Two mainstay Fire Island locations are up for sale, GreaterBayShore has learned.
CJ’s Restaurant, known as the birthplace of the Rocket Fuel, and the Palms Hotel are officially on the market.
Craig Lowe of Great Bay Communications told greaterbayshore.com the hotel and restaurant are currently listed together for $14 million.
“We feel that we have fulfilled our vision of The Palms and nurtured its development,” says Laura Mercogliano, owner and general manager of the Palms Hotel. “We assembled property as they became available to create a well-rounded experience, and we feel that it is time to pass the baton to another entity.”
The Palms Hotel, formerly known as Jerry’s Rooms, was purchased back in 2004 by the Mercogliano family and after a complete makeover, they officially launched the Palms on Memorial Day weekend in 2005.
Over the past 15 years, the Mercoglianos acquired other properties and grew the Palms into 42 rooms across eight buildings.
The Palms became a complete Fire Island experience for tourists, offering travel packages for guests and providing amenities like bicycles, beach chairs, towels, and more. Peddle boats, paddleboards, and kayaks were available to guests as well and will be included in the sale, according to Great Bay Communications.
The owners decided to go a step further in their hospitality offerings by dipping their toes into the food and beverage industry with their purchase of CJ’s Restaurant in 2012, which is going on its 50th year in Ocean Beach.
Sabena Arora, the founder of Acadia Lodging Brokers and Advisors, called the Palms properties a “hidden gem” and will be working with Alan and Abigail Medvin, two brokers at Fire Island Sales and Rentals, on the sale.
“It is truly a machine that the couple has created, and there is no other place like it over on the island,” said Arora. “It’s a unique asset. There’s very limited hotel supply on Fire Island, and the capacity to build and develop on Fire Island also is limited.”
Continue to follow greaterbayshore.com for updates on this developing story.