New York Beach Club Seeks Sale of 11 Acres After $10 Million Loan Default

1 articles · Updated · The Real Deal · Aug 12

The roughly 1,000-member New York Beach Club and an adjacent lot in Atlantic Beach are being marketed together, creating about 11 acres of contiguous beachfront property during the club’s Chapter 11 case.
The sale follows defaults on two loans totaling $10 million; bankruptcy filings show about $900,000 in assets against more than $17 million in liabilities, giving creditors a path to recover unpaid debt.
Carver Federal Savings Bank says owner Alex Jacobson stopped paying in late 2023 and violated a court order by taking more than $900,000 in 2026 membership fees, prompting a contempt threat that could have included jail before the February bankruptcy filing.
Jacobson says a January 2024 flood forced nearly $500,000 in repairs and that Carver kept a nearly $200,000 FEMA relief check instead of applying it to missed payments or renovation costs.
A court-appointed receiver now runs the club and is taking 2027 season deposits; Jacobson says the property could fetch as much as $50 million after a prior $30.5 million sale attempt collapsed.