The signs appeared early last winter offering a “Sag Harbor Assemblage” of three contiguous properties running from Main Street down Washington Street and over to Division Street.
The parcels, which total about a half-acre, include seven retail spaces, from the Palm Produce Resort Wear and Country Lane gift shop on Main Street, to the Scarlet Rose Aveda Salon on Division Street. There are also five second-floor units, which currently are used as three apartments and two offices, and a single-family rental property. The asking price is $11,995,000.
This week, Julia Hyman, who purchased the properties over the years with her husband, the pianist and composer Dick Hyman, said simply it was time to move on.
“We developed it from really nothing, but now it’s time to let someone else do it,” she said of the properties the couple had acquired over many years and own under the name Double Jay Realty Company LLC.
The listing is with Lee Minetree, a broker with Saunders Realty. He said the property requires a special buyer, “someone with the wherewithal and patience” to go through the process of developing a vacant parcel on Washington Street that is part of the offering. The price is largely based on the value of that vacant parcel, a rarity in the village business district, which according to the village code could have a three-story building erected on it, he said.
“It’s going to take time,” he said. While the property has had its share of interest, there is no deal imminent, he said.
Ms. Hyman said the building on the corner of Main and Washington could also potentially be enlarged to a three-story building. While that is theoretically true, Tom Preiato, the village’s chief building inspector, said any such proposal would have to clear a number of hurdles, from providing parking to limiting the size of any additional apartments to 650 square feet. “It would have to go through the planning board, the ARB, and possibly the ZBA,” he said.
Besides Palm Produce and Country Lane, the property includes the Ethel+Row clothing boutique and Adornments, a jewelry store, on Main Street. Above those stores are two apartments and two offices. Around the corner on Washington Street are Near Main and Blooming Shells, two gift shops. The vacant lot, with access to Division Street from the rear is next to those two stores. On Division Street, there is a single-family house and the Scarlet Rose Salon, which has an apartment on the second floor.
Mr. Minetree said all the current occupants have leases, which expire at different times. He said he doubted a buyer would try to combine the storefronts into a single space, saying it would be more profitable to continue to rent smaller spaces instead.
Ms. Hyman, who was formerly an interior designer and now has a career as a sculptor, said she and her husband had developed several other residential properties, including houses on Madison and Hempstead streets, during their time in Sag Harbor. They moved to Venice, Florida, more than 20 years ago, eventually selling their home in Northampton Shores.
“I loved being there, and I love being here,” she said of the change in scenery.
In a community where watching the sale of real estate has become something of a parlor game, the buzz on the street has been muted. But Lisa Field, an owner of the Sag Harbor Variety Store and president of the village Chamber of Commerce, said she was uneasy seeing such a large swathe of downtown on the block.
“It makes me nervous. There have been a lot of stores changing and there are a lot of vacant storefronts,” she said. “As real estate gets more and more valuable, only the big companies can afford it. Nothing against Ralph Lauren, but we don’t want to turn into East Hampton.”