Perry Mill Wharf in Newport for sale for $28M

THE PERRY MILL WHARF in Newport has been listed for sale for $28 million. / COURTESY LILA DELMAN REAL ESTATE INTERNATIONAL
THE PERRY MILL WHARF in Newport has been listed for sale for $28 million. / COURTESY LILA DELMAN REAL ESTATE INTERNATIONAL

NEWPORT – One of the city’s largest commercial wharfs is newly listed at $28 million. The Perry Mill Wharf has been marketed for the past several months for lease, but is now offered for sale by Lila Delman Real Estate International.

The luxury property specialist is marketing the site for its potential to house a fine hotel or restaurant, as well as companion marina uses.

According to the listing description, the property covers 57,900 square feet with a 25-foot right-of-way to Thames Street, and 1,000 linear feet on Newport Harbor. It is adjacent to the Perry Mill building, an iconic building at the center of Newport’s waterfront. It is located between the Newport Yachting Center and Forty 1 North Marina Resort.

Owned by the Parascandola family since 1950, the property was used until four years ago for commercial fishing.

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Beginning in 2010, the family offered the property for lease and entertained purchase offers, through two previous commercial brokers.

For the past two months, it was again offered for lease, but is now being listed and marketed for sale, according to broker Greg Arakelian, of Lila Delman Real Estate International.

The $28 million asking price is what the family believes the property is worth, given its location and potential.

The zoning of waterfront business will allow a variety of uses, including mixed-use commercial and residential, offices, retail, restaurants, a marina, multi-family housing and clubs for outdoor recreation.

Arakelian said he is contacting hotel groups and other potential buyers. The 1.33-acre site has unparalleled views of the harbor, he said.

In marketing materials, Lila Delman is emphasizing its potential for luxury properties: “A few steps off your yacht will put you in the heart of Newport’s downtown, famous for fine dining, shopping, entertainment and historic sightseeing. Take advantage of this world-renowned waterfront setting to meet Newport’s demand for a luxury yacht marina, a Five Star hotel, a Michelin starred restaurant and an unparalleled venue for first class events.”

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