Investors Buy Fire Island Pines Hotel Complex
In a daring deal, some Manhattan investors have purchased a hotel, restaurant, and disco in the heart of the pines. In my opinion, it’s a risky deal. Would you pay $20 million for a property that could be swept away any year in a hurricane? I guess these guys are willing to roll the dice. I wonder how they’ll get flood insurance for this…FYI, Seth Weissman, one of the investors is a Penn grad my year. I don’t remember him, but from I’ve heard from people I know, he’s a go getter. I’m sure he and his investors will try to make it work. I just don’t know how many people will pay top dollar for a hotel and restaurant on Fire Island. One of the main selling points of Fire Island is that its the “un-hampton”. I mean, how much can you charge for food when your wearing no shoes and sometimes no shirt?
Here’s the NY Times link
http://www.nytimes.com/2010/03/24/realestate/commercial/24pines.html