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A retail property in East Hampton has sold for $22 million.
LVMH, the Paris-based luxury-brand conglomerate, purchased the two-story, 5,000-square-foot building on .06 acres at 1 Main St.
The sale price equates to $4,400 per square foot, one of the highest per-square-foot prices ever paid for retail property on Long Island.
The property is currently leased to Cartier.
LVMH is the publicly traded parent company of many luxury brands, including Louis Vuitton, Tiffany & Co., Fendi, Christian Dior, Bulgari and many more.
Andrew Goldberg of CBRE represented the buyer, while Jordan Sutton, Robert Shapiro, Dan Abbondandolo and Victor Little of Cushman & Wakefield represented the sellers, Elie and Jeremey Tahari, in the sales transaction.
“We are thrilled to have arranged the sale of 1 Main Street, one of the most iconic retail assets in East Hampton,” Sutton said in a company statement. “Luxury brands such as LVMH have embraced the East End of Long Island, not just on a seasonal basis but a full-time lifestyle.”
Abbondandolo added that the transaction defines the strength of East Hampton’s downtown retail.
“Retail pockets such as Main Street have become a critical component to high-end retailers’ marketing and brand recognition,” Abbondandolo said in the statement.
Seller Jeremey Tahari of Tahari Capital said he is “aggressively pursuing multifamily opportunities in this market. Please reach out to me directly with any new opportunities.”
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