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Two inns and a bank dominate commercial market

JULIE LANE PHOTO The Capital One bank building is for rent.
JULIE LANE PHOTO The Capital One bank building is for rent.

An iconic Island inn on the block, the ongoing effort to sell a second, and a conversion of the former Capital One Bank building into rental space are dominating the commercial real estate market on Shelter Island.

The announcement last week that the Chequit Inn is up for sale for $9 million is the talk of the town, especially the price, since Linda and James Eklund sold it in 2014 for $3.35 million.

The inn and two related buildings has 37 guest rooms, event and meeting space and room for a pool expansion or potential residential conversion, according to a press release from Cushman & Wakefield, the firm handling the sale.

Meanwhile, the Eklunds continue to seek a buyer for their Ram’s Head Inn. That went on the market at the beginning of 2017 after 37 years of ownership by the Eklunds, with an $11.2 million asking price.

The Ram’s Head has 22 guest rooms, 15 bathrooms, a dining room that seats 180 people and a bar. It sits on a 4.3-acre site that includes a tennis court, 800 feet of beachfront, eight moorings in Coecles Harbor and a dock.

At the time the sale was announced, Ms. Eklund said she and her husband were open to selling the property to a single buyer or it could be subdivided.

Not finding a buyer to their liking, the Eklunds reopened the inn for the 2017 summer and fall seasons, and continue their look for a buyer.

The Capital One Bank on West Neck Road ceased operations last November. The bank’s Virginia corporate office announced that the sale of several branches it had closed would be handled by its internal real estate department.

The building, zoned for business, has now been sold to an unidentified private buyer and the space is available for rent through Dering Harbor Realty.

Records identifying the new owner are not yet public, but Dering Harbor’s principal, Angelo Piccozzi, said the new owners are an investment group.