Real Estate News

Claudio’s Sold

Claudio’s, the iconic Greenport restaurant that has been a family operated venture since 1870, is changing hands. Co-owner Jan Claudio issued a statement this week noting the restaurant had been the longest family-run establishment in the country.

“It’s a good thing. The buyers are good people and will do good things for the property and the village,” Claudio wrote.

She would not reveal the name of the buyers or the price but said the new owners intend on keeping the restaurant open.

The restaurant complex, with two other commercial spaces, has been on the market for about three years. A report that it had sold last year for $12 million proved inaccurate. According to the NorthForker, at a February 22 Greenport Village Board meeting, action being taken by a potential buyer for the Claudio’s restaurant complex was mentioned briefly. The village had published a legal notice for an LLC “to be formed by David Weitz,” saying it intended to pursue liquor licenses for all three restaurants on the property.

For nearly 30 years, Claudio’s has been owned by a corporation that includes Bill and Jan Claudio, Kathy Claudio, and Beatrice and Jerry Tuthill. Mr. Tuthill died in 2016.

The group purchased Claudio’s in 1989 from the siblings’ father, William Claudio Sr., who had owned the popular bar and restaurant since 1930.

The family issued a statement after news of the sale broke. “Owning restaurants is not just a profession, it is a way of life, and closing the door on this chapter for us comes with many mixed emotions. Greenport Village runs deep in our DNA and while we are glad to have seen Claudio’s be such a big part of the downtown growth for many years, we are also sad we will no longer be so woven into the fiber of what makes the community tick,” it read.

“We’ll be watching with eager anticipation over the next few years as we believe many exciting changes are coming, not just to our property but to the village we love so profoundly and have called home for so long,” the statement concluded.

Suffolk Highs–And Lows

Suffolk County is among the best places in New York State to own a house — fourth best, to be exact — according to SmartAsset.

The average monthly mortgage rate in Suffolk is $2619, more than double the other top 10 places. But it also costs twice as much to rent in East Hampton. Thus, the Rent to Buy Index is 97.9, meaning it is much more beneficial to buy a home than it is to rent.

Former Stern’s Property

There are endless possibilities for a four-acre parcel on Pantigo Road in East Hampton that was once the home of Stern’s department store.

Located south of the highway, the lot, now vacant, can accommodate a single residence up to 18,000 square-foot, a pool, and tennis court.

The lot can also be subdivided into four buildable lots, with the ability to build a large house and pool on each. The subdivision can have its own common drive and new street name. It is also in an affordable housing overlay, capable of yielding 60 units.

Benjamin Dixon and Matthew Mackay have the listing for Douglas Elliman.