Montauk luxury co-ops with shady past are selling fast

New York /
Sep.September 07, 2016 04:51 PM

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


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
Robert Futterman charged with DUI in Hamptons car crash
(Compass)
Waterfront home in Water Mill asks $19.5M
Waterfront home in Water Mill asks $19.5M
Ron Perelman with the Lily Pond Lane estate (Getty, Sotheby's)
Ron Perelman lists his other East Hampton mansion for $115M
Ron Perelman lists his other East Hampton mansion for $115M
Long Island (iStock)
Home sale prices hit record high in Suffolk County
Home sale prices hit record high in Suffolk County
442 Further Ln, East Hampton, NY (Zillow)
East Hampton estate sells above $52.5M ask in 1 month
East Hampton estate sells above $52.5M ask in 1 month
Maria Kimberly and 68 Ridge Road (Facebook, Zillow)
No pictures, please! Supermodel Maria Kimberly’s Southampton home to be sold at auction
No pictures, please! Supermodel Maria Kimberly’s Southampton home to be sold at auction
(iStock)
Hamptons adds whites and Latinos, loses Black residents
Hamptons adds whites and Latinos, loses Black residents
(iStock)
Brooklyn home contract signings up 142% from pre-pandemic level
Brooklyn home contract signings up 142% from pre-pandemic level
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...