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Deals & Dealmakers

Marcus & Millichap Exclusively Lists Nine-Property Mixed-Use Portfolio on Long Island

 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the exclusive listing for sale of the Gosman’s Portfolio, a 48,145-square-foot, nine-property portfolio located on 11.6 acres in Montauk, New York. The assets are four restaurants, six retail stores, a wholesale lobster and fish business, four staff housing properties, a parking lot, and vacant land. Pricing guidance for the portfolio is $45 million.

 “Family owned and operated for more than 70 years, the properties present investors with an opportunity to acquire 600 feet of unobstructed waterfront views in one of the nation’s premier vacation destinations,” said Henri M. Kessler with Marcus & Millichap in Manhattan. “Due to high demand for commercial real estate in Montauk and the limited supply, prices can be high compared to other areas in the region.” Kessler and Michael Tuccillo are representing the sellers. “Zoned for waterfront, resort, and central business uses, the portfolio includes Gosman’s Dock, a marina and shopping complex in operation since 1943,” added Tuccillo. “The Gosman family purchased additional properties in 1950 and 1958.”

Montauk, located on the Atlantic Ocean and Block Island Sound, is a popular travel destination for New York City residents and tourists worldwide. The Long Island Rail Road’s Montauk station provides train service to destinations throughout Long Island and New York City. The Hampton Jitney offers bus service to Manhattan.

Located at 484 W Lake Drive, Gosman’s Dock is a 26,101-square-foot marina and shopping complex with six buildings, three restaurants and six retail shops that offer a variety of activities, including shopping, dining, fishing charters, and boat rentals. Gosman’s Seafood Restaurant, the main restaurant in the portfolio, is located at 500 W Lake Drive. The 13,091-square-foot dining establishment has ample seating, outdoor patios overlooking the harbor and a second-floor office area. The seasonal staff housing properties are two adjacent parcels at 507 and 511 W Lake Drive, and 2 Wells Ave. and 6 Wells Ave. The vacant parcels are 521 W Lake Drive, 1.3 acres with views of Gardiner’s Bay and 543 W Lake Drive, home to Gaviola’s Market, Suffolk County National Bank, and a boat storage area. The 2.25-acre parking lot is located at 493 W Lake Drive.

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