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Done deal: Chequit sold for $3.35 million

JULIE LANE PHOTO The Chequit Inn and Restaurant fetched $3.35 million in a fall sale to new owners who might be revealed this weekend.
The Chequit Inn and Restaurant fetched $3.35 million in a fall sale to new owners who might be revealed this weekend.

The new owners of the Chequit remain a mystery. But the price they paid to purchase the inn and restaurant and two related buildings has now been confirmed as $3.35 million.

Assessor Al Hammond said Monday morning that the price was contained in county records but doesn’t include other details.

The sale includes three buildings — 23 Grand Avenue, 9 Washington Street and 6 Washington Street.

The Grand Avenue address represents the main structure, while the two Washington Street properties are the 1890s “Summer Cottage” and a retail space in an annex across from the main building. It was occupied during the summer of 2013 by Pas Par Tou, a clothing and home decorating store that moved to Bridge Street this past summer.

This Saturday, the new owners are expected on Shelter Island for what is being billed in a tag sale advertisement as a “huge inn renovation sale” featuring furniture, linens, lighting, decorative accessories and other items. The sale takes place between 9 a.m. and 2 p.m. and all proceeds will benefit the Tot Lot Revitalization Project.

Two local real estate professionals weighed in on the Chequit’s reported sale price. “It’s the buy of the century,” said broker Georgiana Ketcham, adding that its location and reputation contribute to its worth.

“I think that’s a fair price,” said Penelope Moore of Saunders. She was among those representing various potential buyers over the last few years when the Chequit was on the market.

James and Linda Eklund, who have owned the Chequit since the mid-1990s, continued their policy of not returning phone calls to the Reporter, after a voice mail message was left with them Monday.

“There are a lot of good grandfathered aspects” of the building and the Eklunds did a lot of prep work in recent years as they actively pursued buyers for the property they’ve owned since the mid 1990s, Ms. Moore said.

While she had no inside information on the sale, Ms. Moore said it’s not unusual for a sale of a commercial property to include side agreements between buyer and seller that wouldn’t be reflected in sales statistics. Such an agreement could cover the right of new owners to continue to use the Internet domain name and telephone number.

Changes by the new owners could include installing a swimming pool, Ms. Moore speculated, and selling the Summer Cottage and the retail space on Washington Street.

The new owners plan some major renovations to the inn and restaurant between now and a May opening, according to Jason Mancuso, a consultant helping prepare the tag sale.