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This week, East Hampton’s iconic Maidstone Lodge property was bought in an off-market deal, facilitated by the Cerio Natter Workforce at Brown Harris Stevens.
The patrons of the inn and restaurant are Irwin D. Simon, the chairman and CEO of Tilray Manufacturers, Inc. who just lately purchased Montauk Brewing and can be a accomplice within the Lobster Roll eating places, and the hotelier and restauranteur Mayank Dwivedi.
The 2 have joined forces “to create a brand new Hamptons hotspot whereas honoring the wealthy heritage of the property,” in response to an announcement from Brown Harris Stevens.
The sale value for the boutique lodge and restaurant was not disclosed.
Tony Cerio, Mitch Natter and Jared Schiavoni of the Cerio Natter Workforce, the highest industrial crew at Brown Harris Stevens, represented the patrons within the deal, which took 10 months of negotiations to shut on Wednesday, April 5. Jonathan Solomon, the principal dealer at Luxurious New York Group LLC, based mostly in Manhattan, represented the sellers.
“It was a pleasure working with Simon and Dwivedi due to their data and understanding of the hospitality enterprise,” Cerio says. “We’re excited to witness the brand new chapter for the Maidstone Lodge and are assured that the brand new enterprise can be a really welcome addition to the East Hampton Village neighborhood.”
Simon and Dwivedi are making ready the property for a grand re-opening celebration on Could 15. It’s at present closed for the low season.
“The property at 207 Essential Road has a historical past as outdated as East Hampton itself,” the assertion mentioned. “For not less than six generations, beginning within the mid-1600s, the situation was the location of the Village tannery.”
The present constructing was constructed round 1840, turning into a lodge quickly after. Later it changed into a lodge and restaurant.
The brand new homeowners are solely the fifth homeowners of the Maidstone Lodge.
Jenny Baker, a local of Sweden, and her husband, Jonathan Baker, had been the homeowners since 2008. They’d given the lodge a self-described “Scandinavian cozy” vibe.
The lodge presents 19 visitor rooms, together with a number of cottages, whereas the restaurant seats 76 and presents a full bar.
The Maidstone Lodge sale is the most recent in a slew of business actual property gross sales, together with the $22 million sale of Elie Tahari’s constructing at 1 Essential Road, which passed off final week.
“The temperature of business actual property within the Hamptons is off the charts,” the Cerio Natter Workforce says within the assertion.
“As quick as we get properties and so long as they’re realistically priced, they fly out the door. We’re noticing that the present industrial purchaser is skilled, savvy and may make a fast choice whether or not to tug the set off or not.”
Proprietor financing is an element is at this time’s market, Cerio provides.
“With rates of interest via the roof and the stringent pointers set by the banks, proprietor financing is vital to sealing the deal for a lot of of our industrial transactions,” he says
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