The Real Deal New York

Watchcase developers make another Sag Harbor play

August 31, 2012 03:00PM

Cape Advisors, the firm behind the largest development project underway on the East End at the former Bulova Watchase Factory, has its sights set near another large, long-stalled Sag Harbor project.

Sag Harbor Express reported Cape Advisors has entered contract to buy the 66-room Baron’s Cove Inn, at 31 West Water Street, directly next door to the site of the halted West Water Street condominium project. It will take over exterior renovation duties of the existing rooms already commissioned by current owner KBR Associates.

Cape also plans to turn the current two-story motel office into an 87-seat restaurant above a ground-floor bar, which the Express reported was cause for concern among residents, especially considering that Hamptons hot spot Rocco’s used to exist on that very site.

But Cape Advisors reassured the community that the restaurant would not vie to become a nightclub; there will be no cover charges or bottle services, the last call outdoors would be at 10 p.m. and the indoor bar would stop alcohol service by midnight. [Sag Harbor Express]Adam Fusfeld