Citing insurmountable debt, the homeowners of ONE°15 Brooklyn Marina in New York have filed for Chapter 11.
The marina contains greater than 100 slips, for a wide range of boats and yachts to 250 ft (76 meters). It additionally has a neighborhood dock providing free and low-cost boating applications to the general public. These embody a crusing faculty, children’ applications, kayaking classes, and a crusing membership membership. The homeowners of the marina moreover personal the crusing membership and its boats, plus a restaurant on website. Each the membership and the restaurant filed for Chapter 11 chapter safety, too.
In response to the courtroom submitting from September 26, the holding firms behind the marina, the membership, and the restaurant owe a wide range of money owed. These embody greater than $500,000 in lease.
The monetary difficulties date again to the development of ONE°15 Brooklyn Marina in 2014. In courtroom paperwork, the homeowners reveal that improvement and funds points delayed its meant grand opening in 2016. “The results of these points was a improvement price ticket of almost double the budgeted price and a three-year delay in opening from 2017 to 2020,” the submitting signifies. Though authorities help helped preserve the companies viable throughout the pandemic, working losses subsequently continued. Traders backed out final fall, which the homeowners say led to the challenges in paying lease and assembly different bills.
Notably, the homeowners of ONE°15 Brooklyn Marina and its associated companies state that they actively sought an acquisition accomplice. Though “in depth negotiations adopted” discussions with a number of events, “a number of hurdles and complexities arose.” These prevented the homeowners from continuing, and due to this fact they fell additional behind in paying lease.
The marina, restaurant, and crusing membership are remaining as separate entities and plan to barter with collectors to map out a reorganization plan. They requested, and obtained, approval for joint administration of the chapter circumstances, for procedural functions.
ONE°15 Brooklyn Marina one15brooklynmarina.com
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