Opportunity zones

The building was sold to investors who are renovating it for a new restaurant and two second-floor apartments.

Downtown Riverhead is one of two federally designated opportunity zones in the Town of Riverhead. The other is in Calverton, including the Calverton Enterprise Park. The zones allow investors to defer or altogether avoid capital gains taxes, providing an incentive to invest in designated areas.

Downtown Riverhead and the Enterprise Park at Calverton are among the locations recommended by New York State for designation as “opportunity zones” by the U.S. treasury department.