x

Politics

Filopoulos Offers Montauk Homes With Atlantic View, Room Service

You can’t get farther from New York City than Montauk on Long Island’s Eastern tip but developer George Filopoulos and his partner bet the wealthy are willing to pay to live there.

While the rich and famous like to summer in Hamptons in the island, quieter money has been seeking out the budget-priced fishing village. But with laws preventing building on the water, there’s been sparse accommodation for those who can afford it.

Filopoulos, owner of Metrovest Equities, and Lloyd Goldman, a developer and founder of BLDG Management, have renovated the former Gurney’s Inn into Gurney’s Montauk Resort with room rates of $1,800 a month, and offering 15 oceanfront homes with prices from $5-$12 million.

The homebuyers will have access to all the services of the resort, including spa, seawater pool, and beach club. The residences were carved out of the former Panoramic View, a 117-room 1950s hotel on a green hillside next to Gurney’s.

The Wall Street Journal’s Josh Barbanel detailed how Filopoulos and Goldman came to acquire the resort and hotel after its former owners were forced to put it up for sale eight years after the bought it and then ran into the 2008 financial crisis and being accused by the government of using unrelated investor funds to funnel money into the Panoramic.

Last December, in a court-ordered sale, Filopoulos and Goldman bought the controlling interest in the Panoramic for $63.9 million. It was more than just business though: Filopoulos knew what he was getting into.

Filopoulos has summered in Montauk for many years and told The Journal it’s a place where “a billionaire can have a beer with the local fisherman and local surfer at the local bar.”

He and his partner bought Gurney’s in 2013 and started renovations while bringing in a restaurant group to open a branch of the Scarpetta restaurant in Manhattan’s Meatpacking District.

They are now re-gutting and re-renovating. The largest home is a five-bedroom unit totaling about 4,300 square feet, including an outdoor deck and a patio.

Montauk has a number of famous summer and year-round residents already, including Robert DeNiro, playwright Edward Albee and fashion designer Ralph Lauren. Prices are soaring with a white-shingled cottage once owned by Andy Warhol going for $48.7 million in December, 2015, eight years after it set a then previous-record in Montauk of $27.5 million.

The residences are part of the old Panoramic, duplexes and triplexes that come with glass walls opening onto terraces facing dunes and the beach. They are designed to look like Hamptons oceanfront homes: wide plank floors, white walls and white marble interiors.

Jennifer Brew, a broker at Brown Harris Stevens, who spends her summers in Montauk, told The Journal the community was attracting wealthy buyers who reject the “cashmere” of Southampton and East Hampton and the bohemian vibe of nearby Amagansett.

“I find that there is a particular set, an age group, a financial group that is paying for nostalgia”, she said, even as boutiques pop up in Montauk, taking away from the authenticity.

The buyers for the homes will pay more than what they cost: because the Panoramic was converted to a co-op back in the 1980s, the homes being offered are co-ops and come with steep maintenance and other fees of about $2,200 a month for a typical three-bedroom.

Filopoulos and Goldman are betting the view’s worth it.

 

RELATED

ATHENS - A regulation in an omnibus bill will allow repatriated Greeks from Albania and the former Soviet Union to receive full national pensions, Labor and Social Protection Minister Kostis Hatzidakis said during a discussion in Greek Parliament on Tuesday.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

FALMOUTH, MA – The police in Falmouth have identified the victim in an accident involving a car plunging into the ocean on February 20, NBC10 Boston reported.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Search Effort Intensifies after Indonesia Quake Killed 271

CIANJUR, Indonesia — More rescuers and volunteers were deployed Wednesday in devastated areas on Indonesia's main island of Java to search for the dead and missing from an earthquake that killed at least 271 people.

ATHENS - Prime Minister Kyriakos Mitsotakis paid a visit on Saturday to the Police Station of Kallithea, the southwestern suburb of Athens, which houses an Operational Office dealing with domestic violence of a network of 18 such centers incorporated in police stations.

COLORADO SPRINGS, Colo. (AP) — When officials unfurled a 25-foot rainbow flag in front of Colorado Springs City Hall this week, people gathered to mourn the victims of a mass shooting at a popular gay club couldn't help but reflect on how such a display of support would have been unthinkable just days earlier.

NANTUCKET, Mass. (AP) — The Biden family's tradition of eating lunch, shopping and watching a Christmas tree lighting in downtown Nantucket on Friday became mostly about keeping the president's 2-year-old grandson from having a meltdown.

AL KHOR, Qatar (AP) — Respect achieved.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.