A Lengthy Island non-public seashore membership is hitting the market because it navigates chapter after its proprietor was threatened with jail time.
The roughly 1,000-member New York Seaside Membership, situated at 1751 Ocean Boulevard in Atlantic Seaside, is on the market along with an adjoining lot at 1815 Ocean Boulevard, creating about 11 acres of contiguous beachfront property.
“When folks step foot on our property, they suppose they’re in Aruba,” Alex Jacobson, the seashore membership’s owner-operator, advised The Actual Deal.
The providing comes after the membership declared Chapter 11 chapter in February and defaulted on two loans price a mixed $10 million. The chapter sale may permit the membership’s collectors to recoup their unpaid loans; the membership reported in its chapter submitting that it has round $900,000 in property and over $17 million in liabilities.
The membership’s former lender, Carver Federal Financial savings Financial institution, claims Jacobson stopped making funds on his loans in late 2023, disobeyed a courtroom order by persevering with to just accept membership funds and declared chapter to keep away from being held in contempt of courtroom. The lender initiated a foreclosures motion towards the membership in March 2024.
Jacobson, alternatively, says he stopped paying after a January 2024 flood compelled him to shell out half 1,000,000 {dollars} to renovate the property. He accuses the lender of retaining a $200,000 reduction verify from the Federal Emergency Administration Company meant to complement the renovation prices.
The membership is being run by a court-appointed receiver because it accepts deposits for the 2027 summer time season. It’s residence to a whole bunch of cabanas, two swimming pools, a tiki bar, beachfront eating, stay music and parking for round 500 vehicles and was featured in an HGTV pilot hosted by Snooki wherein skilled designers renovate crumbling seashore cabanas.
Whether or not or not the property compares to Caribbean white sand seashores, it may promote for a hefty sum. Jacobson estimates the property may command a value as excessive as $50 million contemplating the close by Catalina Seaside Membership, which contains simply 6.5 acres of land, is listed for near $30 million. Jacobson sees the property, which is zoned for marine recreation, as a rezoning alternative for a developer to construct condominiums or multifamily flats on the seashore. Greg Corbin of Northgate Actual Property Group is marketing the property.
As soon as referred to as the New Plaza Seaside Membership, the property was destroyed by Hurricane Sandy in 2012 and acquired in 2016 by Jacobson, who spent over 1,000,000 {dollars} renovating it. The membership is just not the one uncommon property in Jacobson’s portfolio; he additionally owns and operates the New York Equestrian Heart, the final privately owned horse farm in Hempstead.
However seashore membership possession has not been clean crusing for Jacobson. Carver alleged he stopped making funds on the membership’s loans in late 2023, and by the point the constructing flooded in January 2024, the property was already underwater. Two months later, the lender commenced a foreclosures motion towards the membership.
Through the foreclosures continuing, the choose appointed a receiver to run the property and issued a courtroom order barring Jacobson from coming into any new membership contracts. However Jacobson allegedly did so anyway, gathering over $900,000 in membership charges for the 2026 season.
The choose threatened to carry Jacobson in contempt of courtroom for accepting the membership dues, and ordered him to look in courtroom on Feb. 10 to face his punishment, which may embody jail time. That day, the membership filed for chapter 11 chapter.
Carver accuses Jacobson of utilizing the chapter to keep away from being held in contempt.
Jacobson, nevertheless, tells a distinct story. In a February affirmation he filed in chapter courtroom, he says he stopped paying his loans after the membership flooded in January 2024, requiring him to spend almost half 1,000,000 {dollars} of members’ dues renovating the membership.
“All of the flooring needed to get ripped out and changed. All of the partitions going up about two toes have been ripped out and changed. Our bar space, our restaurant, every part that was on the oceanfront degree was broken, and we needed to change it,” Jacobson stated.
Jacobson stated he obtained an almost $200,000 reduction verify from FEMA in late February and gave it to his lender instead of the mortgage funds. However Jacobson alleges the lender neither utilized the $200,000 to his $120,000 in missed mortgage funds nor gave him the cash to complement the renovation prices.
Carver didn’t reply to a request for remark.
In December 2025, amid the foreclosures proceedings, Jacobson tried to promote the property for $30.5 million to Andrew Spodek, CEO of Postal Realty Trust, however Spodek terminated the settlement in February, in line with courtroom filings.
Carver sold its mortgage on the property in chapter for an undisclosed quantity to an entity backed by Josh Blisko and Jake Mansher of Golden East Traders, a New York-based actual property funding agency.
Reached by cellphone, Mansher declined to touch upon the deal.
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