Marcus & Millichap : Exclusively Lists Nine-Property Mixed-Use Portfolio on Long Island
March 21, 2023 at 05:41 pm EDT
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Marcus & Millichap Exclusively Lists Nine-Property Mixed-Use Portfolio on Long Island
March 21, 2023
MONTAUK, N.Y., March 21, 2023 - 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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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap Inc. published this content on 21 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 21:40:04 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
