The surf resort property worth about $20M in a $2 billion development in Montauks oceanfront is now under contract for another year, said Joe Graziano, vice president of development at Montaukeros.
The property, located on the north shore of the Montauki River, is owned by Surf Lodge Montaukers, and Graziani said the sale would not change the owner.
The land will be developed as part of the planned resort, which is also scheduled to open next summer.
Graziani, who owns the property with his wife, said the property was listed for sale in December, and it went for auction last month.
The property was initially valued at about $4.6 million, but it sold for $20.3 million in February.
The sale of the property is expected to close in the second quarter of 2018, and the deal is expected be finalized in April 2019, Grazio said.
A $3.5 million development is scheduled to begin construction at the resort in 2019.