Shelter Island’s Chequit Inn sells for $3.35 million

11/24/2014 3:55 PM |
The Chequit Inn on Shelter Island. (Credit: Julie Lane)

The Chequit Inn on Shelter Island. (Credit: Julie Lane)

The new owners of the Chequit Inn on Shelter Island are a mystery, but the price they paid to purchase the inn and restaurant and two related buildings has been confirmed as $3.35 million. 

Assessor Al Hammond said Monday morning that the price was contained in county records but doesn’t include other details.

The sale includes three buildings — 23 Grand Avenue, 9 Washington Street and 6 Washington Street.

The Grand Avenue address represents the main structure, while the two Washington Street properties are the 1890s “Summer Cottage” and a retail space in an annex across from the main building. It was occupied during the summer of 2013 by Pas Par Tou, a clothing and home decorating store that moved to Bridge Street this past summer.

This Saturday, the new owners are expected on Shelter Island for what is being billed in a tag sale advertisement as a “huge inn renovation sale” featuring furniture, linens, lighting, decorative accessories and other items. The sale takes place between 9 a.m. and 2 p.m. and all proceeds will benefit the Tot Lot Revitalization Project.

Two Island real estate professionals weighed in on the Chequit’s reported sale price Monday.

“It’s the buy of the century,” said broker Georgiana Ketcham, adding that its location and reputation contribute to its worth.

“I think that’s a fair price,” said Penelope Moore of Saunders. She was among those representing various potential buyers over the last few years when the Chequit was on the market.

“There are a lot of good grandfathered aspects” of the building and former owners James and Linda Eklund did a lot of prep work in recent years as they actively pursued buyers for the property they’ve owned since the mid 1990s, Ms. Moore said. The Eklunds have not returned phone calls seeking comment about the sale.

While she had no inside information on the sale, Ms. Moore said it’s not unusual for a sale of a commercial property to include side agreements between buyer and seller that wouldn’t be reflected in sales statistics. Such an agreement could cover the right of new owners to continue to use the Internet domain name and telephone number.

Changes by the new owners could include installing a swimming pool, Ms. Moore speculated, and selling the Summer Cottage and the retail space on Washington Street.

The new owners plan some major renovations to the inn and restaurant between now and a May opening, according to Jason Mancuso, a consulting helping prepare the tag sale.

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