Rick’s Crabby Cowboy Cafe on Lake Montauk Sold
Hal Zwick and Jeff Sztorc of Compass Commercial Real Estate have sold Rick’s Crabby Cowboy Cafe, a restaurant with marina and rental units on Lake Montauk. Zwick and Sztorc represented both the buyers and the sellers, longtime owners Rick Gibbs and Laurie Cancellieri, who have owned the property for more than 20 years.
“Rick’s has been a Montauk staple for 25 years. Rick and Laurie should be proud of the environment they created and the legacy they leave behind as the site evolves to new ownership,” said Zwick and Sztorc. “The real estate on this side of Lake Montauk is truly picturesque as it faces West and looks over the water. The properties are traditionally larger and there are fewer commercial entities on this side of the Montauk Harbor resulting in a completely unique property and business opportunity.”
The 5-acre property at 435 East Lake Drive features 14 rental units in three separate buildings, as well as a separate house. The deed includes 6.75-acres of underwater land and 22 boat slips in the adjacent marina. The establishment has been a beloved part of the Hamptons scene, and a frequent haunt of locals and celebrities alike.
This sale is the second major commercial property trade in Montauk this month after Ruschmeyer’s was sold after being listed at $35 million, for which Hal Zwick and Jeff Sztorc brought the buyer.