New York’s Farway Marina has been put up for sale by auction following its application for Chapter 11 bankruptcy.
The sale follows nearly two centuries of continuous operation, and 60 years of ownership by the same family.
The auction comprises four parcels of land spanning a total of 153,243sqft in the Rockaway Beach area.
The marina ceased operations during the COVID-19 pandemic, leading to its declaration of bankruptcy.
Consequently, the four lots are now up for auction, both individually and as a collective.
Future plans
Two of the lots have been leased by the land’s current owners from the City with the right of use for these parcels since the 1960s.
Features of the marina include a 200ft wall breakwater, with potential for up to 100 wet slips and storage for up to 120 boats ashore.
Future plans for the marina envision transforming the property into a multi-purpose destination marina, centred on recreational boating, tourism, and sport fishing.
According to the sales details, potential enhancements include refurbishing the historic steamboat pier and two-story cottages, reinforcing the bulkhead, dredging the mooring area, and constructing a club house with a waterfront café.
Possible uses for the four lots include wet storage, residential housing, dry storage, and the implementation of a yacht club, boat club, or pier.
The marina is located 20 minutes away from the open sea.
Farway Marina filed for Chapter 11 protection in April 2023. Assets of $0 – $50K were reported with liabilities of $1 million – $10 million.
