ONE°15 Marina in Chapter 11 Bankruptcy

The ONE°15 Brooklyn Marina (photo, as seen from the Brooklyn Heights Promenade), along with its affiliated Estuary restaurant, its Sail Club, and the holding entity One Edge Marina Finance Company, have entered a reorganization proceeding under Chapter 11 of the United States Bankruptcy Code. “A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.” According to the Brooklyn Daily Eagle, the marina’s “owners seek protection from debt that would allow them to find a viable buyer to take over the marina and other entities.” The Eagle story notes that among the marina’s debts is “back rent of more than $500,000 owed to Brooklyn Bridge Park.” Details of how the marina fell into debt, mostly related to greater than expected construction costs, are provided in the Eagle story.

Photo: C. Scales for BHB

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  • Jorale-man

    Kind of surprising given how many massive yachts pull into the marina regularly. You'd think they could charge a fortune for those larger parking spaces…

  • Effective Presenter

    Years ago, the late 1980s Donald and Ivanna Trump had the most beautiful yacht docked on the FDR Drive next to the Water Club bringing northbound traffic to a crawl as traffic passed by.

  • Jorale-man

    Hmm. I bet the interior was lined with fake gold leaf as far as the eye could see. And he probably stiffed the crew that ran it.

  • TeddyNYC

    They probably should’ve never built it there based on what I read in the Eagle article.

  • clarknt67

    Sad. Hopefully they can sort it. It’s been nice seeing NYC revitalize its waterfront. Just from an aesthetic standpoint I enjoy the views of the boats.

  • clarknt67

    I think it was a good idea in the long term. There are so few public marinas in NYC, and lately it seems pretty full, after years of being empty. Hopefully they can get past this. The $500K rent to the park is not an insubstantial amount that can support park operations.

  • Effective Presenter

    Ivana Trump had been an accomplished successful decorator/interior designer in Manhattan back in the 1980s.

    Mrs Trump #1 had decorated The Grand Hyatt, The Plaza Hotel, Trump Tower, etc.

    The Trumps had their own style no doubt the gold leaf, etc.

    We had loved Ivana (and Donald) and her children Ivanka, Donald, Jr and Erik, guests at our home in Brooklyn Heights for Christmas 1988.

  • Joshua Olshin

    For those interested in potentailly buying the Marina at the upcoming Bankruptcy Auction, see Auction Advisors website: https://auctionadvisors.com/property-details/property_344/