After years of vacancy, the old Gap estate at 100 Arden Place in Port Jefferson Village has been sold to a private buyer for $2.6 million.
However, plans for the space are still up in the air, according to village officials.
Port Jefferson Village Trustee Kathianne Snaden confirmed the village has met with the new owners and they are considering various options for the space.
“Including a restaurant or market on the first floor and a boutique hotel,” she said.
Empty since the store closed in April 2019, residents, officials and business owners alike have been pondering what to do next at the 10,400-square-foot site.
Ideas like a live music hall, a boutique hotel or some sort of market were all floated around, but as the place sat vacant for months, then years, hopes of a second life in this anchor village property began to fade.
It seems the time has come for a revival.
A private buyer, possibly two – according to some sources – came forward and bought the building in early January for $2.6 million.
The buyers are from New Hyde Park and have kept future plans tight.
“Nothing is set in stone about what they want to do,” said Barbara Ransome, operations manager at the Greater Port Jefferson Chamber of Commerce, who has knowledge of the deal. “They are working with the village and the construction and planning department to find what is feasible.”
Ransome said she introduced herself to the new owners in an email but has yet to receive a response.
All we’ve heard from various people is that one of the buyers is interested in real estate in New York City. This buyer’s other stores are said to be Chelsea Market-type concepts, which many were hoping the property could become Gap.
Snaden told us the village is yet to disclose the new owner information, but said they have other, similar properties.
“They implemented ideas from us to figure out what’s possible per zoning,” she said.
Jason Sobel, an agent for Westbury-based Ripco Real Estate who represented the sellers in the deal, said the original owners initially wanted to lease the property, but interest was sporadic, leading to a decision to put it up for sale.
According to Sobel, the property was previously owned by several individuals within three different LLCs who held the property as joint tenants.
“We decided with the ownership group that it would be in Port Jefferson’s best interests to sell,” he said.
Interest peaked when it was put up for sale. The property was only on the market for sale for six months before the deal was finalized. According to the data sheet, the asking price was 2.9 million US dollars.
“Several people were interested when it came up for sale,” Sobel said.
He said the buyer did not work with an agent.
The new owners are excited to work with key stakeholders in the village to decide what the building will become in its next life. something that benefits the village.
“They’re very receptive to doing what’s best,” Ransome said.
Image: Courtesy of Ripco Real Estate.
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