Is this Montauk restaurant worth $1,750 psf?

As the summer season approaches in the Hamptons, a Montauk restaurant’s days appear to be numbered.

The restaurant space housing Sel Rrose on the East End is for sale for $6.3 million, Behind the Hedges reported. Kristin Vincent has been operating the seasonal restaurant since purchasing the property at 4 South Elmwood Avenue in 2018 for $2.75 million.

Vincent opened her restaurant the following June, creating a complement to the eatery’s Bowery location in Manhattan, which has been open since 2013.

The 3,600-square-foot building is conveniently located a mere block away from the ocean. It has frontage on Montauk Highway, providing views of the water. The restaurant has 79 seats, a bar area, a kitchen, a salad station and outdoor seating. There’s also office space on the second floor and parking on the property.

Vincent renovated the property after purchasing it six years ago. It was the former home to the Bavarian-themed restaurant Zum Schneider.

The space provides a “chance to influence downtown Montauk with a restaurant that blends the town’s famed coastal charm with all the contemporary amenities,” according to the listing description.

The asking price breaks down to roughly $1,750 per square foot. The Corcoran Group’s Rolanda Blue Doolan has the listing. Doolan also had the listing the last time the restaurant changed hands.

Commercial property owners are gearing up for the summer season in the Hamptons — typically lasting from Memorial Day to Labor Day — by putting the finishing touches on their locations, or in some place, their deals.

Space in the Hamptons can be hard to come by. Following the pandemic, retailers signed longer leases for properties in the area, crowding out some of the more traditional seasonal operators.

Last month, Enduring Hospitality purchased the 43-key Sands Motel in Montauk, which had listed last summer for $28 million, and is revamping the property to focus on wellness.
— Holden Walter-Warner

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