The Real Deal New York

Montauk luxury co-ops with shady past are selling fast

September 07, 2016 04:51PM

Residences at Gurney's at 270 Old Montauk Highway

Residences at Gurney’s at 270 Old Montauk Highway

Looks like Montauk is still having its moment. More than half of the 12 luxury co-ops known as the Residences at Gurney’s have been snatched up since the units hit the market on Memorial Day weekend. The first two that closed were both two-bedroom, 2,000-square-foot pads listed at $5.35 million, according to Curbed. The co-ops have attracted both local and international buyers, listing broker Ryan Serhant said. It’s been a long time coming for the oceanfront homes. Formerly the Panoramic View hotel, the property sold to brothers-in-law Brian Callahan and Adam Manson in 2007. Before they could convert it into luxury co-ops, however, they were caught running a Ponzi scheme and the business was seized by the government. It wasn’t until last year that the owners of the Gurney’s Resort next door (George Filopoulos of Metrovest and Lloyd Goldman of BLDG Management) acquired the property for $64 million and began redevelopment. [Curbed] — Cathaleen Chen