In the largest transaction in Fire Island history, an investment group has purchased the vast majority of commercial property and establishments in Fire Island Pines, the internationally famous gay community.
The $17 million purchase includes the famed Pavilion nightclub complex, the Blue Whale and Bay Bar restaurants, the Hotel Ciel, a grocery store, gym and clothing store, as well as numerous retail spaces and residential properties.
The investment group, FIP Ventures, consists of Matthew Blesso, 36, president of Blesso Properties, a New York investor and developer; Andrew Kirtzman, 48, a journalist and owner of The Madison Fire Island Pines bed and breakfast, and Seth Weissman, 26, a managing partner of Weissman Equities, a Manhattan-based real estate investment firm.
Among the many improvements planned, the new owners are also designing a complete renovation of the Hotel Ciel this fall, with the re-opening set for May, 2011.
Fire Island Pines is located on Fire Island, a barrier island on the southern side of Long Island.