Fire Island Pines Properties Sell to Out NYC Owner for $10.1 Million.

As expected, yesterday’s auctioning of the Fire Island Pines commercial district went for a steal. With an opening bid of $8.5 million, the property eventually sold for $10.1 million—a price well below the previous owners’ original asking price of $24.925 million.

The deal—which reportedly lasted over six hours and will officially close next month—went to Out NYC owner Ian Reisner. He told The New York Times that he plans on spending about $4 million over the next year and a half to “renovate and rejuvenate” the commercial properties, which include the Pavilion Nightclub, The Blue Whale, The Botel Hotel, The Rack Gym, and more. It all amounts to about 80 percent of the Fire Island Pines’ commercial district.(Next Magazine)