ONE°15 Brooklyn Marina has filed for Chapter 11 bankruptcy.
The marina, located just south of the Brooklyn Bridge, is billed as NYC’s premier waterfront destination and has more than 100 slips able to accommodate vessels from 16ft to 300+ft in length.
Marina features include floating docks protected by state-of-the-art wave attenuation and a superyacht concierge service.
There is also pump out facilities, freshwater facilities and shore power together with 24-hour security and gated dock access.
The marina also provided free and low-cost community boating programmes to students and non-profit groups, with 2% of marina services revenue dedicated to the community programming to make boating and kayaking available to all residents.
The marina was New York City’s first new marina in 50 years and was managed by the Singapore-based SUTL Group, which has a presence in 17 different markets focusing on leisure and consumer goods and is chaired by Arthur Tay.
Insurmountable debt
The marina is owned by owned by SUTL Investments Pte, Ltd.
In the filing ONE°15 Brooklyn Marina cited insurmountable debt dating back to construction problems with the marina site with pier construction and wave abatement issues.
The owners cited ‘steadfast funding and numerous subsidies and assistance provided by the government during Covid’ had allowed them to stay in business following a three-year delay in opening the marina.
The filing also cited more than $500,000 in back rent is owed to Brooklyn Bridge Park.
The current owners are said to have tried to find a buyer to take over the business prior to filing for Chapter 11.
The filing cites four entities – ONE°15 Brooklyn Marina, ONE°15 Restaurant, ONE°15 Sail Club and the holding company, One Edge Marina Finance Company.
