Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Retained To Explore The Sale Or Lease Of Majority of Fire Island Pines Commercial District

10/01/2014

Massey Knakal Realty Services has been retained to explore the sale or lease of the properties owned by FIP Ventures (“FIPV”), owner of a majority of the commercial properties of the waterfront resort complex just 60 miles east of Manhattan.  The properties consist of approximately 80% of the real estate in the commercial district in The Pines, an upscale gay community. The commercial district, which has been a staple in the area for decades, stretches 250 feet along the harbor and main pedestrian promenade leading to the residential and beach access areas.

The offering includes the Botel hotel and the Blue Whale restaurant and bar, famous for the Low Tea party; the newly rebuilt, architecturally distinct Pavilion night club with a 20 foot deck overlooking the harbor, famous for the High Tea party; the Pool Deck and Outdoor Bar; the Cultured Elephant, an outdoor restaurant; the Harbor Club and The Rack Gym.  There are also several retail stores which could be greatly expanded upon.  Additionally, there are two multifamily properties that are included in the offering. 

“This is a once in a lifetime opportunity for a world class operator to run the majority of commercial businesses in this highly coveted community,” said Massey Knakal’s James Nelson, who is exclusively marketing FIPV with Andrew Posil and Brendan Gotch.

“Incredible upside potential exists to elevate the performance of these assets and to serve the loyal following that has come to The Pines year after year,” added Nelson.

The properties are being offered as a package with an asking price of $19,500,000, or individually.

The Botel hotel and Blue Whale must be sold together and have an asking price of $8,500,000.  The Pavilion and adjacent house have an asking price of $5,500,000.  The Pool Deck and Cultured Elephant have an asking price of $3,500,000 and the staff house multifamily properties have an asking price of $2,000,000.

“The Botel hotel presents an outstanding opportunity to continue to operate on an as-is basis, or to redevelop the property into a larger, more modern hotel,” said Massey Knakal’s Andrew Posil.

“FIPV retail stores, which currently command rents upwards of $300 per square foot, are no larger than 500 square feet, so name brand luxury tenants have not been given the opportunity to serve this market,” said Massey Knakal’s Brendan Gotch. “Converting the ground floor of the hotel to retail would face a pool deck with thousands of potential customers each weekend,” added Gotch.

Now in its fifth year of ownership, and after successfully rebuilding a triumphantly redesigned Pavilion, ownership has decided to explore the sale and/or lease of the properties, passing the torch on to someone who can continue their vision and execute a broader redevelopment plan. 

Massey Knakal is a diversified real estate company, exclusively representing owners in the sale, retail lease and financing of their properties. With over 200 employees, four offices and thorough coverage of New York City’s five boroughs, Westchester County, Long Island and New Jersey, Massey Knakal has dominated the New York metropolitan area for the last two decades by providing premier real estate brokerage and advisory services. Leveraging our proprietary Territory System™, our agents have partnered with owners throughout our markets to close over 5,000 transactions, with an aggregate value in excess of $21 billion since 1988. www.masseyknakal.com

10/01/2014 - 15:58

Source

Cushman & Wakefield Capital Markets Group New York

Want more news about Cushman & Wakefield Capital Markets Group New York? Click here