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Mitchel and Gregg Rechler at the Canoe Place Inn & Cottages. DANA SHAW
(L-R): Gregg Rechler, Co-Managing Partner, Rechler Equity; Laureen Harris, Board President, ABLI; Mitchell Rechler, Co-Managing Partner, Rechler Equity. RechlerEquity Partners was named "Developer of the Year" by the Association for a Better Long Island (ABLI) and Commercial Industrial Brokers Society (CIBS) in recognition of restoration and construction of the Canoe Place Inn & Cottages and the Canoe Place Boathouses in Hampton Bays.
Their restoration of the historic Canoe Place Inn in Hampton Bays has earned Rechler Equity Partners, helmed by cousins Mitchell and Gregg Rechler, recognition as Developer of the Year by the Association for a Better Long Island and Commercial Industrial Brokers Society.
“This award is a testament to the hard work and collaboration our team, our partners and the community put into restoring the Canoe Place Inn while also accommodating for present day aesthetic, and amenities,” said Mitchell Rechler, co-managing partner of Rechler Equity. “We are grateful for the opportunity to work alongside the Town of Southampton and the Hampton Bays residents whose endless passion for their community is remarkable. We feel this development’s design pays homage to the region’s rich history and seamlessly connects the past and present. Thank you to ABLI and CIBS for acknowledging our work.”
Rechler Equity Partners — the largest owner and operator of industrial space on Long Island — purchased the then-crumbling inn in 2005, and their first thought was to simply raze the building. Confronted with community outcry, the cousins decided to set about restoring the place that predates the Revolutionary War. During the war, British soldiers used it as a headquarters. The original building burned to the ground in 1921 and its four-story replacement was constructed in 1922. Its most recent iteration was the nightclub known simply as CPI. It closed in 2010.
As work on what would be rebranded as the Canoe Place Inn & Cottages was underway, the Rechlers began another project across the Shinnecock Canal, known simply as The Boathouses, with a vision of constructing 37 luxury rental townhomes. The partners also collaborated with the Hampton Bays School District, in the creation of a Hospitality Academy. The curriculum teaches students and adults in the community about the inn’s historic significance and various aspects of the hospitality industry, resulting in internship and employment opportunities to strengthen the local economy. Currently, the inn employs 125 individuals, including administrative, culinary, maintenance and other roles.
“Community partnership serves as the guiding principle in all of our development projects, and the Canoe Place Inn and Canoe Place Boathouses are a prime example,” said Gregg Rechler, co-managing partner. “The inn is once again a premier location thanks to the input we received from the Hampton Bays community.”
Beyond the luxury townhomes, the Canoe Place Inn & Cottages contains 20 suites and five cottages, the property also boasts a painstakingly-restored ballroom and pavilion event space for large-scale events like weddings and galas. With a 350-seat catering capacity, it’s the largest of its kind on the South Fork.
With a mission of improving the Long Island economy, ABLI advocates for sensible growth, affordable energy, and a reduced tax burden. Speaking of the recognition of Rechler Equity Partners, executive director Kyle Strober said, “This award revealed that at a time when the real estate industry is facing unprecedented challenges, the Rechlers demonstrated that creativity, insight, and a sustained commitment to excellence are still the ingredients for success.”
