The Real Deal New York

Montauk’s Gosman family lists chunk of downtown for $52M

Restaurant family looking to sell 14-acre development site in Hamptons town

May 06, 2016 08:30AM
By Rich Bockmann

Downtown Montauk with the Gosman portfolio (inset)

Downtown Montauk with the Gosman portfolio (inset)

Just in time for the summer season, the owners of a sprawling portfolio in downtown Montauk are putting the 14-acre site up for sale with an asking price of $52.5 million.

The Gosman family, owners of the East End town’s popular seafood restaurant, is looking to sell the portfolio, which includes a dozen parcels on the harbor side of the resort town.

“It’s really a development for a boutique-sized, high-end or moderate resort campus,” said Julia Prince of the Hamptons brokerage Saunders & Associates,TRData LogoTINY who is marketing the property.

“Whoever buys this portfolio is kind of in a way going to be next Carl Fisher,” she said, referring to the entrepreneur who in the early 20th century developed Miami Beach and Montauk, which he dubbed the “Miami Beach of the north.”

“It’s such a huge piece of Montauk,” Prince added.

In 1950, Mary and Robert Gosman purchased two parcels on the Montauk harbor that are home today to the Gosman’s Dock Restaurant, a trio of eateries and six retail shops. Over the course of the next decade they assembled the rest of the portfolio, which includes both developed and vacant parcels.

According to a study conducted by the Army Corps of Engineers following Superstorm Sandy, in 2012 Montauk generated $910 million in tourism revenue, or 37 percent of the total for Suffolk County.

Prince said that the portfolio currently includes 57 rental and hotel units, and that as of right it has the potential for about 70 hotel units.

On the oceanfront side of Montauk, in 2014 Metrovest Equities head George Filopoulos upgraded the former Gurney’s Inn he purchased for $25 million, renovating 38 of the resort’s 109 guest rooms and bringing in Tavern on the Green restaurateur Jennifer Oz LeRoy to open the Seawater Grill. Last summer LDV Hospitality came in under a longterm agreement and replaced the Seawater Grill with the Scarpetta Beach restaurant and four other food-and-beverage options. The developers plan to unveil 42 newly renovated rooms this summer.

And this past December, Lloyd Goldman’s BLDG Management and Filopoulos’ Metrovest bought the Panoramic View resort for $70 million.

The brochure for the Gosman portfolio notes it is reachable by plane, seaplane, train, helicopter and super yacht.

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