Montauk's very own, 55 year old Panoramic View is in the process of being converted into "condops," a mix of a condominium and a cooperative. Distinctive Ventures of Great Neck, NY is heading the Panoramic Villas venture. Adam Manson, President of Distinctive Ventures was kind enough to give me a moment of his time to discuss this project.

"These "condops" are perfect for people looking to own a second home without the extraordinary high prices of oceanfront living and the hassle of the maintenance," says Manson. According to Manson the "condops" will be structured like a cooperative but hold condominium rules and regulations. When purchasing one of the Villas you will receive a proprietary lease entitling you to own the unit. These "condops" will not require the approval of a board like co-ops do. Similar to a condo the Villas maintenance fees will be low due to no ground lease or ground mortgage. The monthly Maintenance fee includes real estate taxes, property amenities and services.

Manson also informed me that construction started in early January and phase one, which consists of 24 units, will be complete in the fall. Distinctive Ventures acquired this prime ten-acre Atlantic oceanfront property, in Montauk, through a stock transaction early this year. When the construction is complete in 2008, the Panoramic Villas will consist of 76 private villas, ranging from 1500 square feet to 3800 square feet, spread over five buildings. The residences will consist of anywhere from one to four bedrooms. There will also be four private single-family cottages available that have prime locations on the beach. Each owner will have 1,000 feet of ocean frontage with private beach access and terraced lawn areas.

With a professional staff of white-gloved concierge, porters and housekeepers ready to attend your every need, this will be the first of it's kind in Montauk. Panoramic Villas offers the luxurious lifestyle we all desire. When living at the Panoramic Villas enjoy a refreshing dip in their sparkling swimming pool with calming waterfall, situated just perfectly to offer you the most spectacular soothing water views. Stay fit and healthy in the state-of-the-art fitness center, request one of the on staff trainer or massage therapists, or take a short walk next door and visit Gurney's Inn and Spa for one of their lavish treatments.

Need entertainment and don't want to travel far? Distinctive Ventures has thought of that as well. Manson says there will be a billiards room, sports lounge, card room, and a children's playroom, for your convenience. There will also be an on-site library. For entertaining a large number of people, there will be a four-season entertainment room with a fireplace and catering kitchen. Panoramic Villas is expected to be as lavish on the outside as the views are.

The exterior of the units will be comprised of cedar shake walls and roofs with beautiful covered brick entry porches. Each unit will have copper gutters, stunning mahogany entrance doors and decks. Barbeque fanatics will be pleased to hear that each villa also has a built-in stainless steel barbeque. The interior of these units can come completely decorated, ready for you to move in, with just your clothes. Distinctive Ventures has three interior designers waiting to finish the interior of your new home right down to the cutlery, plates, and sheets. Already installed inside, you will find walls of glass, accented by vast cathedral ceilings, high efficiency central HVAC and custom closets with solid wood interior doors. Wood wainscoting is installed in the living and dining rooms. Enjoy walking through your "condop" on wide-planked oak wood flooring.

Master suites are equipped with walk-in closets and your master bath is finished with marble and houses a separate shower and tub. All Master suites have the most gorgeous and calming ocean view. The kitchens, as expected, are nothing but extraordinary. They are custom built with granite countertops, farmers sinks and equipped with subzero refrigerator and Viking range. You will also find a large capacity washer and dryer in your new "condop". The Panoramic View as a hotel in Montauk will be missed. This summer will be it's last operating season as a hotel and I hope you have the opportunity to pay it one last visit before the villas come to town. I have stayed there on occasion and I know I will miss it, their rooms and service are always unbelievable, but the view is what it is all about.

The Panoramic Villas cost between $1.5 million and $4 million, I, unfortunately will not be purchasing one in the near future, but to those of you who can afford it, enjoy! The view and property alone is worth every penny. I am sure that the new Villas will be exceptional just as the hotel was. For additional information on The Panoramic View and The Panoramic Villas please visit www.panoramicview.com.

By Kelly Merritt at Dan's Papers

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