Allegria Resort in Lengthy Seashore sells for $25 million – Lengthy Island Enterprise Information
Linchris Capital Companions, a Plymouth, Mass.-based actual property funding agency, has closed on its buy of the Allegria Resort in Lengthy Seashore.
The value was not disclosed, although actual property sources estimate it was about $25 million.
The vendor, Manhattan-based Stabilis Capital Administration, was the lodge’s lender and bought it a chapter auction in July 2016 for $27.4 million. Stabilis was the successor to unique mortgagee Brooklyn Federal Financial savings, which held a $36 million observe on the Allegria.
Manhattan-based growth agency Alrose Group spent $22 million in 2006 to purchase the previous 172-room retirement residence referred to as the King David, which was crumbling, and thousands and thousands extra to redevelop the property right into a luxurious lodge.
The state’s tax division seized 50 of the lodge’s rooms on July 1, 2015 due to arrears on a virtually $6 million tax invoice, which compelled the Allegria into its second chapter, the primary being settled in 2012. Apart from again taxes, Alrose Allegria listed legislation corporations, utility corporations and the Metropolis of Lengthy Seashore as collectors in its chapter submitting.
The lodge at 80 West Broadway includes a rooftop pool, health heart and a number of lounge and meals and beverage shops, together with Jack’s on the Rocks Lounge, the 8,800-square-foot Atlantica Restaurant and the L’Onda Bar. The lodge additionally serves as one in all Lengthy Island’s popular wedding ceremony venues, that includes a 3,182-square-foot grand ballroom.
The Allegria was provided on the market absolutely unencumbered of name and administration, in accordance with an announcement from JLL which brokered the deal.
The JLL Motels & Hospitality workforce representing the vendor was led by Jeffrey Davis, KC Patel, Nikhil Chuchra and Desmund Delaney. Financing for the sale was secured with the help of JLL’s Greg Labine and Martha Nay.
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