The story of 329 Bay Walk is the chronicle of convicted embezzler David Ostrove reads like a Greek Tragedy written for our times. He almost got away with stealing $8.4 million from that Hebrew day school in Williston Park. The construction of his investment properties in Ocean Beach Fire Island had no apparent end when the West Islip resident first made his big footprint in our small village. However, like all tragic tales, greed and arrogance overrode common sense, and the Suffolk County District Attorney’s office eventually caught up with him. Ostrove was arrested in July of 2022, charged with grand larceny and money laundering of the first degree, and convicted in March of 2024. Now, this dark slice of Fire Island history can be yours as 329 Bay Walk is the first of his five investment homes to be offered for sale by order of Suffolk County Supreme Court to begin the process of restitution to his victims.
“NOTICE IS HEREBY GIVEN that, pursuant to an order of the Supreme Court, Suffolk County, the premises known as 329 BAY WALK, OCEAN BEACH, NEW YORK, Suffolk County Tax Map Number 0502-001.00-001.00-003.000, is being offered for private sale by the court-appointed temporary receiver,” reads the public notice that has been on display at the Ocean Beach Post Office since November 24, 2024.
The courts have appointed Edward G. Heilig, Esq., a founding partner with Heilig Branigan, LLP of Holbrook, as the temporary receiver to handle this transaction.
According to Heilig, his role in selling the house is akin to any other real estate agent.
“There is no difference,” wrote Heilig in exchanged email correspondence. “I am simply the ‘seller’ for the purposes of the sale that is court-ordered, and I must follow the directions of the court’s order in conducting the sale.”
The house has a lot going for it. With five bedrooms and three bathrooms, it is ideal for large families and renters, which the house was specifically designed for. It has amenities, including a built-in swimming pool on a large elevated deck designed for entertaining and a full outdoor kitchen. A second floor deck along with south-facing rooms also offer breathtaking views of the Great South Bay, while a tall, fortress-like fence offers deck occupants plenty of privacy around the pool deck while recreating. 329 Bay Walk is only a short stroll from the bustling downtown district of Ocean Beach. Still, the property’s location to the furthest west end of Bay Walk, near the Ocean Beach/Corneille Estates border, has a residential neighborhood feel.
The house is also fully equipped with high-end appliances that have never been used. It comes completely furnished with new and never-used furniture, much of which is still in its original factory-wrapped packaging. This is a brand-new house that has never been occupied.
“The house is in excellent shape,” Heilig commented.
However, the house’s newness, one of its best assets, is also one of its most significant caveats: No Certificate of Occupancy (C.O.) has been obtained for 329 Bay Walk.
“As of now, the sale is an ‘as is’ sale, meaning it is being sold subject to there being no C.O.,” said Heilig. “However, we are evaluating what needs to be done to obtain the c.o. to see if it is something we might consider doing if it helps to sell the property.”
Ostrove was arrested as the construction of 329 Bay Walk was nearing completion. Once he was in handcuffs, all work ceased, and the house has remained in limbo for the past two and a half years.
Perhaps part of this Greek tragedy lies in the fact that being one the last of Ostrove’s Ocean Beach rental enterprise, 329 Bay Walk, is probably his best effort.
Life has gone on four other properties quietly managed by Netter Beach Estates, appointed by the Suffolk County District Attorney’s office to collect rents on their behalf. The houses were inhabited by vacationers who enjoyed them in the summer, while 329 Bay Walk stood like a mausoleum––a strange monument to a committed crime.
“For me, the question is, why Ocean Beach? Why did he come here to put his eggs all in one basket, and how did we become the lucky one?” asked Ocean Beach Association President Maria Silsdorf in an interview shortly after Ostrove was handed a prison sentence of eight and a third to 25 years on April 17, 2024.
We may never fully know the answer, but it can only be hoped that the municipality has learned some lessons so that this small seaside village may never again be attractive to those seeking safe harbor for ill-gotten gains.
Edward Heilig says 329 Bay Walk is appraised at between $2.2 and $2.4 million. Those interested may contact him at edward@heiligbranigan.com or (631) 750-6888.
