Even though Montauk real estate seems to be taking a breather as late, Montauk’s coolness factor seems just as off the charts as ever. We’ll be interested in seeing what happens to this property, which is pretty dilapidated right now, but has tons of potential. It comprises 3.8 acres right on Lake Montauk along with a two-story main house and eleven 1940s cottages.
It used to be a rental cottage complex called Bridgeford Cottage Colony, and it’s surprisingly still owned by an Else Bridgeford.
Now doesn’t that look like fun? Sadly, those days are long-gone: today the place looks abandoned, but apparently isn’t.
Asking price for the property, repped by John D’Agostino at Martha Greene, is $4.995 million, which is about land value. We assume the motel use has been abandoned over the years, so it would be a job to get it back (we’re just guessing here); if not, it’s possible a local business owner could buy the place and renovate it for employee housing. Or, of course, a private buyer could build a fabulous estate compound as well. It’s a nice extra that the property offers a private dock.
For more, click here. 31 East Lake Drive, Montauk