Sag Harbor Real Estate Shuffle Continues As Bank Building Sold

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This building at 17 Main Street in Sag Harbor, currently home to People's United Bank, has been sold to an investor's group led by Rose Cheng. STEPHEN J. KOTZ

The commercial real estate shuffle in Sag Harbor continues with the recent sale of the former Suffolk County National Bank building, which is now home to People’s United Bank, to a group of investors led by Rose Cheng.

Ms. Cheng said she was not at liberty to discuss the purchase price or the makeup of the group that purchased the property last month.

According to Sag Harbor Village, the property, at 17 Main Street, is appraised at $2,795,200 and was owned by the First National Bank of East Hampton at 351 Pantigo Road, East Hampton. However, that address is listed as another People’s United Bank branch.

“Yes, we did purchase that,” she said during a brief phone interview on Friday. She declined to identify the other investors. She added that she did not foresee any changes to the property and expected People’s United Bank, which she said had a long-term lease, and other tenants to remain.

People’s United Bank did not immediately reply to a request for comment. The bank occupies the first floor of the building, and four other tenants are listed as occupying offices on the second floor.

Ms. Cheng said her group had not purchased other properties, but was keeping its eyes open for other investment opportunities.

The news comes on the heels of the announcement last month that Ms. Cheng had sold the 2 Main Street commercial property to a group of buyers linked to Bay Street Theater for an undisclosed price. That group has already offered the property for sale to Southampton Town’s Community Preservation Fund, so it can be razed and added to John Steinbeck Waterfront Park.

The 2 Main Street building is home to K Pasa restaurant, Espresso da asporto, the Yummylicious! Ice cream parlor, and Havens, a women’s clothing and accessories shop.

When Friends of Bay Street, a nonprofit headed by Adam Potter purchased the Water Street Shops building as the site of a future home for the theater, Mr. Potter said he would work to find new homes for displaced tenants. Mr. Potter and other investment groups later  purchased much of the area bounded by Bridge, Rose, and Meadow streets, ostensibly to provide landing places for those tenants, but, to date, the Sean Edison Salon, which is now in a building on Rose Street, is apparently the only business that has moved from the Water Street Shops complex to a new home.

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