In the latest sign that Montauk, N.Y., has gone upscale, Gurney’s Montauk Resort & Seawater Spa has replaced 11 hotel rooms at the former Panoramic View with six oceanfront co-ops priced from $2.2 million to $2.8 million.
Views from the new residences stretch beyond Gurney’s 2,000-foot-long sandy beach to Block Island to the east and Amagansett to the west.
Perched in a building called Point of View are five new 750-square-foot one-bedroom, two-baths with 500-square-foot decks, and one 920-square-foot two-bedroom, two-bath with a 350-square-foot deck.
The six attached residences were built within the original footprint of the 93-unit Panoramic View, a 1950s motel turned co-op. George Filopoulos, the managing partner and president of Gurney’s, and his partner, Lloyd Goldman of BLDG Management, bought the Panoramic View in 2016 for $64 million in a government foreclosure sale, after its owners were convicted of operating a Ponzi scheme.
“Having your own place on the beach is a very special thing,” Mr. Filopoulos said, particularly since the co-ops’ proximity to the ocean cannot be duplicated in Montauk under current zoning.
Lower and higher on the bluff are two buildings with a total of 20 co-ops; 12 hit the market last summer, two-to-five-bedroom residences with multiple decks, open floor plans, travertine floor-to-ceiling fireplaces and master baths with free-standing tubs and separate showers. Seven remain on the market, ranging from $4.5 million to $10 million. Each comes with a private cabana on a 1,000-foot stretch of Gurney’s beach reserved for owners.
What sets these residences apart from other Hamptons properties, Mr. Filopoulos said, is access to Gurney’s year-round resort amenities, including a beach club, a 30,000-square-foot seawater spa and indoor pool, an outdoor pool, a fitness center, exercise classes, restaurants including Scarpetta Beach and Tillie’s, a children’s club and a spacious deck with a fire pit. Owners can opt for housekeeping services, have their refrigerators stocked or arrange a private clambake.
Owners of the six new residences can also rent them out per night through the resort.
Scott Berman, hospitality and leisure group leader at the consulting firm PwC, said that at more than $2,000 a square foot, the co-ops have few comparables in other resorts.
“It’s for a very exclusive buyer,” he said, “who is not motivated by investment but by being a part of a club that has the best of the best amenities.”
With oceanfront home prices in the Hamptons starting at $10 million, the new units had already generated interest, said Chris Coleman, the salesman at Saunders & Associates who has the listings. “It is a great way to have oceanfront living and get a gorgeous place with the services of a first-class resort,” he said. “It is very hassle-free.”
Source: The New York Times
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