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01/23/2015 12:56 pm ET Updated Feb 02, 2016

Gay Mecca On Fire Island Sells For $10.1 Million At Auction

A strip of commercial real estate along the harbor in Fire Island Pines sold for $10.1 million at auction on Thursday to developers with plans to continue the revival of a former mecca for closeted gay men.

The sale price was well below the $25 million the previous owners sought when they placed it on the market last fall, and below the $17 million they paid for it in 2010. In a deal hammered out over more than six hours, the property was bought by Ian Reisner, who also owns the Out NYC, a hotel on West 42nd Street in Manhattan that focuses on a gay clientele. The deal is expected to close in February.

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