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. Jon Wilner from Island Properties of the Pines, Inc. is also the on-site broker.
“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.
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Agents: Andrew Posil, Brendan Gotch, James Nelson