Fire Sale On Fire Island

Five years ago three young hotshots bought the bulk of the commercial district in Fire Island Pines for a reported $17M.  Later this month that same group of businesses goes up for auction for a considerably lower opening bid.

Maltz Auctions, a leading full-service auction company serving the New York metropolitan region, announced today that it will auction The Fire Island Pines resort commercial district complex, comprising restaurants, nightclubs, retail, a hotel and residential housing, conveniently located only 90 minutes from New York City. Considered the best-known and most beloved gay community in the world, with its famous sandy beaches facing the Atlantic Ocean, The Pines is the premier gay vacation get-away in the tri-state area and attracts an affluent, international audience. Originally listed at $24.925 million, the suggested opening bid is only $8.5 million, offering tremendous potential to the right buyer to convert the existing Botel, the only commercially zoned hotel in The Pines, into a boutique hotel. All viewings and inspections will be by appointment. The auction will be held on Jan. 22, 2015, at 1 p.m., with registration beginning at 12 p.m., at Maltz Auctions Gallery, 39 Windsor Place, Central Islip, NY 11722.

Among the businesses being sold as a group are the recently rebuilt Pavilion nightclub, the Blue Whale bar and restaurant, the Botel Hotel, the Rack Gym, and several retail shops.