NEW SHOREHAM – A prominent commercial building in Block Island’s commercial area has sold for $1.6 million.
Last month Gustave White Sotheby’s International Realty announced the sale of the so-called Figurehead Building on Water Street. The deal between seller Figurehead LLC and buyer Traz Capital Partners II LLC closed June 16, according to property records.
The three-story, Victorian style building contains four retail spaces on the first floor, with residential condominiums above. Among other tenants, luxury real estate firm Lila Delman – a Gustave White competitor – has an office on the first floor.
The Figurehead was built in 2001 and sits in the island’s historic Old Harbor district.
Gustave White, which represented the seller, said the new owner planned to continue the current use of the building, including renting the condos for summer vacationers.
