Platinum Luxury Auctions and Warren-Lewis Sotheby's Sell Fire Island Property

Firms Combine Efforts to Sell One of Architect Horace Gifford's Final Projects

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Oct 02, 2015, 03:25 ET

LONG ISLAND, N.Y., Oct. 2, 2015 /PRNewswire/ -- Platinum Luxury Auctions has announced the successful sale of a unique, oceanfront home located on Fire Island, New York. Platinum, a veteran auction house with more than $400 million in non-distressed, luxury real estate auction sales nationwide, teamed with listing brokerage Warren-Lewis Sotheby's International Realty in New York to produce the sale. Listing agent Michael Kawochka also represented the buyer in the transaction.

While originally slated for an auction sale in late June of this year, the sale date was extended in order to allow a number of late-stage, prospective buyers to review the extensive amount of due diligence involved with the purchase of an oceanfront home on the south side of Fire Island. "There was somewhat of a 'perfect storm' of factors that gave these qualified buyers pause when contemplating a purchase of the home, so we accounted for that in deciding to extend the sale," noted David Enriquez, Platinum's vice president of operations. Enriquez pointed to issues such as a pending dune restoration project in front the property, questions surrounding property insurance for beachfront homes following "Superstorm Sandy," and a spate of recent, eminent domain acquisitions threatening various beachfront parcels on the island, that motivated the additional due diligence.

While a new auction date of August 28 was planned, the property was placed under contract to one of the buyers identified during the initial auction marketing process, and thus never made it to the extended auction. While the sale price of the property has not been released, it was described as, "One of the highest prices year-to-date for oceanfront property on this side of the island, and within our expectations based on our analysis of the marketplace," stated Trayor Lesnock, Platinum's president and founder. The reserve price for the auction was $1.5 million.

The property's sellers, Rona and Joe Forstadt, purchased the residence more than 35 years ago. After a fire unexpectedly decimated it in 1989, Mrs. Forstadt convinced the architect, famed beach house designer Horace Gifford, to come out of retirement to help restore the home to its original beauty. It was presumably Gifford's final project before he passed away.

In an e-mailed statement, Mrs. Forstadt expressed gratitude for Platinum's efforts in the sale, stating, "[Platinum] made the entire process feel easy and seamless. Joe and I are so pleased by how beautifully Platinum guided us through the process of marketing and selling our iconic beachfront home."

The modernist residence is situated on a 14,810-square-foot lot, and offers 100 feet of direct ocean frontage, a rather large parcel size compared to the smaller plots that dominate the island. Its 1,920-square-foot interior is defined by the sleek, minimalist design and handsome wood finishes for which Gifford was so well known. Prominent features include 10-foot ceilings, massive bay windows facing the ocean, a large balcony with ample lounge space, and an outdoor shower and dressing area. The residence is located within the charming Summer Club Condominium community, which - despite its misleading, "Condominium" title – is an enclave of only 40 single-family homes nestled on the southern shore of Fire Island.

For more information about this luxury auction sale, contact Platinum at 1-800-262-5132, or visit FireIslandLuxuryAuction.com.

About Platinum Luxury Auctions
Platinum Luxury Auctions is a market-leading auction firm specializing in the non-distressed sale of multimillion-dollar properties within and beyond the United States. The Platinum team has closed more than $400 million in luxury real estate auction sales, and has consulted on more than $1.4 billion in additional luxury property volume. Platinum is responsible for developing the luxury auction^SM concept for the real estate auction industry.

SOURCE Platinum Luxury Auctions