The largest commercial building in Southampton Village has a new owner.
Philip Futterman of the Futterman Organization sold the 20,000-square-foot, half-acre property at 1-17 Windmill Lane for $8.4 million, Behind the Hedges reported. The buyer ‘s identity is obscured behind a shell company, Excelsior Development NY LLC, which is an affiliate of a Long Island commercial real estate investment group, according to Long Island Business News.
It was 40 percent occupied when the sale closed at the end of last month, counting Ye Olde Bake Shoppe, New York Pilates and boutiques Ari’s Closet and Pachute. Available spaces on the upper flors span 1,700 to 8,300 square feet.
Cushman & Wakefield’s Joe Musso and Daniel Abbondandolo represented the seller. Compass’ Hal Zwick and Jeffrey Sztorc brought the buyer and will handle leasing.
The property was listed for $11 million in the spring. The sale price breaks down to $432 per square foot. The brokers on the deal said the asset benefits from vehicular and foot traffic, as well as nearby public parking.
The property is on the corner of Windmill Lane and Hill Street, close to Aby Rosen’s Southampton Cinema project. When Rosen was revealed as the buyer of 43 Hill Street, it sparked concern that the shuttered movie theater could be turned into a private club for the rich and wealthy.
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Those rumors appear to have been unfounded, though. A commercial movie theater will once again rise at the site, according to Behind the Hedges, though it’s not clear when the renovations will be completed. The mayor of Southampton is hoping for a summer opening.
“With upcoming renovations and a new leasing program, Windmill Lane and Hill Street by the movie theater will be seeing a newly invigorated chapter,” Stzorc said of the recent commercial deal.
— Holden Walter-Warner