Rick’s Crabby Cowboy on Lake Montauk Lassoes a Buyer

Rick's Crabby Cowboy, which includes a deep water marina, restaurant, and rental units, has a new owner.
Courtesy of Compass

Rick’s Crabby Cowboy Cafe, a restaurant with a marine and rental units on Lake Montauk, has been sold.

The five-acre property at 435 East Lake Drive also has 14 rental units in three separate buildings, plus a separate house. The deed also includes 6.75 acres of underwater land and 22 slips in the marina.

Rick Gibbs and his wife, Laurie Cancellieri, have owned the property for more than 20 years.

“Rick’s has been a Montauk stable for 25 years. Rick and Laurie should be proud of the environment they created and the legacy they leave behind as the site evolves to new ownership,” said Hal Zwick and Jeff Sztorc of Compass Commercial.

No official word yet on who the buyer is and what they plan to do with the property — or what the price was. The property was not officially on the market as far as we can tell. In years past it was listed at $14.75 million when it was marketed as having “the potential for a landmark resort on Lake Montauk.”

Rick’s Crabby Cowboy Cafe has hosted some pretty epic parties over the years, such as British photographer Ben Watts’s annual Shark Attack Sounds party (Watts is the brother of the actress Naomi Watts).

The property enjoys some pretty amazing sunsets over the water. It is also convenient for those who want to cut out traffic by flying into the small Montauk Airport, just across the street.

The property last changed hands for $1 million in June of 2001 when R & J East Lake Properties LLC purchased it, records show. Gibbs is the principal.
This is the second major commercial property trade in Montauk in recent weeks. Ruschmeyer’s, a restaurant and inn on Second House Road listed for $35 million, also found a buyer.
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