Newsday

By JAMES BERNSTEIN. STAFF WRITER

The 60-year-old golf and country club in Cold Spring Harbor has hired the Manhattan-based investment banking firm JPMorgan Chase to shop the 169-acre property, Joel Girsky, a long-time member, said yesterday. Girsky said no decisions have yet been made, and that not all of the club's approximately 200 members may favor a sale.

Real estate brokers in the area said the Cold Spring Country Club property is probably worth about $400,000 an acre. Paul Gruber, president of PKG Associations, brokers in Woodbury, said the property would have to be developed for residential use, since it is zoned for half-acre and acre homes. "It is a valuable piece of land," Gruber said.