In 2015, Fire Island Pines, the beloved and historic summer vacation spot for LGBT community located 90 minutes east of Manhattan, was in foreclosure and needed a bailout. It had operated at a loss in the preceding years and without a buyer, would not open that summer.
Parkview and partners acquired the waterfront resort complex for $10.1 million, well below the $25 million asking price. The deal included the property and businesses, including the marina, restaurants, stores, nightclub, hotel and 325 feet of harbor frontage.
In just a few months, Parkview's Reisner recruited a variety of blue-chip partners to increase the quality of the offerings at the resort, including a Barton Gym, BASE General Store, Parke & Ronen boutique, and Gotham Beauty Spa. Voss Events was engaged to enhance programming in the nightclub and bars. The result was a complete turnaround of the businesses - which have been profitable ever since.
Parkview created value for its financial partners on the acquisition at a deep discount, and on the improved business operations. Further, the community benefitted from improved amenities and a sound financial future for sustainable enterprise.
Additional capital expenditures are planned to expand and improve the waterfront facilities, including a complete overhaul of an aged and impaired hotel facility.
"There may be no other outdoor space that functions like the Pavilion in the Fire Island Pines. It is meant to serve as a kind of town square, complete with adjacent retail components. But it is also a gathering place just off the beach, ... where 'low tea' - when people casually mingle with drinks in the late afternoon - morphs into 'high tea.'" --The Wall Street Journal