Port Jeff's Gap building is purchased for $2.6M, with the potential of a Chelsea Market-style concept.

After a period of being vacant for quite some time, 100 Arden Place in Port Jefferson Village, formerly the Gap, has been purchased by a private individual for $2.6 million. Village authorities confirmed that they have had conversations with the new owners who are considering a variety of potential uses for the property, such as a restaurant or market, or even a boutique hotel, on the first floor.

Since it shut its doors in April 2019, the 10,400-square-foot space has sat inert while its future has been a subject of much speculation among people living in the area, elected representatives, and business owners. Suggestions such as hosting live music, establishing a boutique hotel, or even opening a marketplace were all mentioned, though these ideas seemed to evaporate as the landmark structure remained unutilized for an extended period.

It appears that the moment has arrived for a renaissance, as a possible pair of purchasers, as reported by certain sources, expended $2.6 million to buy the structure at the beginning of January.

The buyers from New Hyde Park have withheld their future plans.

Barbara Ransome, head of operations at the Greater Port Jefferson Chamber of Commerce, who is familiar with the agreement, commented that "Nothing is set in stone in terms of what they hope to accomplish. Discussions are taking place with the village and the building and planning department in order to come up with a viable option."

Ransome declared she had sent an email introducing herself to the new owners, yet there had been no response. We heard from multiple reliable sources that one of the purchasers had an enthusiasm for assets in New York City. It is allegedly assumed that the other enterprises owned by the buyer have the same concept as Chelsea Market, which is what many envisioned the Gap property would become.

Snaden said that information on the novel proprietor is unavailable just yet but pointed out that there are other properties of the same kind.

She mentioned that they were testing potential concepts with us to discover what was allowed according to zoning regulations. Jason Sobel, who acted as the sales agent from Westbury-based Ripco Real Estate for the sellers, reported that the prior owners wanted to only lease the land initially, however, interest was not consistent, leading to the conclusion that it should be marketed for sale.

Sobel reported that the property had been shared ownership among three LLCs, with the tenants in common

He stated that, with the landowners' agreement, it was concluded that it would be in the best interests of Port Jefferson to put the property up for sale. Following this decision, the interest was irresistible and the premises were off the market for only a 6-month period before the deal was finalized with the asking price being $2.9 million.

Sobel indicated that when the item was up for sale, there were multiple interested parties. Additionally, he noted that a broker wasn't part of the transaction.

“The new owners are enthusiastic to collaborate with essential stakeholders from the village in order to determine what type of establishment the building will become going forward in order to provide benefits for the entire village.”