New York, N.Y., May 1, 2018 – Island Capital Group LLC (“Island Capital”), a leading international real estate merchant bank, today announced that an affiliate has sold its interest in the historic Montauk Yacht Club Resort & Marina on New York’s Long Island. Montauk Yacht Club’s marina and operations were managed by Island Global Yachting (“IGY”), one of the world’s premier owners, developers and managers of luxury marinas and yachting lifestyle destinations. The Seller was represented by Black Brick LLC.
Acclaimed as one of the United States’ top resort marina facilities, the Montauk Yacht Club encompasses over 35 acres and includes a 232-slip full-service marina, which accommodates vessels up to 220 feet. In addition, the property features 107 deluxe guestrooms and villa suites, restaurants and lounges, a spa, a private beach and extensive recreational offerings. Since Island Capital’s affiliate purchased the Montauk Yacht Club in 2007, IGY has made significant renovations to enhance the facilities and ensure a world-class vacation experience for guests.
“We have had the privilege of being associated with the Montauk Yacht Club for eleven years,” said Andrew L. Farkas, Founder and Chairman Island Capital and Island Global Yachting. “We’ve enjoyed the Montauk community, the amazing employees of the Club, and being able to provide exceptional vacations to the Club’s many loyal guests.”
Island Global Yachting continues to operate two New York metro area properties: The North Cove Marina at Brookfield Place in Manhattan, and Newport Yacht Club & Marina in Newport, New Jersey. Please call or visit the properties’ websites for dockage inquiries.
About Island Capital Group LLC
Island Capital Group LLC is a leading international real estate merchant bank headquartered in New York City that controls a diverse group of real estate services companies, including C-III Capital Partners, Resource America and NAI Global. The portfolio companies are engaged in a broad range of real estate related activities, including fund management, commercial mortgage servicing, principal investment, and financial advisory and consulting services. In 2017, affiliates closed on over $1 billion in loans and CMBS investments and received equity commitments in excess of $675 million. For more information, please visit the website at www.islecap.com.
About Island Global Yachting
IGY is the largest international marina company in the world and a leading point of contact for megyachts across the globe. The IGY marina network includes 19 marinas operating in 10 countries (United States, Turks & Caicos, St. Maarten, St. Lucia, Colombia, Mexico, Costa Rica, Panama, France and Italy); servicing more than 8,000 unique vessels and approximately 100,000 customers per annum. With more than 3,700 slips under management - IGY Marinas caters to a variety of vessel markets including megayacht, sportfish, cruise and sail. IGY’s 300 purpose built megayacht slips accommodate vessels from 80ft (24m) to 800ft (243m), serving as leading destination ports for the world’s largest yachts with more than 1,000 unique megayacht visits per year.
IGY Marinas also boasts one of the world’s leading megayacht support networks, the IGY Anchor Club - which encompasses an array of services from provisioning to crew training, along with health and maritime travel - http://www.igymarinas.com/anchor-club-strategic-partners. IGY Marinas hosts top international megayacht crew, sailing, sport fishing and nautical-related events, making its marinas highly sought ‐ after maritime activity destinations. With a passion for giving back on a global scale, the company supports its marinas twice a year as part of its “Inspire Giving Through You” philanthropic initiative.