The Cavagnaro commercial complex on Newtown Lane in East Hampton Village has sold for $5 million, according to Saunders & Associates.
Broker Alan Schnurman brought the buyers to the owner of what the real estate agency called one of the most historic buildings in the village at 105-107 Newtown Lane.
Brown Harris Stevens broker Anthony C. Cerio and Mitchel L. Natter had the exclusive on the property, which was listed for $6.75 million, according to that agency's website.
Built in 1923 by Albert Cavagnaro, the grandfather of the seller John Cavagnaro, the commercial building has three retail stores — home to Mary's Marvelous and previously the location of Bucket's Deli — and eight, one-bedroom, one-bath apartments. The deal also included a detached four-car garage, and a separate one-family house.
According to the listing, the buildings are "proven income producers."
“This is the most well-known building in East Hampton,” Schnurman, a Saunders & Associates broker, said. “Since the days of Cavagnaro Bar & Grill and Cavagnaro Deli, the building has been visited by the likes of Jackie Kennedy Onassis, Billy Joel, Alan Alda and Jackson Pollack. It’s a pleasure to have sold this high-profile complex after it has been on the market so long."
Schnurman, an accomplished trial attorney for many years, retired from his law practice last year and signed on with Saunders to sell real estate.