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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