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MALTZ AUCTIONS TO AUCTION EXCLUSIVE FIRE ISLAND RESORT COMPLEX-INCLUDING 80% OF FIRE ISLAND PINES COMMERCIAL DISTRICT

This world-class destination attracts an international, affluent audience
and offers multi-revenue stream opportunities

(Central Islip, NY – January 6, 2015) – 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.

The offering comprises multiple commercial and residential properties as well as businesses including the newly renovated 8,000+/- Pavilion Building that hosts the internationally renowned Pavilion Nightclub and the Harbor Club, noted for its extraordinary architecture, waterfront amenities and views; the 21-room Botel hotel; the “retail strip,” a lively commercial district near the beach; the wildly popular and recently renovated Blue Whale restaurant; the Cultured Elephant f/k/a Canteen, for light bites and drinks; the Pines Pool & Bar, complete with a massive pool deck and cabanas; and The Rack Gym, featuring weight training and cardio equipment and fitness classes. In addition, the site features docks and boat slips, offering additional income.

Revenues at The Pines for the current ownership never reached full potential when a fire in 2011 set back plans and depleted resources. With the multi-million dollar renovation of the Pavilion, which revitalized the area’s commercial district, and recent increase in ferry ridership into the community, the right operator, making continued upgrades to the property, could easily see revenues well in excess of $5 million. For example, the Botel, if transformed into a boutique hotel, would provide the ability to boost revenue. Also, the Pavilion is a prime space to offer an abundance of events – weddings, private parties, opera or theater – seven days a week. Focusing on quality food and excellent service – opportunities that were never fully maximized in the past – would be welcomed by this upscale community. Expanding the site’s two residential properties could increase rental income. And the site could be enhanced and further marketed to attract affluent visitors year-round.

The Fire Island Pines already boasts an active presence on social media, and an e-mail list of more than 6,000 subscribers – platforms upon which marketers can continue to build.

“Properties like The Fire Island Pines resort complex, with so much potential, cross the auction block once in a lifetime,” said Richard Maltz, President of the Real Estate Auction Division of Maltz Auctions. “It’s truly a rare opportunity for the right team. And because Fire Island Pines is on the harbor side, the site benefits from extra measures of protection from the elements as we saw during Superstorm Sandy, when no one in the Pines was injured, and none of the homes were destroyed.”

The property will be sold free and clear of all liens, claims and encumbrances. Anyone interested in bidding must register. In order to register to bid in bulk, all prospective bidders must present a cashier’s check in an amount of $1 million made payable to “Maltz Auctions, Inc.” Lender financing is available on favorable terms.

Offering A (“Botel Hotel” and “Blue Whale Restaurant”)
49-56 Pickety Ruff Walk – on Fire Island Boulevard
Operating businesses included in the sale are the Botel Hotel, the Souvenir Shop and the Blue Whale Restaurant

Botel Hotel:
21 rooms, hotel office, two retail spaces and four storage rooms
Ground level:
• Hotel office and two additional retail spaces (possible to subdivide for one additional retail space)
• Four guest rooms with private baths
• Four storage rooms
Second floor:
• Ten guest rooms
o Eight guest rooms (two rooms share one bath)
o Two guest rooms with private bath
Third floor:
• Seven guest rooms
o Two guest rooms (sharing one bath)
o Four guest rooms with private bath
o One penthouse suite (one bedroom, one bath and living room)

Blue Whale Restaurant:
160+ seats – largest restaurant in The Pines
• Full kitchen
o Walk-in freezer box
• Storage sheds
• Serves breakfast, lunch and dinner

Additional offering information:
• Land area: 16,553 square feet
• Block: 2 Lot: 8
• Annual real estate taxes: $39,345 (appx)
• Interest being sold: fee simple interest
o Selling real property

Offering B (“The Retail Strip” featuring “Pines Pool & Bar”):
41-45 Pickety Ruff Walk
Operating businesses included in the sale are the Pines Pool & Bar, The Rack Gym and Cultured Elephant Café

Pines Pool & Bar:
• Storage rooms
• In-ground pool
• Two stages
• Fully functional outdoor bar with refrigeration

The Cultured Elephant f/k/a Canteen
• Two half baths
• Full kitchen
• Coffee bar
• Full Indoor/Outdoor Bar

The Rack Gym
• Outdoor covered gym space with equipment

Beachscapes Floral Shop
• Half bath
• Lease term is through 2018; 2015 annual rent of $26,000 with $1,000 increase per year until end of term

Contractor/plumber’s office
• Half Bath
• Month-to-month tenant

Vacant retail store
• Half bath
• Retail floor
• Storage closet

Additional Offering Information:
• Land Area: 14,810 square feet
• Block: 2 Lot: 20.1
• Annual real estate taxes: $13,115 (appx)
• Interest being sold: leasehold interest (ground lease)
o Lease term is through 2023. At end of term lessor may have option to extend ground lease at mutually agreeable rent at appraised value

Offering C (“The Pavilion”):
37 Fire Island Boulevard
Operating businesses included in the sale are the Pavilion Night Club and The Harbor Club (a/k/a The Welcome Bar)

• Rebuilt in 2012
• Climate-controlled building
• 200-ton cooling system
o Four electric meters (with one additional space)
• Handicapped accessible
• Men’s/women’s restroom and handicapped restroom located on first floor

Pavilion Night Club
World-renowned disco
• Features a 110′ L x 20′ W deck with bar service overlooking the harbor (known as the High Tea Deck)

The Harbor Club (a/k/a The Welcome Bar)
The meeting place for all
• Interior and exterior bar space

Retail spaces:
Individually metered and climate controlled
• Suite A – Real estate office
o Lease term is through Dec. 31, 2017, with one 5-year option
o Annual rent $50,500 with annual CPI escalations
• Suite B – Art Gallery
o Lease term is through Dec. 31, 2017, with one 5-year option
o Annual rent $35,000 with annual CPI escalations
• Suite C – Vacant space

Additional offering information:
• Land Area: 3,467 square feet
• Block: 2 Lot: 21
• Annual real estate taxes: $39,808 (appx)
• Interest being sold: fee simple interest
o Selling real property

Offering D (“Chef’s House”):
28 Fire Island Boulevard
Single-family home located directly across from the Pavilion
• Three bedrooms and one bath (plans previously approved for expansion and renovation)
• New septic system with significant excess capacity
• Storage below home

Additional offering information:
• Land area: 6,098 square feet
• Block: 7 Lot: 26
• Annual real estate taxes: $4,320 (appx)
• Interest being sold: fee simple interest
o Selling real property

Offering E (“Staff House”):
16 Atlantic Walk
Multi-tenant building
• 16 bedrooms and eight baths
• Small kitchen
• Wrap-around deck
• Built in 2006
• Central air-conditioning
• Heated
• Potential for second floor addition

Additional offering information:
• Land area: 9,148 square feet
• Block: 7 Lot: 22
• Annual real estate taxes: $8,100 (appx)
• Interest being sold: fee simple interest
o Selling real property

Assemblage overview:
• 320′ water frontage
• With an average slip size of 35’ – there would be room for nine slips (currently four slips are leased) with electric and water
• 32 Terminal P.O.S System w/ Licenses
• Favorable lender financing available
• Originally listed at $24.925 million – last listed at $19.5 million
• Suggested opening bid: $8.5 million

The Fire Island Pines resort complex is just one of many properties – including luxury and commercial, distressed and non-distressed real estate – auctioned by Maltz Auctions. In addition to real estate, Maltz Auctions specializes in personal and intellectual property auctions.

“We pride ourselves in our ability to help owners who seek to establish liquidity from illiquid assets,” said David Maltz, the company’s president. “In addition, through our services, bidders are able to attain real estate, automobiles, jewelry as well as heavy equipment that they previously thought were out of their reach.”

To learn more about the Fire Island Pines resort complex and about Maltz Auctions, including its 15-plus currently scheduled auctions, visit MaltzAuctions.com or call 516.349.7022.

About Maltz Auctions
Maltz Auctions is a premier, full-service auction company specializing in creating liquidity through the auction method of marketing. Now a $100+ million company with an impeccable reputation for professionalism, integrity and success, Maltz Auctions has conducted thousands of auctions on behalf of such clients as the U.S Bankruptcy Courts and financial institutions throughout the country, the U.S. Department of Justice, Internal Revenue Service, Small Business Administration, as well as law firms, private individuals and corporations, nationwide. The 35-year-old firm is nationally recognized as a trusted name in excellence and achievement. www.MaltzAuctions.com

Media Contact
Kerry Gillick-Goldberg
kgg enterprises
516.455.3179
kerry@kggpr.com

NY Times article:    http://mobile.nytimes.com/2015/01/22/nyregion/renowned-gay-mecca-on-fire-island-goes-to-auction.html?_r=2&referrer ,and http://www.nytimes.com/2015/01/23/nyregion/gay-mecca-on-fire-island-sells-for-10-1-million-at-auction.html?_r=0