Southampton hotel trades for $14M ahead of revamp

Wyoming-based Stomp Capital picked up 62-room Atlantic

Tri-State /
Apr.April 21, 2022 11:35 AM
Stomp Capital founder Richard Fertig and 1655 County Road 39 in Southampton (Loopnet, Richard Fertig)

Stomp Capital founder Richard Fertig and 1655 County Road 39 in Southampton (Loopnet, Richard Fertig)

A hotel in Southampton is poised for a revamp after selling last week for $14 million.

Hampton Resorts, LLC sold The Atlantic at 1655 County Road 39 in Southampton in a deal closed April 12, Behind the Hedges reported. Wyoming-based Stomp Capital was the buyer of the property, Anthony Cerio of Brown Harris Stevens confirmed to The Real Deal.

Hampton Resorts reportedly picked up the property in 2015 for $5.7 million. The four-acre property includes 62 hotel rooms, a dining area, heated pool, an outdoor lounge area and a couple of tennis courts. It is located a short drive from local beaches.

Stomp managed to come in under the last asking price of $17 million. The private equity real estate fund has other properties in California, West Palm Beach and North Carolina, but this is its first purchase in New York.

The fund’s plans for the hotel aren’t immediately clear, but Cerio told Behind the Hedges that the buyer has “big plans” to turn the property into the “‘go to’ destination in the Hamptons.” The hotel was built in the 1950s and formerly known as the Sandpiper.

A trio of hotel investors previously looked to sell the hotel as part of a three-property portfolio, along with the famed Capri Hotel and the Bentley.

The partnership, which included Steven Kamali, the former owner of Montauk’s Surf Lodge, and W South Beach owners David Edelstein and Jackie Mansfield were hoping to get up to $20 million for the portfolio.

Celebrity lawyer Mark Geragos ultimately bought the Capri for $4.7 million in 2015. Meanwhile, the Bentley sold for $6.1 million last year to Southampton Hotel Realty LLC in one of the biggest commercial sales of the year, according to Behind the Hedges.

[Behind the Hedges] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys Fairfield Metro dev site
    NJ developer buys Fairfield Metro dev site
    Marcus & Millichap Associate David Ferber in front of part of the 30-building, 319-unit portfolio concentrated in Jersey City (Marcus and Millichap, iStock)
    Hot rental market boosts NJ multifamily despite rate hikes
    Hot rental market boosts NJ multifamily despite rate hikes
    A photo illustration of the Ram's Head Inn at 107 South Ram Island Drive in Shelter Island Heights (LoopNet, iStock)
    On the dock-et: Shelter Island inn owner sues town
    On the dock-et: Shelter Island inn owner sues town
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Tri-state deal roundup: King Kullen loses ground, former Modell’s replacements
    Julia Koch and 840 Meadow Lane in Southampton (Getty Images, Tim Davis/Corcoran)
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Julia Koch revealed as buyer of dated $70M Southampton estate
    Friends of Bay Street Chairman Adam Potter and rendering of new affordable housing and commercial space (LinkedIn, BHC Architects, Illustration by Kevin Cifuentes for The Real Deal)
    Affordable housing project proposed for Sag Harbor
    Affordable housing project proposed for Sag Harbor
    Sophocles Zoullas and 275 Ox Pasture Road in Southampton (Getty Images, Harald Grant Real Estate, iStock)
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    ‘Tenacre’ estate is only 3 acres, but lists for $25M
    Pyramid Management Group's Stephen Congel and Crossgates Commons in Albany (Pyramid Management Group)
    Pyramid lands refi to keep shopping center afloat
    Pyramid lands refi to keep shopping center afloat
    arrow_forward_ios

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

    Loading...