Hotels for Sale

RUSCHMEYER’S MONTAUK, NY – NOTE

Address:
Montauk, New York
Description:
  • $4.5MM non-performing loan collateralized with the fee-simple interest in Ruschmeyer’s Montauk Hotel, Restaurant & Bar - ideally located in the New York’s highly affluent ’Hamptons’ summer region
  • Non-performing loan is being offered for sale in the December 9th auction event on Ten-X
  • The note was originated in May 2015 with a five-year term, 25-year amortization, and a interest rate of 4.913% where the amortized balance is approximately $3.95MM and with a loan maturity of May 6th 2020
  • Note transferred to special servicing in April 6th 2020 due to payment default and loan maturity default
  • Collateral consists of the 19-room hotel and a highly trafficked restaurant and bar occupying 3.2 acres of heavily sought-after Montauk real estate
  • The location is a regional favorite amongst residents and guests and is a well known ‘must-visit' destination for the area
  • The property is ideally situated within the very high-barrier to entry Montauk market - a upscale village in the town of East Hampton, recently ranked the most expensive US summer destination
  • Montauk is a major US and International tourist destination and favored location for New York weekend getaways, with summer weekend populations routinely swelling to three times the local residential population
  • Located within five miles of world renowned destinations including downtown Montauk, Montauk State Park, Navy Beach, Camp Hero State Park, Star Island Yacht Club & Marina, and Montauk Downs Golf Course
  • The desire and demand for Hampton’s real estate has skyrocketed in the midst of the COVID pandemic with the median residential sales price jumping 40% to $1.2MM in Q3 2020 on the heals of New York City residential relocations

Listing Agents

Sean Banilivy
T | 516.456.7525
Email

Bennett Webster
T | 312.239.0560
Email

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