A Long Island beach club on approximately 11 acres of Atlantic oceanfront with 775 feet of frontage is being made available through a court-supervised Chapter 11 bankruptcy sale.
The 22,740-square-foot New York Beach Club, along with the neighboring parcel, is one of the largest privately controlled oceanfront assemblages available within commuting distance of Manhattan. Last year, the beach club reported gross revenue of $3.3 million, with net profit of $1.9 million.
The beach club currently has approximately 840 members and encompasses 243 total units, comprising 133 cabanas and 110 lockers. In addition to its private white-sand beach, it has two pools, four cabana courts, a beachfront restaurant and bar, concession service, live entertainment, family and adult programming, and beachside yoga. There are 182 spaces of onsite club parking.
“We expect interest from very different types of buyers: hospitality operators, family offices, real estate investors and developers. Each one can look at the same property and see a different path to creating value,” said Greg Corbin, president of Northgate Real Estate Group, which is marketing the bankruptcy sale.
Corbin added that a future owner could continue to invest in and expand the existing beach club concept or reimagine the property as a residential redevelopment.
“You can build another apartment building – you can’t create another stretch of oceanfront,” said Corbin.
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