Farway Marina, a historic waterfront property in New York, has recently been put on the auction block following its filing for Chapter 11 bankruptcy. This marina, which has been a fixture in the Rockaway Beach area for nearly two centuries, has been under the stewardship of the same family for the past 60 years.
The auction includes four separate parcels, collectively covering over 153,000 square feet. The marina, which had to halt its operations amid the COVID-19 pandemic, faced financial difficulties that led to its bankruptcy declaration.
Currently, the property is being offered in segments or as an entire entity. This includes two lots that have been leased from the City since the 1960s, providing longstanding rights of use to the marina’s operators.
The marina’s infrastructure facilitates significant boating activity, boasting a 200-foot breakwater and the capacity for 100 wet slips along with space for 120 boats on land. The vision for the future of this site includes transforming it into a versatile marina destination that caters to recreational boating, tourism, and sport fishing activities.
The proposed enhancements for the site are extensive. They involve the restoration of the historic steamboat pier, refurbishment of charming two-story cottages, reinforcement of the bulkhead, dredging of the mooring areas, and the construction of a modern clubhouse complete with a waterfront café.
The potential new uses for the property are diverse, ranging from wet and dry storage facilities to residential developments, and even the establishment of exclusive amenities like a yacht or boat club, or an expansive pier.
Strategically located just 20 minutes from the open sea, Farway Marina presents a unique opportunity for investors and developers. When it filed for bankruptcy in April 2023, the marina reported assets between $0 and $50,000 against liabilities ranging from $1 million to $10 million.
This sale is not just a transaction; it represents a chance to revitalize a piece of New York’s maritime heritage and redevelop it into a thriving hub for boating and leisure that could significantly enhance the local community and its economy.
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