The preservation of our past is an integral part of building for the future. Distinguished buildings and homes add to the charm of our neighborhoods and play a significant part as to why the East End is such an exceptional place. Unique architecture, nostalgia and respecting previous generations are all important reasons why we protect these extraordinary properties and also reasons why they are a safe and worthy investment.
“Historic buildings are unique. It’s always about supply and demand. The individual nature of historic and landmark properties always makes them in demand with very limited supply,” shared Alan Schnurman, Saunders & Associates.
Schnurman recently sold one of the most historic buildings in the Village of East Hampton for $5 million. The Cavagnaro commercial complex is a property that had been on the market for several years until Saunders presented the buyers to the selling brokers.
Built in 1923 by Albert Cavagnaro, the grandfather of the seller John Cavagnaro, the commercial building located at 105-107 Newtown Lane includes three retail stores; eight one-bedroom/one-bath apartments; a detached four-car garage; and a separate one-family house. Currently, Mary’s Marvelous, a favorite Hamptons’ gourmet eatery, is the most popular establishment in the Cavagnaro building.
“This is the most well-known building in East Hampton. Since the days of Cavagnaro Bar & Grill and Cavagnaro Deli, the building has been visited by the likes of Jackie Kennedy Onassis, Billy Joel, Alan Alda and Jackson Pollack. It’s a pleasure to have sold this high-profile complex after it has been on the market so long,” Schnurman said.
Whether a potential buyer is looking to refurbish an old building to sell or use it for a specific purpose—restaurant, retail space, residential or combination—it’s important to have a clear vision and detailed plan. Principles for restoration help maintain accurate features and character. Each property is unique and offers a glimpse at “a time that once was” and there are specific standards for renovations used to sustain the integrity of these historic landmarks. As for this latest East Hampton Village purchase, the new owners plan on keeping this smart investment for years to come.
“The owners are going to renovate the single family home and make it available for rent. As the apartments become available, they will also be renovated. The garage spaces will be rented out. Since the building is across from the railroad station, this makes them highly desirable.”
Schnurman has a talent for recognizing worthy investments. Whether he’s advising one of his top clients or investing in his family’s future, his years of experience are always reassuring.
“The most sought-after areas are presently Sagaponack and Bridgehampton, south of the highway. The villages of East Hampton, Southampton and Sag Harbor are showing increasing demand from individuals who want the convenience of being able to walk to all the villages,” noted Schnurman.
Schnurman also says that the market in the Hamptons has been extremely active over the past six years—an encouraging outlook from one of the East Ends leading realtors. “I have been investing in properties here for almost 30 years. The market is the most consistent with a longterm positive outlook. The land is limited. We’re surrounded by water. It’s beautiful, safe and within two hours of [Manhattan]. What more can one ask for.”
Prior to joining Saunders & Associates, Schnurman was an accomplished trial attorney for many years. After retiring from his law practice last year, he joined Saunders & Associates. Schnurman is frequently sought after by the press for interviews because of his knowledge and expertise in real estate and law. He has been quoted in the Wall Street Journal, New York Times, The Real Deal and Associated Press, to name a few. He has been a guest on the Today Show, Good Morning America and CNN. To contact Alan Schnurman call 917-991-4076 or email [email protected]