sense to do this deal.” What it comes down to is a matter of economics. More space, high rent, shorter season.

How long is the typical lease?

HZ: Landlords want five years with an option to renew and annual increases, for a highly qualified tenant, three years.

What are “pop-up” stores?

HZ: They were common during the recession but not anymore. They were seasonal rentals. Landlords no longer want to get involved in those. But even when they were common, a landlord wanted at least a one year rental to guarantee income through the winter.

A lot of the commercial space in the Hamptons is occupied by real estate brokers. Are they a tenant of choice for landlords?

HZ: Landlords would prefer retailers, but real estate brokers are good tenants. They pay the rent and don’t cause any problems. In fact, I brokered the space that Compass now occupies in Bridgehampton and Southampton.

Do you see any demand for new types of commercial uses?

HZ: Yes. There is an increasing demand for commercial-industrial space from landscapers, pool companies, contractors, and storage space for cars and trucks. I am actively seeking such spaces for people who have contacted me.

Previous Post

Hamptons Trivia Night Supports Beach Access Rights

Next Post

East End Explorers To Embark On Quest Throughout Montauk

Search Articles

No Result
View All Result

FOLLOW US

TRENDING ARTICLES

Choral Society of the Hamptons to Present Winter Fantasia Concert

Choral Society of the Hamptons to Present A Touch of Whimsy

March 24, 2023
Take the Swim Test to become a Junior Lifeguard for Summer 2023

Take the Swim Test to become a Junior Lifeguard for Summer 2023

March 22, 2023
Tenhomakase: Bringing Japanese Cuisine to the Hamptons

Tenhomakase: Bringing Japanese Cuisine to the Hamptons

March 21, 2023

LOCAL EVENTS

23
Mar
23
Mar
-
28
Dec

Gilded Icons: Forgotten Treasures in the Samuel L. Parrish Collection

March 23 @ 11:00 AM - December 28 @ 04:00 PM
Rogers Mansion, 17 Meeting House Lane, Southampton
23
Mar
23
Mar
-
26
Mar

Madoo House & Garden Lectures

March 23 @ 12:00 PM - March 26 @ 02:00 PM
The Madoo Conservancy 619 Sagg Main Street, Sagaponack, NY, USA
23
Mar
23
Mar
-
02
Apr

Hampton Theatre Company – The Lifespan of a Fact

March 23 @ 07:00 PM - April 2 @ 09:30 PM
Quogue Community Hall - 125 Jessup Avenue Quogue, NY 11959
24
Mar
24
Mar
-
26
Mar

Rowdy Hall St. Patrick’s Day Irish Specials

March 24 @ 12:00 PM - March 26 @ 09:00 PM
Rowdy Hall
24
Mar
24
Mar
-
05
Apr

Charles Waller’s COMPLETE BRIDAL SUITE and Other Ingenious Assemblages

March 24 @ 04:00 PM - April 5 @ 07:00 PM
87 South Euclid Avenue Montauk, NY 11954
Load more listings
Next Post
East End Explorers To Embark On Quest Throughout Montauk

East End Explorers To Embark On Quest Throughout Montauk

  • Review: The Lifespan of a Fact Opens to a Standing Ovation in Quogue

The crowd cheered, stood and applauded the opening night production of the play, The Lifespan of a Fact. It will be performed until April 2nd, 2023 at the Quogue Community Hall. The play is being produced by the Hampton Theatre Company, which is a magnificent “Small Professional Theater” company. The Lifespan of a Fact is adapted for the stage by Jeremy Kareken, David Murrell and Gordon Farrell. This production is masterfully directed by George A. Loizides. Andrew Botsford is the show’s Producer. @hamptontheatre

Read the full article at Hamptons.com (Link in Bio)
.
.
.
.
#hamptontheatre #quogue #play #theater #arts #standingovation
  • WHBPAC Announces Comedy Star Ilana Glazer to Perform in June

The Westhampton Beach Performing Arts Center welcomes comedian Ilana Glazer, star of Broad City, to the Mollie Parnis Auditorium on June 29th at 8 p.m. for a one-night-only evening full of Glazer’s signature female-centric brand of comedy. @whbpac @ilana

Read the full article at Hamptons.com (Link in Bio)
.
.
.
.
#westhamptonbeach  #ilanaglazer #comedy
  • Sixty-Something: Hamptons’ Tales and Legends

The east end of Long Island is my special place. Like so many before me, I came here and never left. The reasons I came out east are many, but the reason I stayed is simple. It wasn’t the beauty of the ocean beaches, the bays, the villages, the farmlands, and the outdoors with amazing wildlife. The reason I personally launched my future in East Hampton was simple; I was lost in life and within minutes on a visiting Hamptons day felt salvation, a new course for a better future. I cannot say at first I understood what makes the east end so special, but I can say I just knew for me it was.

Read the full article at Hamptons.com (Link in Bio)
.
.
.
#hamptons #eastend #longisland
  • LongHouse Reserve’s New Works of Art You Can’t Miss

LongHouse Reserve is known for its stunning 16-acre sculpture garden and nature reserve. Two large-scale sculptures by Maren Hassinger and three by Wyatt Kahn, plus a special exhibition curated by Glenn Adamson and designed by Colin King will be added to LongHouse’s impressive art collection. @longhousereserve

Read the full article at Hamptons.com (Link in Bio)

.
.
.
.
#longhouse #longhousereserve #arts #nature #hamptons #easthampton
  • Ruby Murray’s Serving Indian Food with a British Twist

Ruby Murrays in Southampton is a ghost kitchen that sells Indian food British style. What’s a ghost kitchen, you might ask? Good question. Essentially, it’s just a takeout place; they don’t offer any type of sit-down dining. They share the kitchen with Wishbone Farms in Southampton, which is right off off Hampton Road. @_rubymurrays_

 Read the full article at Hamptons.com (Link in Bio)

.
.
.
.
#hamptons #rubymurray #indian #indianfood #southampton #dining
  • Shelter Island Pilates and Barre’s Reset Yourself for Spring Tips

On March 20th, Spring will finally grace us with her presence. The flowers, sunlight and unavoidable allergies will return. Everyone emerges from their home and prepares to go back outside for walks and breathe the fresh air.

Hamptons.com sat down with Suzette Smith, Owner and Founder of Shelter Island Pilates and Barre, to discuss her studio, spring, and how to reset ourselves for spring. @shelterislandpilates

Read the full article at Hamptons.com (Link in Bio)
.
.
.
#pilates #shelterisland #spring #hamptons #reset
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-405-3902
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

Contact Us

Hamptons.com

  • Arts
  • Community
  • Dining
  • Entertainment
  • Featured
  • Gallery
  • History of the Hamptons
  • Kids
  • Music Videos
  • Real Estate
  • Recreation
  • Spotlight
  • Tuesdays at Main Beach Music Series

Subscribe

Get daily news updates to your inbox!

Subscribe to our mailing list to receives daily updates!

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us

No Result
View All Result
  • Spotlight
  • Entertainment
  • Arts
  • Community
  • Dining
  • Recreation
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
    • Main Beach Music Series
  • Real Estate
    • Real Estate Features
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
    • History of the Hamptons
  • Live Cameras
    • All Live Cameras
    • Westhampton Village Main Street (East)
    • Sagg Main Beach, Sagaponack
    • Live Weather
    • 39A Corner, Southampton
    • Main Beach, East Hampton Village
    • South Ferry, Shelter Island
    • Coopers Beach, Southampton Village
    • Southampton Village Main Street (South)
    • Southampton Village Main Street (North)
    • Southampton Village Main Street (Hildreths)
    • Downtown Circle, Montauk
    • Long Island Aquarium | Shark Tank
    • Long Island Aquarium | Coral Reef
    • Tiana Beach, Hampton Bays
    • Ponquogue Beach, Hampton Bays
    • Ponquogue Bridge, Hampton Bays
    • Shinnecock Fishing Dock, Hampton Bays
    • Village Main Street, Sag Harbor
    • Downtown Main Street, Sag Harbor
    • Windmill Beach, Sag Harbor
    • Foster Memorial Beach, Sag Harbor
    • Conscience Point Marina, Southampton
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support

© 2021 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | Contact Us