Five years ago three young hotshots bought the bulk of the commercial district in Fire Island Pines for a reported $17M. Later this month that same group of businesses goes up for auction for a considerably lower opening bid.
Maltz Auctions, a leading full-service auction company serving the New York metropolitan region, announced today that it will auction The Fire Island Pines resort commercial district complex, comprising restaurants, nightclubs, retail, a hotel and residential housing, conveniently located only 90 minutes from New York City.
Considered the best-known and most beloved gay community in the world, with its famous sandy beaches facing the Atlantic Ocean, The Pines is the premier gay vacation get-away in the tri-state area and attracts an affluent, international audience. Originally listed at $24.925 million, the suggested opening bid is only $8.5 million, offering tremendous potential to the right buyer to convert the existing Hotel, the only commercially zoned hotel in The Pines, into a boutique hotel.
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