East Hampton’s Maidstone SOLD!

Brown Harris Stevens has announced the successful sale of an iconic property in East Hampton Village – the Maidstone Hotel and Inn at 207 Main Street. The Cerio Natter Team – Tony Cerio, Mitch Natter and Jared Schiavoni – of Brown Harris Stevens represented the buyers in an off-market deal for an undisclosed price. Irwin D. Simon (Chairman and CEO of Tilray Brands, Inc. and part-owner of Montauk Brewing and the Lobster Roll restaurants) and the hotelier and restauranteur Mayank Dwivedi have forces to create a new Hamptons hot spot while honoring the rich heritage of the property. 

After a ten-month negotiation, the deal closed on April 5, 2023, and the buyers are moving quickly to prepare the property for a grand re-opening scheduled for May 15^th. 

Mr. Simon and Mr. Dwivedi have a long history of successful business transactions with both men having extensive branding credentials and business across the globe.

Tony Cerio said “it was a pleasure working with Simon and Dwivedi because of their knowledge and understanding of the hospitality business. We are excited to witness the new chapter for the Maidstone Hotel and are confident that the new venture will be a very welcome addition to the East Hampton Village community.”

The property at 207 Main Street has a history as old as East Hampton itself. For at least six generations, starting in the mid-1600s, the location was the site of the Village tannery. The current structure is believed to have been built in 1840, and soon became a lodging house, then a hotel and restaurant. The current buyers are only the fifth owners in the history of the Maidstone Hotel, which today offers 19 guest rooms, including several cottages, a 76-seat restaurant and full bar.

The Cerio Natter Team, the top commercial real estate agents at Brown Harris Stevens of the Hamptons, reports that “the temperature of commercial real estate in the Hamptons is off the charts. As fast as we get properties and as long as they are realistically priced, they fly out the door. We are noticing that the current commercial buyer is experienced, savvy and can make a quick decision whether to pull the trigger or not.” Additionally noting that owner financing is an important factor is the current market, Tony Cerio said that “with interest rates through the roof and the stringent guidelines set by the banks, owner financing is key to sealing the deal for many of our commercial transactions.”