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Your quarterly update for Winter 2015
“Going once, going twice…”
In what is described as a “Lender Approved Auction,” most of the Fire Island
Pines commercial district is scheduled to go on the auction block on January
22, 2015 beginning at 1:00PM in Central Islip.
On the Auction Block
The auction includes “all businesses (Hotel, Restaurants, Nightclubs & Retail),”
in addition to what is described as the “Chef’s House” at 28 Fire Island Blvd.,
and the “Staff House” across from The Co-ops at 16 Atlantic Walk. These properties are listed as two of the five “offerings” on the auction website, but are not
being sold separately.
The website lists the original price as $24,925,000; and “last listed at
$19,500,000.” The suggested opening bid is $8,500,000. FIP Ventures, an
investment group including Matthew Blesso, Seth Weissman, and Andrew
Kirtzman, originally bought the property for $17 million in 2010.
Further information about the auction is posted on the David R. Maltz & Company auction website: http://maltzauctions.com/auction_detail.php?id=247209.
Budget Approved for 2015; No Maintenance increase
An aerial shot of the Pines harbor,
showing the commercial properties
that are up for auction in January, as
posted on the auctioneer’s website.
Dune Damage
The Board of Directors approved a $1.3 million operating budget for 2015 with
no maintenance increase. The largest expense items in the budget continue to
be insurance, mortgage payments, the cost of site management, and taxes.
Insurance rates were flat upon renewal in November, but premiums went up by
some $8,000 because of a planned raise in our property policy from $190 per
square foot to $200 per square foot.
No maintenance increase for the third year in a row was good news for shareholders.
FIPPOA was working on a bond issue to renovate the Pines harbor area. The
bond would raise taxes in the not too distant future. It was not determined just
how much this will affect The Co-ops tax liability, and it’s subsequent impact on
maintenance for shareholders.
New Rental Agreement To Be Posted Late January
A newly revised rental agreement is in the final stages of approval by
the Board of Directors. It will be posted on The Co-ops website by
the end of January. Shareholders who are hoping to rent next season
should download the new forms and make sure that they are properly filled out, signed, and delivered to Prestige Property Consultants.
Shareholders are reminded that they are responsible for the proper
execution and delivery of these forms, and not assume that real estate
agents will take care of this shareholder responsibility.
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A December nor’easter wreaked
havoc on the dunes, as seen in this
picture taken from Driftwood Walk.
Photo by Romeo Jeffries McLean
Meet the New Shareholders
The new year brings new shareholders to our community, and we’d like
to introduce some of them to you:
Scott Giordano and Chuck May, who bought Unit 4, were married this
past September after being together for twenty-seven years. When
not spending time on Fire Island, they might be found at their condo in
South Beach or on the Upper West Side, where they have their permanent residence. Chuck is a Managing Director at JPMorgan, running
the Financial Institutions Group Treasury Services Sales team for the
commercial bank. Scott is Partner at the law firm of Loeb & Loeb, LLP,
representing financial instituitons in all aspects of their commercial
finance transactions. They have a yellow lab named Ginger. They’ve
been coming out to the Pines since the ‘80s, but hadn’t been here for
a dozen years when they decided to come back last summer. Among
their interests are theatre and travel, and they look forward to meeting
the neighbors here in The Co-ops!
New Shareholders join
The Co-ops
Scott Giordano and Chuck May
bought Unit 4
Susan Garrett has been coming out to Fire Island for over forty years
before she decided to buy Unit 255. Originally from New York, she
spends time off season in Miami. An importer of speciality foods, Susan
is a chef and loves good wine, going to the theatre, and her dog Mikey.
Jim Atcheson, who purchased Unit 230, was born and raised on Long
Island. He went to Boston College and lived in Boston for six years before returning to New York, where he currently resides. He has an Internet marketing business and real estate investments, travels frequently,
speaks Italian, plays piano and guitar, and enjoys photography, athletic
activities and swimming. He’s single and loves meeting new people, so
please say “hello!”
Susan Garrett bought Unit 255
Beach Replenishment Project Continues
The Beach Replenishment Project is making progress, and is expected
to begin work in Cherry Grove and Fire Island Pines in October 2015,
according to Jay Pagano, President of the Fire Island Pines Property
Owners Association. Phase I of the project is underway at Smith County
Park; Phase II was expected to begin in late December near the Fire
Island Lighthouse.
Although real estate work on Phase III is expected to be complete by
August 15, the Army Corps of Engineers is required to wait until October 1, when the piping plover season is over, to begin work here in the
Pines.
Jim Atcheson bought Unit 230
A nor’easter in early December did no damage to homes, but considerable damage to the dunes, making the need for this beach replenishment project more evident.
Winter Projects Keeping Staff Busy
Winter may be a quiet time in the Pines, but at The Co-ops, the staff
stays busy with projects that can’t be completed during season. On
the winter agenda: replacing five waste pipes that run from unit to unit;
two girders; a few decks; and all the garbage stations will be repaired.
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Community is published quarterly. This
newsletter is for general information only.
Questions about any details should be
directed to the Board or the Managing
Agent. (c) 2015, Fire Island Pines, Inc.