The properties were sold by Vault Development Partners, led by Robert Zecher and Benjamin Rinzler. The transaction was brokered by Hal Zwick and Jeffrey Sztorc of the Hamptons Commercial Real Estate Team at Compass.

Water Mill Square features a 20,500-square-foot retail and office center situated on 2.26 acres, and has a mix of service, food, and lifestyle tenants. Neighboring property The Mill spans 29,314 square feet across 3.66 acres and is currently undergoing a repositioning to introduce new food concepts, curated outdoor elements, and experiential retail, according to a press release issued by Compass last Wednesday, May 6.

Last year, Zwick and Sztorc were behind a $30 million sale of commercial properties along the Sag Harbor waterfront.

The massive retail assemblage in Water Mill was finalized in 2023 when Zecher led the acquisition of The Mill to pair with Water Mill Square, which Rinzler’s family has owned for years.

“This portfolio has been a cornerstone of the Water Mill community for years, and it’s been incredibly rewarding to see it evolve into such a vibrant retail destination,” Zecher stated.

WLIW Link Here

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Water Mill Square at 670 Montauk Highway — home to a slew of small eateries and businesses as well as the United States Post Office in Water Mill — and The Mill at 760 Montauk Highway — a large commercial complex up the block — were sold as a package deal. The buyer is Runyon Group, a Los Angeles-based, full-service real estate company.

HCRE, the Hamptons Commercial Real Estate Team at Compass, led by Hal Zwick and Jeffrey Sztorc, announced the deal on Wednesday, explaining that the founders of Vault Development Partners, Robert Zecher, owner of The Mill, and Ben Rinzler, owner of Water Mill Square and a partner in The Mill, teamed up to sell the two complexes, which represent 84% of the Gross Leasing area in the hamlet.

“This transaction is a clear signal of the strength of the Hamptons retail market,” said Zwick. “Assets with this level of visibility, tenancy, and long-term upside are incredibly rare, and achieving a record-setting sale speaks to both the quality of the properties and the continued demand from investors,” said Zwick, adding, “This is one of the best assemblages I have ever seen created and sold.”

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Founded in 2020 by a multi-generational group of six Shinnecock women, Shinnecock Kelp Farmers is the first Indigenous-owned and operated seaweed farm on the East Coast. The farm was created with a clear purpose: to improve water quality and restore marine habitats in the bay the Shinnecock Nation has fished for more than 13,000 years.

Kelp plays a critical role in this work. As a native species to Long Island, it naturally absorbs excess nitrogen and carbon from polluted waters while creating habitat for marine life. As the kelp grows, it helps improve biodiversity and overall water health throughout Shinnecock Bay.

The Nature Conservancy grant supported the expansion of the kelp hatchery, allowing it to grow from 18 spools of kelp seed to 48 larger spools capable of holding more than five times the original capacity. The funding also helped support staffing, equipment, and additional kelp lines in the bay, increasing the farm’s environmental impact. At full expansion, the farm is estimated to remove thousands of pounds of carbon and hundreds of pounds of nitrogen from the water each year.

Shinnecock Kelp Farmers continues to collaborate with partners including GreenWave, the Sisters of Saint Joseph, and researchers at Stony Brook University’s School of Marine & Atmospheric Sciences. Harvested kelp is processed into an organic soil amendment, offering a sustainable alternative to chemical fertilizers used by landowners around the bay.

Supported by The Nature Conservancy’s New York Common Ground Fund, the project reflects a broader commitment to conservation efforts that advance equity, justice, and land sovereignty. Today, the work of Shinnecock Kelp Farmers remains a powerful model for how environmental restoration, climate resilience, and cultural heritage can move forward together.

🔗 https://www.wshu.org/long-island-news/2023-03-08/shinnecock-kelp-farmers-will-expand-its-southampton-kelp-farm?fbclid=IwAR1y9nVZjJV6mdfvq2ZxxCWt6r_yGC66M21qxMRt5T99L64NmizIMtjWBhM

#ShinnecockKelpFarmers #ShinnecockBay #Preservation #EnvironmentalStewardship #IndigenousLed #WaterQuality #MarineRestoration #LongIsland

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“These three closings demonstrate the depth of demand for high-quality, income-producing commercial properties across the Hamptons,” says Hal Zwick of the Hamptons Commercial Real Estate Team at Compass who handled the trades. “Whether it’s iconic restaurant properties, fully stabilized retail, or mixed-use opportunities, investors continue to see long-term value in the East End.”

The transactions include 36 Newtown Lane, home for more than four decades to the beloved Sam’s Pizza with its iconic neon sign, leaving many to wonder what’s ahead. The restaurant reportedly has two years left on the lease.

Read Behind The Hedges Full Article Here

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The 2,245-square-foot main building has prominent visibility at 98 Newtown Lane, with an existing multi-tenant configuration and is surrounded by neighbors like Wittendale’s Garden Center, the UPS Store, Hampton Chutney and Riverhead Building Supply.

“This is a rare asset within beautiful and historic East Hampton Village,” says Sztorc. “If we look at the downtown landscape, we can only count on one hand how many of these properties exist. A niche within a niche — 98 Newtown is a rare mixed-use opportunity to buy into the village at a reasonable price.  The demand for these buildings is high due to a wide variety of use applications and can make sense for an owner/operator, live/work setup, or an investor looking for rental income.” See full article below.

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The Hamptons Commercial Real Estate Team at Compass, led by prolific brokers Hal Zwick and Jeffrey Sztorc, scored a trifecta of East End investment sales last month totaling $15.6 million. 

At 32 Park Place in East Hampton, a 1,600-square-foot, fully occupied multi-tenant retail building on .06 acres was purchased by Levine Investment Partnership for $3.25 million. The sale price equates to a 6.7 percent cap rate. 

Zwick and Sztorc partnered with their Compass colleague James Petrie to represent the buyer, as well as the seller, Carlo M. Grossman Revocable Trust, in the sales transaction. 

See full article HERE

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“These three closings demonstrate the depth of demand for high-quality, income-producing commercial properties across the Hamptons,” says Zwick. “Whether it’s iconic restaurant properties, fully stabilized retail, or mixed-use opportunities, investors continue to see long-term value in the East End.”

The transactions include 36 Newtown Lane, home for more than four decades to the beloved Sam’s Pizza with its iconic neon sign, leaving many to wonder what’s ahead…

For additional article information, please click here

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Compass Hamptons Commercial Team has the exclusive on the 9,600-square-foot building, which they say has unmatched Main Street presence — 120 feet of frontage on this stretch of Montauk Highway.

“This is the premier retail building in the Montauk business area, providing greater visibility and foot traffic than any other downtown site,” says Hal Zwick, who has the listing along with Jeffrey Sztorc.

The asking price for 716 Montauk Highway on the Montauk Plaza, is $9.975 million, which equals $1,039.06 per square foot.

The post Premier Retail Building’ in Downtown Montauk Asks Nearly $10M appeared first on Hamptons Commercial Real Estate.

Water Mill is the community to watch over the next five years. It is special due to its unique blend of historic charm, natural beauty, and cultural richness. It is a prestigious hamlet in the Hamptons, known for being the only East End community with a working watermill and windmill, surrounded by farm fields, woodlands, and waterfront areas.

The area boasts a vibrant arts scene anchored by the Watermill Center and the Parrish Art Museum, which celebrate the region’s artistic heritage. Wealthy and celebrity residents are drawn to its quiet, upscale lifestyle with sprawling estates, modern waterfront homes, and access to beautiful, less crowded beaches like Flying Point Beach. The community’s emphasis on sustainable agriculture and preserving historic and natural resources adds to its appeal.

From a residential growth perspective, Water Mill is characterized by a strong demand for luxury and multi-generational homes. Multi-family townhouse communities have started to be developed, and additional ones will probably be added.

Commercial focus will be on sustainable, smart growth to avoid sprawl, with the evolution of the existing pedestrian-friendly shopping developments. I predict the downtown area will become a more integrated community, with new retail, food, and entertainment venues being added, making this a true destination.

In summary, for the next five years, Water Mill is expected to see continued demand for upscale residential properties, single-family, and townhouse communities. Commercial growth is likely to focus on enhancing lifestyle and retail experiences aligned with smart growth principles, maintaining the hamlet’s balance between exclusivity and community vitality.

click HERE for the full article.

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After many years on the market, the property at 54 Montauk Highway, just south of County Road 39 on the border of Southampton Village, traded for $10.85 million in a deal that officially closed last week. Hal Zwick and Jeff Sztorc of the Hamptons Compass Commercial Team represented the sellers, while Ted Stratogios of Avison Young represented the buyer.

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