Last month, word spread quickly that Gosman’s, a prime spread of commercial real estate along Montauk Harbor that has long been the epicenter of the Montauk fishing industry, had sold. Now we know the selling price.
Suffolk County deed transfers available on Friday revealed that the nine parcels involved in the sale, totaling nearly 12 acres, closed Oct. 21 for a total of $33,082,868.
It has been reported that the buyer was Stephen Deckoff, a billionaire who founded private equity firm Black Diamond Capital Management, which manages $10 billion in assets, according to Forbes. He is a U.S. Virgin Islands resident and real estate investor, owning multi-million dollar properties in New York City, Colorado and Beverly Hills. He also made news last year when he bought Caribbean islands Great St. James and Little St. James, which had belonged to Jeffrey Epstein, for $60 million.
Gosman’s Dock, as it is known, has been on and off the market several times over the years. Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, listed the properties in March of 2023 at $45 million.
Since 1943, the Gosman’s real estate portfolio has been home to their family-owned businesses, including fish packing, a fish market and restaurants. They currently hold four restaurants, six retail stores, a wholesale lobster and fish business and four staff housing properties, totaling 48,145 square feet of space, plus the dock and marina. There is also a large parking lot and some vacant land included in the deal.
This sale, along with other recent previous sales of Gosman property, follows the death of John Gosman Sr. of complications of COVID-19-related pneumonia at age 87.
Breaking Down Gosman’s Sale
This major sale, the largest overall sale in Montauk this year and one of the biggest commercial trades on the East End in 2024, consists of nine parcels on 11.6 acres along Montauk Harbor. Two of the contiguous waterfront properties at 484 and 500 West Lake Drive, which offer 600 feet of contiguous water views, made up the bulk of the sale at $13,763,978 and $13,063,995.
The larger of the two, 484 West Lake Drive, is a 2.2-acre property home to Topside restaurant and the retail fish market. Bob Gosman Co. Inc. was listed as the seller. Meanwhile, 500 West Lake Drive is a 1.3-acre lot with Gosman’s restaurant (Gosman’s Restaurant & Bar LLC was the owner) and a small shopping complex. Gosman’s Dock also includes a 26,101-square-foot marina, also offering fishing charters and boat rentals.
Harrington Property Associates LLC owned several lots with resort zoning, including a mainly vacant 1.98-acre parcel at 543 West Lake Drive, across from Uhline’s Marina that sold for $1,506,272. There is also a building at 543 West Lake Drive that includes Gaviola’s Market, Suffolk County National Bank and a boat storage area that backs up to Wells Avenue.
The others Harrington Property Associates sold were 6 Wells Avenue, a 0.65-acre lot, and 2 Wells Avenue, a 0.74-acre parcel, both with bungalows used for employee housing, which sold or $1,449,210 and $1,269,817 respectively. Harrington Property Associates also was listed as the seller of 521 West Lake Drive, a 1.31-acre property, which traded for $882,892, and 507 West Lake Drive, a 0.67-acre parcel, which sold for $678,877.
In between 521 and 507 West Lake Drive is 511 West Lake Drive, a 0.54-acre property, listed as a residence that sold for $946,207. Gosman’s Restaurant Bar Inc. owned that parcel, as well as the ninth property, the large parking lot at 493 West Lake Drive, on the other side of 507 West Lake. It’s actually the largest piece of property at 2.58 acres, zoned waterfront, but across the street from the harbor and jetty. It sold only for $791,437.
Henri M. Kessler of Marcus & Millichap in Manhattan represented the listings with Michael Tuccillo.
The biggest commercial trade so far this year belongs to Baron’s Cove in Sag Harbor Village, which traded in late June for $66.5 million. Blue Flag Capital, a real estate investment firm that, incidentally, owns hotels on the other side of West Lake Drive in Montauk, purchased the well-known Sag Harbor hotel and restaurant in the heart of Sag Harbor’s waterfront.
Another big commercial sale in Montauk this year was that of The Sands Motel in downtown Montauk, which hit the market last summer for $28 million, It traded in March for a little more than $23.5 million.
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