Fire Island Pines
In the largest transaction in Fire Island history and the second largest commercial transaction in Long Island, Blesso Properties acquired a near monopoly of the Fire Island Pines commercial district.
Fire Island is an oceanfront vacation destination located less than two hours outside of New York City. In partnership with Seth Weissman and Andrew Kirtzman, Blesso Properties is a 50% owner of FIP Ventures. The portfolio was acquired in an off-market transaction.
The Pines is a premier domestic and international destination for the affluent gay community. It has the highest percentage of gay male residents of any vacation destination in the Tri-State region and is also the wealthiest and most expensive enclave on Fire Island.
This investment provides strong, stable cash flow with almost perpetual demand fundamentals and limited competition.
Immediately after acquiring the portfolio, Blesso Properties began the time sensitive process of dramatically repositioning most of the assets in order to be ready for the start of the Pines’ season which begins May 15th through the middle of September. Although a significant amount of work was required, Blesso Properties was able to considerably improve both the look and the operational efficiency of the assets as well as increase revenues in the first few weekends on a year-over-year basis.