Hedge funder Heath Freeman buys East Hampton restaurant for $4M

4.3 acre site of Hampton Bistro at 313 Three Mile Harbor Rd. was listed for $4.6M in September

Tri-State /
Dec.December 24, 2021 03:57 PM

313 Three Mile Harbor Road in East Hampton (Out East)

Hedge funder Heath Freeman scooped up a Hamptons stocking-stuffer just in time for Christmas.

Freeman, managing director of New York-based Alden Global Capital, has closed on the Harbor Bistro in East Hampton for $4 million, he confirmed to The Real Deal on Friday.

The 4.3 acre property at 313 Three Mile Harbor Road hit the market for $4.6 million in September.

The waterfront restaurant sits adjacent to the East Hampton Point Resort, which a group of investors led by Freeman acquired for “less than $20 million” in March.

A post on East Hampton Point’s Instagram account Friday promoted a “reimagining” of what it called “the former Harbor Bistro,” set to open this summer.

“The same culinary team that brought you [East Hampton Point restaurants] Si Si and Buongiorno will be overseeing our newest concept,” the post read. “And yes, it will have incredible sunset views!”

Heath Freeman

Freeman co-founded the secretive hedge fund Alden Global Capital with Randall Smith in 2007. The firm, which acquired Tribune Publishing for $630 million earlier this year, has become notorious for buying up hundreds of struggling newspapers and then maximizing profits by aggressively cutting costs and laying off journalists.

Vanity Fair last year described the firm as “the grim reaper of American newspapers.”

Alden most recently made an unsolicited bid to acquire Lee Enterprises, owner of about 90 newspapers across the country, but Lee’s board is resisting the attempted takeover.

Freeman’s latest real estate deal comes three months after he purchased a 9,700-square-foot waterfront mansion in Miami’s Camp Biscayne gated community for $19 million.





    Related Articles

    arrow_forward_ios
    A photo illustration of charter bus company North Fork Express (left), Tritec Real Estate's planned Ronkonkoma Hub project (middle) and Tritec Real Estate's principal Robert Coughlan (EverybodyWiki/Orenawong, Tritec Real Estate, iStock)
    Holdout threatens massive Long Island development
    Holdout threatens massive Long Island development
    (Top) 1580 Meadow Lane in Southampton NY and (Bottom) 2056 Montauk Highway in Amagansett NY (Zillow)
    A tale of two oceanfront Hamptons homes
    A tale of two oceanfront Hamptons homes
    Town of East Hampton supervisor Peter Van Scoyoc and Blade's Rob Wiesenthal with East Hampton Airport (East Hampton, Wikipedia)
    East Hampton Airport closure at hand, except…
    East Hampton Airport closure at hand, except…
    DoorDash's Tony Xu with 51 Eads Street and 6133 Jericho Turnpike
    Startup plans LI convenience stores that shoppers can’t enter
    Startup plans LI convenience stores that shoppers can’t enter
    From left: The Beechwood Organization's principal Steven Dubb and founder Michael Dubb in front of a rendering of Country Point Elwood in Huntington (The Beechwood Organization, iStock)
    Beechwood plans 385 townhomes on North Shore
    Beechwood plans 385 townhomes on North Shore
    Jersey Mike's CEO Peter Cancro in front of 1500 Smithtown Avenue in Bohemia, Long Island (Jersey Mike's, Google Maps, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Sandwich chain Jersey Mike’s expanding in NY
    Sandwich chain Jersey Mike’s expanding in NY
    Baiting Hollow Golf Club at 100 Club Drive in Baiting Hollow, NY (Loopnet)
    Architect plans 30-home, energy-efficient community in the North Fork
    Architect plans 30-home, energy-efficient community in the North Fork
    World Wide Group's James Stanton, Suchman Group's Jeffrey Suchman and rendering of 66 Nowedonah Avenue in Water Mill NY (World Wide Group, Getty Images, The Water Mill Crossing)
    JS Squared gets financing to build 38 Water Mill townhomes
    JS Squared gets financing to build 38 Water Mill townhomes
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...