Updates in Port Jefferson Village Retail: Early in Quarter 3, popular restaurant and nightlife spot, “Schafer’s,” underwent a name change and renovations and is now “Harbor Grill.”
On another note, there have been talks of a golf-cart taxi service starting service in the Village soon. The main purpose of this service is to alleviate the strain on parking downtown, thus freeing up parking for visitors from out of town. Talks of this service come just one year since the Village implemented a valet service on the weekends to alleviate frustrations due to lack of available parking. The service shares similar features to other ride-hail services, such as Uber and Lyft, and offers passengers rides to and from anywhere within the Port Jeff zip code (11777). Furthermore, the service is reported to be free of charge to passengers, earning revenue from sponsors who seek to place advertisements on the carts.
Port Jeff Commercial Real Estate Leasing: Port Jefferson Retail remains strong. Asking lease rates for retail spaces in Port Jefferson that came on-market during the 3rd Quarter of 2018 range from around $25 per square foot (PSF) to over $45 PSF.
The inventory for retail space in the Village is slim. With three new spaces made available for lease in Q3, the village ended the quarter with a total of six available spaces.
One commercial property sold in the Village during Q3. The property was 128 E. Main Street, .08 acres of commercial-zoned land. The seller, Louis Della Rocca, sold the property to 128 East Main Property LLC for $510,000
Port Jeff Commercial Real Estate Outlook for Q4: In Q3 we have seen several new investment properties come to market. We expect the supply to remain slim for both investment properties and leasable retail spaces in the Village. Port Jefferson is a highly sought-after place to be for businesses and investors alike, as is evidenced by the consistent lack of inventory.
Conclusion: There is plenty of excitement to be had, as there are tenants that have signed leases this year that are still completing their buildout before they open their doors. I look forward to seeing the face of the Village come the end of the holidays. Italian Restaurant “Due Baci,” is still working on renovations. When it’s doors finally open, expect the walkability of Port Jefferson to extend past the intersection of Barnum Avenue and West Broadway, thus livening up the Village. I wish all local landlords and tenants continued success in the final quarter of 2018. As always, I am available for any questions or concerns you may have with regards to commercial real estate in Port Jeff and the surrounding areas.
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