Morici & Morici LLP represents Client in Acquisition of Silver Sands Motel and Cottages on North Fork
On April 13, 2022, Morici & Morici, LLP completed the final closing on the real estate and the corporation, related to the Silver Sands Motel and Cottages, located in Greenport, New York. The long and complicated road to final closing commenced during the Summer of 2020, when a local investment group, Silver Sands Holdings I, initially showed interest in acquiring the Silver Sands. Since that time, Morici & Morici has served as transactional counsel to Silver Sands Holdings I and its related entities and members. In April 2021, a year prior to final effectuation of the sale, Silver Sands Holdings I closed on nearly half of the corporation related to the Motel. In April 2022, despite numerous hurdles and pending litigations involving ownership of the Motel, Silver Sands Holdings I entered into a Stock Purchase Agreement and Real Estate Purchase and Sale Agreement, negotiated by Morici & Morici, which culminated in the complete ownership of the Motel corporation and real estate that same month.
The Silver Sands Motel and Cottages was opened in 1957 and is located on 1100 feet of private, sandy beach on the Peconic Bay. Multi-generational families and individuals have been staying at the Motel for decades, with famous guests including Mel Brooks, Aristotle Onassis, and Maria Callas. The Silver Sands has hosted numerous fashion editorial photo shoots and has been featured on the cover of Vogue and Harper's Bazaar.
The sale of the Silver Sands Motel was coined “the No. 1 commercial transaction on the North Fork” by a local real estate agent quoted in an April 17, 2022 Newsday article. Silver Sands Holdings I plans on investing millions of dollars into the historic Silver Sands Motel and Cottages for future generations to enjoy.
The Morici & Morici team was led by Managing Partner Michael D. Morici, Sr., and Chair of the Real Estate Group and Partner, Michael D. Morici, Jr., along with Partners Gerard C. Morici and Christine Falco.
Read more about the sale on The Real Deal and Newsday.