Real-estate executives are descending on Sandy-devastated Long Beach, snapping up properties for nearly half their price and planning a massive rebuild of the Long Island town.
One of the developers includes legendary quarterback Joe Montana’s business partner, Kurt Wittek, who has met with local builders and officials to assess opportunities for profit, sources said.
“This isn’t a small project we’re talking about,” said local real-estate broker Tom Tripodi, who met with Wittek.
“This could develop into something huge. It’s an incredible opportunity.”
Tripodi added the talks with Wittek have discussed not only residential development but infrastructure projects as well.
Damaged Long Beach properties are going for fire-sale prices because homeowners are facing major restoration costs.
An oceanfront pad on Heron Street that had been listed for $875,000 pre-storm was re-listed afterward for $449,000.
And the price of a house on West Bay Drive was slashed from $1.9 million to $1.3 million after Sandy hit.
Wittek did not return calls for comment.