Real Estate News

Gurney’s Buys Again

Gurney’s Resorts gobbled up another neighbor recently. The former Montauk Yacht Club Resort & Marina is now Gurney’s Montauk Yacht Club & Resort.

The yacht club will be open this season and will then enjoy a $13 million renovation.

In addition to the marina, there are 107 guest rooms, a ballroom, and several restaurants on 35 acres. The purchasers are reportedly George Filopoulos of Metrovest Equities and Lloyd Goldman of BLDG Management, owners of Gurney’s Montauk Resort & Seawater Spa.

MEI Hospitality will run both properties.

“The Montauk Yacht Club is respected in the Hamptons as much as in the yachting community,” Filopoulos said. “We’re looking forward to creating opportunities for our guests between our resort and marina destinations in Montauk and Newport.”

According to the release, the yacht club is the largest marina in the Hamptons. The sale price was not immediately available.

The club was previously owned by Island Global Yachting, an affiliate of the Island Capital Group LLC that bought the club in 2007.

“We have had the privilege of being associated with the Montauk Yacht Club for 11 years,” said Andrew Farkas, Founder and Chairman of the selling party, Island Capital and Island Global Yachting. “We enjoyed the Montauk community, the amazing employees of the club, and being able to provide exceptional vacations to the club’s many loyal guests.”

Gurneys purchased the 65-unit Panoramic View Resort and Residences in Montauk in December 2015. The property, on the west side of Gurney’s, had been seized by the federal government. The Montauk beach resort was at the center of a Ponzi scheme scandal involving two fraudster brothers-in-law, Brian Callahan, a New York investment adviser, and the real estate developer Adam Manson.