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The Residences at Gurney's Are Unveiled

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Luxury co-ops at the former Panoramic View

This weekend saw the debut of the Residences at Gurney's, the co-ops formerly known as the Panoramic View. As you probably know, the Panoramic View was an old oceanfront motel, which was sold to a pair of brothers-in-law in 2007, who wanted to convert it to luxury co-ops. Unfortunately, the pair ran a Ponzi scheme to prop up the business, which was eventually seized by the US government. Last year, the owners of Gurney's Resort, which is next door, purchased the property for $64M and began renovations.

The most spectacular (and expensive) unit is this, Sea Salt #5, a 5 bedroom, 5.5 bathroom co-op with 3,290 square feet of indoor space and 867 square feet outdoors, which includes a private hot tub on the deck. It's asking $12M, with monthly maintenance at $3704.33. Other units will cost between $4M-12M. (The old Panoramic units were priced between $2M and $6M.)

Of course, the units include some pretty sweet amenities, including private parking (an absolute must there) and a dedicated owners' beach cabana. The listing notes, "Residents of Gurneys will have access to all the amenities of the neighboring five-diamond Gurneys Resort. Some of these amenities include butler service with preparation for arrival, landscaping and security, water-sport equipment storage, and private chefs and event coordinators for clambakes and private bonfires.

"Owners will also have access to five unique dining and social venues, room service and daily maid service, kids club, beach nannies, and the Beach Club and the Seawater Spa..." Nice.

So is this unit worth $12M? Hard to say. It seems extremely luxurious and low-stress for the deep-pocketed beach lover who doesn't mind paying for the convenience. An acre of Montauk oceanfront runs about $8M these days. (Of course, an extra $4M would pay for a lot of maid and butler service, not to mention beach nannies, whatever they are.) Also, the Sea Salt building is probably closer to the ocean than current building regulations allow, so there's that. We'll be interested to see how fast the Residences at Gurney's sell.