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Real Estate Center

Jan 24, 2011 5:50 PMPublication: The Southampton Press

Village Latch Inn Hotel Listed At $24.9 Million

Jan 24, 2011 5:50 PM

The Village Latch Inn Hotel, a high-profile East End hotel, is now on the market at $24.9 million, slightly more than when it was listed last winter. The new price tag comes with a change in listing agents, to Prudential Douglas Elliman, which is hoping to shift attention toward potential development on the site.

For sale are the signature “Great Gatsby Estate” main building and the “sister buildings” known as the Terry Cottage, Homestead East and Homestead West, which sit on approximately 5½ acres on Hill Street in Southampton Village. The property also includes a swimming pool and tennis court.

“You have such a picturesque setting, but, really, the key here is that it really offers an unprecedented development opportunity. And you know this is just what our foreign investors look for, but nothing’s to say that it can’t be someone locally,” said Faith Hope Consolo, chairman of Prudential Douglas Elliman’s retail group, on Friday morning. “You can have a reuse, but keep the flavor,” she said, referring to the inn’s prized architecture. She said the neighboring Whitefield Condominiums could be a model for the hotel’s new direction.

Ms. Consolo and Joseph Aquino, executive vice president of the retail group, are marketing the sale.

The current owners, the husband-and-wife duo of Marta and Martin White, have run the hotel for more than three decades, but have said they are ready to sell.

The property was listed with Sotheby’s several years ago, when local developer George Semerjian came close to making a deal to purchase it, according to local real estate agents. After about a year and a half of being unofficially on the market, without a listing, it officially returned to the market in December 2009 with Corcoran Group Real Estate listing it at $24.75 million.

“Before, it was being presented in a more residential light,” said Ms. Consolo. “And that’s not its full potential.”

The hotel has been involved in unresolved legal issues with the village spanning several decades. This past summer, the village Building Department was drafting a report outlining a number of possible village code and fire code violations at the hotel, including allegations that it has more than twice the number of units it has permission for.

Southampton Village Mayor Mark Epley said the report has been delayed, but he had not discussed it with Building Inspector Jonathan Foster since November. Mr. Foster did not return calls for comment.

Mr. Semerjian had expressed interest in the property for years but blamed “illegal units and improper zoning” for preventing him from moving forward.

The Whites said a court found that Mr. Semerjian had breached his contract to purchase it and blamed the poor economy on lack of a sale.

The Village Latch is known for its star-studded guest list, which is said to include former Vice President Al Gore and actresses Kate Hudson and Sarah Jessica Parker, among others.

“As far as I’m concerned, it’s like the Fifth Avenue of the East End,” Ms. Consolo said.

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We've PASSED "out of control"...
By Mr. Z (11847), North Sea on Jan 22, 11 1:08 AM
1 member liked this comment
yes Z we should regulate private deals on real estate, so you can buy a house someday in Southampton. Wow maybe I can get that inter coastal property in Boca I have had my eye on if I let you be my buyers agent. whatta u say ?
By joe hampton (3461), south hampton on Jan 24, 11 7:24 PM
I say you are a fool, who yet believes material wealth, and taking well more than one needs to survive from society is a good thing. Even sports teams have salary caps, to keep things fair, right? So, do you like sports, joe?

You seem to believe that a system so out of control, even bordering on fiscal anarchy, and oligarchy are a healthy thing. I ain't sayin' it should be easy, but I am saying our society should be equitable, and sustainable.

We can do FAR better than we ...more
Jan 26, 11 9:48 AM appended by Mr. Z
The value of a prize, often lies in the worth of it's contestants. Sometimes, the "winner" takes nothing...
By Mr. Z (11847), North Sea on Jan 26, 11 9:48 AM
I do not support salary caps on anything supply and demand my friend . You can find a house around Rome NY for 80,000 and come back home for thanksgiving like the rest of the world. No one owes anyone a house in the Hampton's
By joe hampton (3461), south hampton on Jan 26, 11 12:57 PM
1 member liked this comment
Still blind to what the derivatives market did to the housing market in the "Hamptons", eh?

It's sad, really, how you short sighted you truly are, as well as seemingly ignorant of the abuses which have led to pure sh*t being spun into gold 'round these days.

That would be the manure, which used to fertilize farms, which are much more useful than the ostentatious, avaristic, Shaq sized carbon footprint behoemoths, which are considerd "homes".

No one owes me one of those. ...more
By Mr. Z (11847), North Sea on Feb 2, 11 11:47 PM
When are the realtors out here going to realize they're not selling gold?!

What a crock! Our children can't afford to live here anymore, but let's keep asking prices so high that potential buyers get altitude sickness!

Let our kids have a shot at raising their families here too! It's just a flipping house!
By LocalMom (36), Southampton on Jan 22, 11 4:01 PM
1 member liked this comment
That place is a dump~I've never been impressed with that structure~
By lursagirl (245), southampton on Jan 23, 11 7:27 PM
I was going to have out of town guests stay at The Village Latch recently, until I read the reviews on TripAdvisor- overwhelmingly negative. Too bad- it is a great location for a hotel.
By fishcove (39), southampton on Jan 25, 11 4:18 PM

". . .the key here is that it really offers an unprecedented development opportunity."

Translation: The buildings are so decrepit as to be unsalvable encumbrances but the acreage would make a great condo site.
By highhatsize (4217), East Quogue on Jan 26, 11 11:11 AM
2 members liked this comment
Is the area zoned for a Casino?
By V.Tomanoku (790), southampton on Jan 26, 11 3:08 PM
would actually make a very nice casino.

..and slap an eruv up ther during the renovations

By david h (405), southampton on Jan 31, 11 1:45 PM
it is sad when things (and people) get old and it is too dificult to repair. I was sad when they tore down the The Irving Hotel across the street from the Latch. Boy was that a big building and you think the Latch is a bit uh worn around the edges? So in 1970's the devleoper tore down that historic hotel and built the brick town houses you see today. Of course he had all the permits in hand. Maybe the same could happen to the Latch, if it is truely too expensive to remodel. The main thing is to ...more
By summertime (589), summerfield fl on Feb 2, 11 10:38 AM