The 1.6-acre parcel off Canal Road in Hampton Bays that includes the Dream Nightclub and four houses is up for sale, according to Kenneth Kingsley, one of the owners.
The property, which partially borders the Shinnecock Canal, has a current asking price of $1,795,000 and is listed with Village Real Estate in Hampton Bays. Two single-family homes and two houses with accessory apartments also are located on the property.
“I’ve owned it for 42 years, so it’s time to move on,” Mr. Kingsley said during a recent interview.
Douglas Murtha of Southampton also has a stake in the property. Susan Murtha, his wife, said her husband was hoping to sell their share before they both retire.
Mr. Kingsley said a number of people have expressed interest in buying the property, including Frank Vlahadamis, who currently leases the building housing the Dream Nightclub. Mr. Kingsley said he has discussed renewing the lease, which expires at the end of November. If the lease is renewed before the property sells, the buyer would have to honor the contract. Mr. Kingsley said if he sells before the lease with the nightclub is renewed, the choice to renew would be left to the new owner.
James Vlahadamis, an attorney, said his family has had the exclusive right to purchase the property for the past three years, under their current lease. He added that his family is interested in buying the property and continuing to operate the club.
Dream Nightclub was the site of a still-unsolved murder that occurred in October 2010.
The property also has Suffolk County Health Department approval for 12 condominiums, according to Mr. Kingsley. He added that if they were to be constructed, the homes would have to be demolished and the nightclub could either continue to operate as-is, or be transformed into some type of clubhouse for the complex.
“Its present tenants have spent a considerable amount of money, and it’s absolutely gorgeous,” Mr. Kingsley said of the nightclub.