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Jul 30, 2019 5:43 PMPublication: The Southampton Press

Lease Agreement For Gosman's Dock Seems To Portend Pending Sale

Gosman's in Montauk.   PRESS FILE
Aug 7, 2019 9:14 AM

The Gosman family appears to have formalized an agreement to sell nearly all of its sprawling commercial properties in Montauk to a group of investors headed by a Long Island City construction magnate and restaurant owner.

The family has already sold two of its hotel properties to legal corporations created on behalf of Merkourious “Mike” Angeliades and has inked a memorandum of lease agreement—a common legal placeholder for a pending real estate transfer—for the rest of the family’s holdings in the harbor area, with another corporate entity connected to Mr. Angeliades.

One of the same corporate fronts for Mr. Angeliades also purchased a vacant lot adjoining the Gosman properties this spring from a member of the Uihlein family.

Nonetheless, members of the Gosman family say a deal for the heart of their family’s business holdings is not set in stone, and they would not discuss a long-term forecast for the property’s use.

“It’s not done and it’s a very complicated situation, so I’m not going to get into it,” Richard Gosman, one of the five siblings who own the properties, said this week when reached by phone at his home in Florida.

He acknowledged the sale of the hotel properties to the potential buyer but said, “That’s as far as it’s gone so far. If the second half happens, it happens. But that’s as far as it’s gone so far.”

No one at Mr. Angeliades’s company, M.A. Angeliades Inc., would discuss the plans for the Montauk properties, although members of the family did confirm that a deal was in the works on the Montauk waterfront.

Earlier this year, the Gosman family, through one of its real estate holding companies, Harrington Property Associates, sold two small hotel properties—the Soundviewer Motel at 17 Soundview Drive, and the Sandy Acres Motel at 540 West Lake Drive—and an adjacent 1-acre vacant lot to limited liability corporations, MA-II LLC and GD-II LLC and GD-I LLC, for about $8 million in all.

Four tiny waterfront parcels, which are mostly underwater and now mostly under tons of stones placed along the West Lake Drive shoreline to protect the roadway from erosion, also were purchased by the LLCs for $100,000.

All three LLCs were created on the same day in October 2018, with their corporate addresses listed as 17 Soundview Drive, which is the address of the Soundviewer Motel, according to county records. The tax bills for the corporations are all mailed to the same Long Island City address as M.A. Angeliades Inc., according to New York State records.

That Long Island City address is also the address listed for the law firm Kordas & Marinis, which in February filed the memorandum of lease for the other Gosman-owned properties in the harbor area to a corporation called Marbella Hospitality LLC—of which Mr. Angeliades is listed as the principal who signed the lease document.

The lease covers nine properties totaling about 11.5 acres, and encompasses the two properties that contain the Gosman family’s three restaurants, retail shopping complex and commercial fish dock, the large parking lot at the northern end of West Lake Drive, four vacant lots, and two more lots with motel housing units on them currently used by the Gosmans for staff at the family’s businesses.

The memorandum says the transfer will complete on December 31, 2019 but makes no reference to dollar values linked to the ultimate transfer of the nine additional properties.

The Gosman family has owned the Gosman’s Dock properties and those adjoining it since the 1950s. It has been on the market since 2016, with rumors of deals in the past that have not come to fruition.

The memorandum of lease agreement indicates that Mr. Angeliades has been crafting the deal with the Gosmans since the summer of 2017.

One of the same LLCs that purchased the Gosman’s hotels and other properties on or near Soundview Drive was also listed in county records last month as the buyer of a half-acre vacant parcel for $1.2 million, from Charlotte Granau. The lot sits off West Lake Drive, between the Haven Montauk motel and a vacant Gosman’s property that is currently used for storage. But it would boast sweeping water views if developed.

Ms. Granau said this week that she had once intended to build a house on the lot, which she and her late husband purchased from her mother, Charlotte Uihlein, but that the plans fell by the wayside after her husband’s death. She said that the sale was mostly handled by her daughter, and that she had little knowledge of who the buyers of the lot were.

Mr. Angeliades is a native of Greece whose construction company, M.A. Angeliades Inc., was described in 2010 by a Greek-American newspaper, the National Herald, as the fifth-largest construction company in New York State, and one of the 400 largest in the nation.

It has done extensive contracting work for New York City facilities, including the Bronx Zoo, Rikers Island Jail and numerous Metropolitan Transportation Authority projects.

In 2010, the company pleaded guilty to wage theft charges related to several of its city projects.

But Mr. Angeliades also has close connections to the hospitality industry. His early career in the construction industry included running a company, with a cousin, that specialized in renovating restaurants. And he now co-owns a high-end Greek seafood restaurant called Kyma, which has outposts in Roslyn and Manhattan.

One of Mr. Angeliades’s four daughters, Aegina, owns the once-famous Dairy Barn chain of drive-through convenience stores.

The Gosman’s properties have long been discussed as representing a gargantuan potential for redevelopment—especially the largely underdeveloped parcels away from the harborfront, which mostly have uninterrupted vistas onto Block Island Sound.

During the Montauk hamlet study workshops in 2017, consultants highlighted the large Gosman’s holdings as the ripest plums for new development in Montauk, and recommended that the town start making plans for how to allow the properties to be developed.

Listings of the properties by brokers have consistently highlighted the hotel/motel rights already on some of the properties.

The three restaurants at Gosman’s Dock boast more than 700 seats to go with 30,000 square feet of retail spaces. There are also at least 55 hotel/motel units existing on the inland properties, which are in a “resort” zone that allows motel, hotel and condominium development.

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Montauk will never be the same again
By mtk4ever (9), montauk on Aug 1, 19 6:20 AM
1 member liked this comment
The Hamptons are over! Gridlock! Gridlock! Get out while you can!
By Maxclaireandchet6 (1), East Hampton on Aug 2, 19 2:13 PM
This truely breaks my heart. I worked at Gosman’s for 25 yrs. . I wish I wish they would keep it and restore it back to it’s original condition. It was the most wonderful place. I don’t like the sound of this guy and I think Montauk should be very concerned about what his plans are. When I hear remarks about “development of the property” it’s like fingernails on a blackboard. I know there is a better buyer out there. They to are Greek and have 6 restaurants ...more
By Away (1), Great Barrington on Aug 9, 19 8:05 PM