Saratoga Business Review – Dec 13, 2021
Flamingo Resort On Lake George Purchased By Massachusetts Real Estate Developer
Muroff Hospitality Group announced the sale of The Flamingo Resort on Lake George.
Chris Kozaczka, a Massachusetts real estate investor and tax analyst, and his family purchased the 65-year-old Flamingo Resort located at 3914 Lake Shore Dr, Diamond Point.
The seller was Flamingo Resort Holding LLC and Flamingo Lake George Inc., which is George Pasternak and his sister Chrystyna Panycia, whose parents started the business.
The sales price was $6,5 million.
Mitch Muroff of Muroff Hospitality Group represented the Seller and secured the buyer in an exclusive listing. The business transaction closed on Tuesday, Nov. 30 in Glens Falls.
The Flamingo Resort is in the prestigious Diamond Point section of Lake George. Muroff said the resort has been family owned for nearly 65 years, and the sellers were successful in finding a buyer that would continue their legacy of maintaining a traditional family resort.
The 4.63-acre property features 59 one-, two- and three-bedroom cabins, most with full kitchens, in addition to a spacious owner’s home, all with views of Lake George.
Other features include a private sandy beach, two full-size, heated swimming pools and a marina boasting 17 docks and five charter boat licenses.
The Pasternak family decided a couple years ago that they would be willing to sell the Flamingo if the price was right, but they wanted to find a buyer interested in continuing to run the business as a resort, Muroff said.
The Flamingo sale is part of a flurry of activity of marina and resort sales on the lake. Jim and Con Burke purchased the Bayview Lakeside Suites & Marina in Bolton in late October for $4.9 million. The 7.5-acre, 62-room Capri Village Resort & Motel next door to the Flamingo sold for $5.5 million last month to builder David Massaroni of Niskayuna.
Other sales dating back to December of last year include Adirondack Diamond Point Lodge in Diamond Point being sold to Todd Drake, owner of Watervliet-based Cornerstone Building Corp. and Empire Real Estate Management, for $900,000.
Capital Region plastic surgeon, Dr. Edwin Williams III, in May bought F.R. Smith and Sons Marina at 36 Sagamore Road in Bolton Landing for $3.5 million. In July, Muroff Hospitality Group announced the sale of The Lake George Suites, 3678 Lake Shore Drive in Lake George for $3.2 million. R.E. Hansen Industries Inc. of St. James is the new owner.
In late 2020, Dagget Lake Campsites and Cottages in the town of Thurman was sold by Tom Near and Pamela Finnegan for $2.8 million. Muroff also brokered that sale.
Muroff Hospitality Group serves the greater New York–New England Region as a boutique hospitality brokerage firm representing independent and franchised hoteliers alike.