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Wainscott Inn sold for $12.3M

Anonymous buyer picks up 36-unit hospitality property

3720 Montauk Highway in Sagaponack and Nest Seekers International's Patti Ann Kelly (Wainscott Inn, Nest Seekers)
3720 Montauk Highway in Sagaponack and Nest Seekers International's Patti Ann Kelly (Wainscott Inn, Nest Seekers)

The confusingly named Wainscott Inn has sold after languishing on the market for years.

An anonymous buyer purchased the Hamptons property at 3720 Montauk Highway in Sagaponack — not Wainscott — for $12.3 million, Behind the Hedges reported. The sale by Ionian Construction closed in June, but deed transfers for the transaction were only recently revealed.

The Wainscott Inn, a year-round operation, stretches across nearly seven acres. The inn includes a main building, five cottages and three motel units, totaling 36 rooms.

The main building has an open living and dining area with a wood-burning fireplace, a B&B-style kitchen and a business office. The main level has space that can be utilized as a media room, library, business meeting space or salon. The basement has a laundry room and space for billiards or a fitness center.

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The property includes a heated pool and two tennis courts. The listing hints at its renovation potential: “The Wainscott Inn is ready to be taken to the next level of world-class persona, design and service demanded by the Hamptons both locally and internationally.”

The listing doesn’t say when the property came on to the market, but it’s reportedly been available for years.

Geoff Gifkins, Nest Seekers International’s Hamptons regional manager, said as much to BTH, noting that the property went through several brokers. Even then, it needed a discount to be moved, as it was last listed for $13.9 million.

Patti Ann Kelly of Nest Seekers had that listing.

Competition in the Hamptons hospitality sector is heating up. This month, Corey Gluckstal and partners reportedly moved a step closer to restoring and reopening the Grassmere Inn in Westhampton Beach. The $11.6 million project is receiving tax breaks from the county to be revived as a luxury hotel.

— Holden Walter-Warner

Tags
Commercial Real EstateHospitalitySagaponackThe Hamptons