The Real Deal New York

Montauk’s Panoramic View beach resort sells for $70M

Property had been seized by the government as part of a fraud prosecution

December 21, 2015 01:05PM

The Panoramic View resort in Montauk

The Panoramic View resort in Montauk

The Panoramic View resort in Montauk sold for $70 million, three years after its owners lost the property as part of a Securities and Exchange Commission fraud prosecution.

The 10-acre resort, which sits next door to a beach house owned by actor Robert De Niro, was purchased by Panoramic Partners, an affiliate of Lloyd Goldman’s BLDG Management and George Filopoulos’ Metrovest, the owners of the neighboring Gurney’s Montauk Resort & Seawater Spa. The deal closed Dec. 7.

The purchase includes 50 hotel rooms, as well as 12 nearby townhouses and three beach cottages.

Brothers-in-law Adam Manson, a real estate developer, and Brian Callahan, an investment advisor in New York, were indicted by the SEC in 2013 for securities and wire fraud. Callahan was accused of  running a Ponzi scheme, siphoning off as much as $96 million of clients money, some of which was funneled into resort.

Ziel Feldman’s HFZ Capital Group, along with BSG Real Estate, offered $50 million cash for the property in 2012, but Manson and Callahan refused. Another $54 million offer was rejected by a judge for the same reason in 2013. [NYP] Ariel Stulberg