One of Montauk’s busiest shopping areas, the Plaza at 716 Montauk Highway, has been listed for $8,900,000 this week.
Located in the center of Montauk’s popular business district, the 12,000-square-foot commercial property sits on 0.34 acres and currently houses the inveterate Plaza Surf & Sports, established in 1972, and the Soursop Tree Cafe Jamaican restaurant, which just replaced the Wok & Roll Chinese takeout restaurant.
Listing agent Gregory Mansley, of Douglas Elliman Real Estate, says the listing went live on Tuesday, September 27, and he expects it to sell quickly. “This will not last long in the market,” he explains, noting that the building has the highest foot and vehicular traffic in the hamlet. “The location itself is an absolute goldmine…you have to pass it to get into Montauk.”
According to Mansley, Plaza Surf & Sports may or may not remain at the location. Longtime owner Peter Ferrara Sr., now in his 70s, is slowing things down and looking toward expanding the store’s online presence in lieu of all that brick and mortar space. At the very least, Mansley says Ferrara will reduce the size of the shop to only use the top floor of the two-story building. And East Hampton Town has already cleared the way for three retail spaces to open on the first floor. The building predates the Affordable Housing Act, so it is not required to have an apartment.
Soursop Tree Cafe is operating out of Wok & Roll’s former location, and the restaurant use will remain, but Mansley is hopeful another Chinese restaurant could open there in the future. “I’d like to bring a Chinese restaurant back,” he says, pointing out that Montauk currently has no Chinese takeout available in town. He also hopes to discourage any buyer from making drastic alterations to the property. “I’m trying to make Montauk pretty much the same,” Mansley says. “If you lose the flavor of Montauk, you lose the appeal.”
You can see the listing here.