At a seafood restaurant on Dune Road synonymous with celebrity living in the Hamptons, real estate investors are hoping to reel in a big one.
Ted Kakoyiannis’ Imian Group and Valyrian Capital bought a large ownership stake in the Dockers Restaurant & Marina, planning to build luxury homes on the East Quogue site.
Three years ago, owners of the restaurant sought approval to build 25 condominium and townhouse units on the 8.6 acres of land at 94 Dune Road. The new development team behind the project will need to petition the town again for approval.
The popular property has 400 feet of bay frontage, a marina with 34 boat slips, tennis courts (which would likely be demolished for the condo project) and surrounding wetlands.
George Valliades of Highcap Group arranged the joint venture, which closed “after a very lengthy negotiation,” according to the brokerage. Marc Palladino of MAP Realty co-brokered the deal. The well known restaurant and marina will continue to operate as part of any future development.
Larry Hoffman was the seller. Hoffman got his start bartending at the Neptune Beach Club on Dune Road in the 1980s, when he also bought the Coach Bar in Hampton Bays and turned it into the Polo Grounds. He bought Dockers, née Tequila Sunset, in 1990.
When Hoffman explored a condo project in 2020, his plans called for 25 units over four buildings on less than two acres, according to the Southampton Press.
The restaurant’s new financial backers plan to restore the waterfront area and the restaurant as part of any new residential development. Kakoyiannis did not return a request for comment.
According to 27East, James Bozart became majority owner of the property and Hoffman became a stakeholder in 2000. Bozart was not involved in the recent sale of Hoffman’s stake.
Hoffman shared his business strategy with Total Food Service in 2017: “Buy low, sell high and don’t ever invest in a restaurant unless you need a tax deduction.” It’s safe to say he followed his own advice.
Dockers was a low-key establishment when it opened, selling lobster dinners for $8. The property hit the market in 2013, priced at $13.5 million.
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