ONE°15 Brooklyn Marina has been sold at auction for $3.5 million to US based private investment firm Radcliff Management.
The sale follows a Chapter 11 bankruptcy filing earlier in 2024 by the marina.
In recent years, the previous owners had invested around $15 million into the marina’s infrastructure, however the company had still struggled financially.
It’s understood that there were 36 registered parties bidding with around of them 75% established marina operators.
The marina is located at Pier 5 in Brooklyn Bridge Park, New York City and spans 7.5 acres with more than 100 berths and the ability to accommodate vessels up to 91 metres.
Besides the marina, the sale also included ownership of a related sailing club and a restaurant on site.
The property is operated under a 17-year lease with the new owners acquiring the businesses and operational rights associated with the marina but not the land on which it is located.
ONE°15 Brooklyn Marina
ONE°15 Brooklyn Marina filed for Chapter 11 bankruptcy protection citing insurmountable debt on 26 September, along with associated entities such as ONE Edge Marina Finance Company, ONE°15 Restaurant (operating as Estuary), and ONE°15 Brooklyn Sail Club.
Initially, ONE°15 Brooklyn Marina intended to open in 2016.
However, development and budget issues during construction delayed the opening to 2020.
Investors withdrew support last year, making it difficult to cover the rent and other expenses.
According to the bankruptcy filing, the prior owners held extensive negotiations with multiple parties to acquire the marina and its assets. but no deals were struck.
The owners then fell further behind in their payments and filed for bankruptcy protection.
Radcliff Management was one of two companies submitting qualifying bids.
The other was SMI Properties Group, which has a portfolio of residential, commercial, and marina properties.
Its marinas include Lincoln Harbor Marina in New Jersey and other marinas in Sag Harbor, New York as well as Fort Lauderdale.
While the bankruptcy court judge approved the sale, a hearing for the next steps is due to take place in January 2025.
Radcliff Management LLC was founded in 2016 by Eli Goldstein and Evan Morgan.
