The formula: buy an aging Montauk motel, slap a few improvements into the joint, build a poolside bar with a vulgar name, fight incessantly with the town, book a number of high-profile musical acts, and start raking in the dough! Start buying the necessary turntables, vinyl collections, and retro rental bikes now, and look around for a resident DJ.
It's been several months since we've checked on Montauk's run-down motel market. The Albatross West and Lido are still on the market, same prices, while the listing for the Sail Inn is gone. Property records do not show any transfer of title, though. The latest candidate for your new hipster hotspot is the Fort Pond Lodge, at an asking price of $8.5M, which is much higher than any of the other motels.
It's a similar size as the others with twelve guest rooms, but it comes with much more land and it's waterfront, unlike the others. There are 1.72 acres right on Fort Pond. If you get started now, you can have your hipster bar (the Booty Plunder) all ready for Memorial Day!
· Cottage Compound Classic Montauk [T&C]
· Which Montauk Motel Will You Transform Into a Hipster Hotspot [CH]