Southold’s Feather Hill, ‘crown jewel,’ sells for $6 million

11/14/2014 2:00 PM |
Feather Hill was sold on Thursday for $6 million. (Credit: Barbaraellen Koch)

Feather Hill was sold on Thursday for $6 million. (Credit: Barbaraellen Koch)

Downtown Southold’s Feather Hill plaza has been sold to three Nassau County brothers for $6 million.

The Main Road property, which consists of 12 freestanding buildings comprising over 26,000 square feet and hosts Robert’s Jewelers, Wednesday’s Table and Dunkin’ Donuts, changed hands on Thursday.

“That’s like the hub of the town,” said Marcello Pica, who bought the property with brothers Ralph and Alex. “It’s a beautiful place there.”

Located across the street from a Bank of America branch and the site of the hamlet’s Hampton Jitney stop, Feather Hill was built in 1986 and for the past 14 years has been owned by brothers Gary and Charles Salice, who also own property in Mattituck and Laurel. Though they weren’t actively shopping for a buyer, Charles Salice said the timing was right to “pursue other interests.”

Get the news to come to you: like us on Facebook and follow us on Twitter.

“We did really well with it; we enjoyed it,” he said. “We’ll work on developing other properties at this point.”

The $6 million price tag was the highest at least a couple of commercial real estate brokers could remember in recent years. North Fork Commercial broker Kris Pilles called Thursday’s deal more reflective of a commercial market on the rise.

“This transaction validates the North Fork as a market where investors are no longer afraid to commit millions of dollars to,” he said.

Marie Beninati, whose agency is right around the corner from Feather Hill, said that although commercial largely takes a back seat to residential real estate on the North Fork, the deal could be a good sign for the future of the area’s commercial market.

“I think this is good,” she said. “There are some good properties out here that you know aren’t getting the attention they should.”

The uniqueness of Feather Hill — its numerous Colonial-style buildings, post-and-beam interiors — coupled with its high-visibility location, make it a hard one to compare with other properties in the area.

“There are only three or four crown jewels on the North Fork,” said Mr. Pilles. “This is one of them.”

Mr. Pica, the buyer, said he doesn’t have anything specific in mind for the property as far as changes go. The Nassau native, who owns other real estate holdings in Suffolk — including Fratelli’s Pork Store in Centereach — said he “has always loved the North Fork,” and may move out here in the spring.

Robert’s Jewelers owner Bob Scott said this isn’t the first change of hands he’s seen. Through them all, he said, he’s found the property one worth staying in all along.

“It’s put together friendly, it’s nice and warm. The parking is great, and the location is excellent,” he said. “Otherwise, I would have moved out a long time ago.”

Editor’s note: A previous version of this article incorrectly stated that Feather Hill is across the street from a Capital One branch.