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After sitting vacant for years, the old Gap property at 100 Arden Place in Port Jefferson Village has sold to a private buyer for $2.6 million.
But plans for the space are still up in the air, according to village officials.
Port Jefferson Village Trustee Kathianne Snaden confirmed that the village has met with the new owners and they are considering different options for the space.
“Including a first floor restaurant or market, and a boutique hotel,” she said.
Empty since it closed for business in April 2019, residents, officials, and business owners alike have all ruminated on what should happen next in the landmark, 10,400-square-foot space.
Ideas like a live music hall, a boutique hotel, or a market of sorts have all been bandied about, but as the spot sat empty for months, then years, hopes began to fade for a second life in this anchor property in the village.
It seems that the time has come for a revival.
A private buyer, possibly two — according to some sources — stepped up and purchased the building for a reported $2.6 million early in January.
The purchasers are from New Hyde Park and have kept future plans close to the vest.
“Nothing is in stone with what they want to do,” said Barbara Ransome, director of operations at the Greater Port Jefferson Chamber of Commerce, who has knowledge of the deal. “They are working with the village and the building and planning department to come up with what is feasible.”
Ransome said she introduced herself to the new owners in an email, but had yet to hear back.
All we got from various people in the know is that one of the buyers has interest in properties in New York City. That buyer’s other businesses are supposedly Chelsea Market-type concepts, which is what many hoped the Gap property might become.
Snaden told us that the village can’t disclose the new owner information yet, but said they have other, similar properties.
“They were running ideas by us to find out what’s possible per zoning,” she said.
Jason Sobel, an agent from Westbury-based Ripco Real Estate who represented the sellers in the deal, said the original owners initially sought to lease the property but interest was sporadic, prompting a decision to put it up for sale.
The property was previously owned by multiple people within three different LLCs who held the property as tenants in common, according to Sobel.
“We decided with the ownership group it would be in Port Jefferson’s best interest to sell,” he said.
Once it went up for sale interest peaked. The property was only on the market for sale for six months before the deal closed. The asking price, according to a spec sheet, was $2.9 million.
“Multiple people were interested once it was listed for sale,” said Sobel.
He said that the buyer did not work with a broker.
The new owners are eager to decide with key stakeholders in the village what the building will become in its next life; something that will benefit the village.
“They are very receptive to doing what’s best,” said Ransome.
Image: Courtesy of Ripco Real Estate.
