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DAN'S PAPERS, June 11, 2010 Page 19 www.danshamptons.com

Dunkin’ Donut Kings Just Might Succeed at this Unusual Spot By Dan Rattiner Dunkin’ Donuts will open a new branch on the southwest corner of County Road 39 and North Sea Road. For those who have been watching this corner for the last 30 years, as one restaurant after another starts up there and then fails, there is the feeling of, well, of COURSE! Everything has been tried. Since it was brought there on a truck around 1975, as one of those gleaming chrome diners, it’s been everything the human restaurant mind can devise. There were high hopes for it when it first opened as a family restaurant called Southampton Diner. After that closed, it was Doobie’s Diner, then after that closed, Pablo’s, then after that closed the hot dog stand called Hiram’s Hotdogs, then after that closed a new diner which, for some reason, the new owners thought should be named the Greasy Spoon,

then, after that closed, someone had it clad with wooden paneling so it could become a Chock Full o’ Nuts, then when that closed the re-incarnation of the diner called, incredibly, and once again, the Greasy Spoon (this time with waitresses), then, beginning around 2005, Starbucks. Starbucks closed down last spring. Now it is Dunkin’ Donuts’ turn. Well, FINALLY! Something that will SUCCEED! The problem, of course, has been this diner’s location. It’s one storefront in from the corner where these two big, four lane highways cross. And so it is virtually impossible to get to from any direction other than from the eastbound lanes. It is, actually, perfectly positioned for those lanes. From the others, it’s a big frustration. You might have it in your head to get a Mexican meal at Pablo’s or a Starbuck’s cappuccino, but

unless your global position on the planet is eastbound of this building, forget it. It’s just nearly impossible. From all other directions it involves, at a minimum, at least one left turn across four lanes and/or a drive past of half a mile and then a K turn. Forget it. Southampton definitely needed a Starbucks in 2005. The problem was that the purchasing agents from Starbucks must have been shown that property on a day in the middle of January when there was no traffic. It looked good to the Starbucks guy, right there on the highway. Trouble is that Starbucks is a place you go for contemplation, friendly talk and a good cappuccino. For this location, by the time you got there, you were so frustrated and pissed off in doing so that you had no great desire for either a cappuccino, friendly conversation nor contemplation. (continued on page 28)

HANGING THE BANKS ON THEIR OWN PETARD By Dan Rattiner When mortgage rates went way down a little over two years ago, I called the bank that holds the mortgage for the Dan’s Papers office building in Bridgehampton to ask them about re-financing. The bank is Capital One. It was called North Fork Bank when I got the loan 15 years ago. But Capital One had gobbled up North Fork. “Look in your North Fork files,” I said, “It’s in there. I think the rate is 7% or 7 1/2,% I’m really not sure. In fact, call me and tell me.” “We have no idea where your mortgage is,” this banker told me. “All the mortgages have been sold and re-sold and re-sold. They get bundled

together. Your mortgage could have been sold 10 times by now. I don’t think that anybody knows who has it at this point. Except if you stop paying. Then somebody will surely make themselves known.” This was in 2007. A little red flag about Wall Street should have come up. But it didn’t. I took it more personally. “You SOLD my mortgage?” This conversation came to mind the other day when I read about a new way that homeowners are dealing with banks who threaten to foreclose. The homeowners just don’t pay the monthly payments.

“It’s not MY problem,” one woman said. “They’re the people who broke their own rules to set this up. If I didn’t qualify for this loan, why didn’t they just tell me?” “I thought I was getting a better rate,” said a man. “But no. When we got to the closing there were so many fees and costs it was just the same as it was before.” “I don’t know why they just won’t settle with me,” another man said. “When they foreclose, they get the house. The house is worth half what it was. I’m saying take half now, but they won’t do it.” (continued on page 36)

Dan's Papers June 11, 2010  

Dan's Papers, the 51-year-old bible of the Hamptons, is owned by Manhattan Media, a multi-media publishing company based in New York City,...

Dan's Papers June 11, 2010  

Dan's Papers, the 51-year-old bible of the Hamptons, is owned by Manhattan Media, a multi-media publishing company based in New York City,...

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