Montauk developers snap up properties

Lobby at the Surf Lodge

Young developers are quickly buying up properties in Montauk in a trend that would seem counter to what real estate submarkets are experiencing elsewhere, according to the Post. With prices at more than 5 percent above their levels last year, the area, sometimes described as the “un-Hamptons,” is transforming and luring more international buyers and wealthy New Yorkers. It started with a rundown house that a few developers bought two years ago and turned into the now-popular Surf Lodge. Long Island developer Adam Manson is among the leaders of the Montauk buying spree, having purchased the historic Panoramic hotel, which sits on 12 acres next to Robert De Niro’s home and Bernie Madoff’s former digs, in 2007. Manson is now reportedly set his sights on Gurney’s Inn nearby, which is not officially for sale but is said to have a $50 million price tag. [Post]

Sign Up for the undefined Newsletter