United States

ONE15 Brooklyn Marina

Auction Advisors has announced the approval of the sale of <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a>, following its application for Chapter 11 bankruptcy in October 2024.<img src="https://photo-assets.superyachttimes.com/photo/331041/image/large-41069672ff930cbb2ceee0128653db8f.jpg" data-gid="gid://syiq/Photo/331041">The auction of <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> was held on 4 December at 11:00, with qualifying bids due two days prior on 2 December. There were a total of 36 potential bidders who registered their interest with Auction Advisors to stay notified about the auction.The auction saw a stalking horse bid from Radcliff Management LLC, with a $2,181,900 competing bid from SMI Properties Group LLC. A stalking horse bid refers to an initial bid made by a buyer, chosen by the seller, to set the minimum price for the asset being sold.The stalking horse bidder is often given certain advantages, like the ability to negotiate favourable terms and is typically protected by incentives such as breakup fees if another buyer wins the auction. This ensures the stalking horse bidder isn't at a disadvantage for taking the initial risk of setting the baseline offer.Radcliff opened the bidding up at $2,231,900, with the bidding increasing in increments of $50,000 to $100,000. Radcliff placed a bid of $3,500,000 and SMI declined the opportunity to bid further, following a short break to discuss it further.Auction Advisors declared the final bid of $3,500,000 from Radcliff to be the winning bid, with a backup bid from SMI of $3,450,000. Both parties were informed of the requirement to finalise new asset purchase agreements at the updated purchase prices. Radcliff was also advised of the need to increase their deposit to 25 percent of the successful bid amount.Read:&nbsp;<a data-gid="gid://syiq/Article/62139" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="One°15 Brooklyn Marina up for auction following bankruptcy (2024-12-03 12:30:00 +0100)">One°15 Brooklyn Marina up for auction following bankruptcy</a><img src="https://photo-assets.superyachttimes.com/photo/331042/image/large-36078af544beed36645b734d9c586078.jpg" data-gid="gid://syiq/Photo/331042">The sale was approved on Friday 6 December by the Bankruptcy Court, with Auction Advisors Managing Partner Joshua Olshin commenting: “In many ways <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> is a trophy property, but it has had its share of challenges.”“The new owner has conducted a thorough review of the property and, with a revised business model, aims to turn it into a financial success. The auction process really managed to bring out the buyers willing to pay the most for this property and provided a robust bidding environment for the debtors to realise maximum value.”Radcliff Management LLC, founded in 2016 by Eli Goldstein and Evan Morgan, is a long-term investment business that specialises in partnering with owner-operated, often family-owned or generational companies.<a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> filed for bankruptcy in response to overwhelming debt, as reported by the specialised database ‘Business Bankruptcies’ which uses data from United States Public Access to Court Electronic Records (PACER).Read:&nbsp;<a data-gid="gid://syiq/Article/61622" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE°15 Brooklyn Marina files for Chapter 11 bankruptcy (2024-10-08 10:15:00 +0200)">ONE°15 Brooklyn Marina files for Chapter 11 bankruptcy</a><img src="https://photo-assets.superyachttimes.com/photo/340586/image/large-75746b4e2937fda9e8eb74b02601b09c.jpg" data-gid="gid://syiq/Photo/340586">Located at Pier 5 in Brooklyn Bridge Park, the 7.5-acre marina boasts over 100 slips, offering access to the New York Harbor and the ability to accommodate vessels up 91 metres. The marina includes a well-established sail club and school with over 150 members and is equipped with the newest fleet in NY Harbor.The <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> is also home to a bakery, as well as a full-service restaurant and bar, with seating for 130 people indoors and 80 people on the outdoor deck.

One°15 Brooklyn Marina sale approved following Chapter 11 bankruptcy

Auction Advisors has announced the sale of One°15 Brooklyn Marina, following its application for Chapter 11 bankruptcy in October 2024.

One°15 Brooklyn Marina sold following Chapter 11 bankruptcy

<a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a>, situated in Brooklyn Bridge Park, New York City, is currently up for auction with AuctionAdvisors, following its application for Chapter 11 bankruptcy in October 2024.<img src="https://photo-assets.superyachttimes.com/photo/331041/image/large-41069672ff930cbb2ceee0128653db8f.jpg" data-gid="gid://syiq/Photo/331041"><a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> filed for bankruptcy in response to overwhelming debt, as reported by the specialised database ‘Business Bankruptcies’ which uses data from United States Public Access to Court Electronic Records (PACER).Read: <a data-gid="gid://syiq/Article/61622" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE°15 Brooklyn Marina files for Chapter 11 bankruptcy (2024-10-08 10:15:00 +0200)">ONE°15 Brooklyn Marina files for Chapter 11 bankruptcy</a><img src="https://photo-assets.superyachttimes.com/photo/331042/image/large-36078af544beed36645b734d9c586078.jpg" data-gid="gid://syiq/Photo/331042">Located at Pier 5 in Brooklyn Bridge Park, the 7.5-acre marina boasts over 100 slips, offering access to the New York Harbor and the ability to accommodate vessels up 91 metres. The marina includes a well-established sail club and school with over 150 members and is equipped with the newest fleet in NY Harbor.The marina is also home to a bakery, as well as a full-service restaurant and bar, with seating for 130 people indoors and 80 people on the outdoor deck.The marina will be auctioned on 4 December, with all qualifying bids received by 2 December. There is a low bidding reserve price set at $2.4 million.

One°15 Brooklyn Marina up for auction

One°15 Brooklyn Marina is currently up for auction with Auction Advisors, following its application for Chapter 11 bankruptcy in October 2024.

One°15 Brooklyn Marina up for auction following bankruptcy

The owners of <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a>, situated in Brooklyn Bridge Park, New York City, have applied for Chapter 11 bankruptcy protection in response to overwhelming debt. This is reported by the specialised database ‘<a href="https://businessbankruptcies.com/cases/one-edge-marina-finance-company-llc" rel="noopener noreferrer" target="_blank" title="">Business Bankruptcies</a>’ which used data from United-States Public Access to Court Electronic Records (PACER). The application, filed on 26 September 2024, encompasses not only the marina but also its associated Estuary restaurant and sailing club, all under the ownership of the same holding entities."We voluntarily filed for Chapter 11 to preserve and protect the assets of the project, allow the necessary time to maximize our value for the benefit of our creditors and are working with numerous interested parties and welcome other parties who may be interested in the project to work towards a sale that will maximize our return to creditors and put the project into good hands to continue the work we have begun," said a <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a> spokesperson to <a href="https://www.superyachttimes.com/" rel="noopener noreferrer" target="_blank" title="">SuperYacht Times.</a> <img src="https://photo-assets.superyachttimes.com/photo/331041/image/large-41069672ff930cbb2ceee0128653db8f.jpg" data-gid="gid://syiq/Photo/331041">Situated beside Pier 5 in Brooklyn Bridge Park, the marina serves as a vital hub for water access, accommodating a diverse array of vessels from superyachts up to 91-metres in length to historic boats and small sailboats. It also provides a variety of boating programs including a sailing school, children's activities, and kayaking lessons for the community. The marina is managed by the Singapore-based SUTL Group and owned by SUTL Investments Pte, according to <a href="https://businessbankruptcies.com/cases/one-edge-marina-finance-company-llc" rel="noopener noreferrer" target="_blank" title="">Business Bankruptcies</a>.&nbsp;This decision follows a prolonged period of financial difficulties, which originated from extended delays in construction, and ongoing operational challenges at the marina, reports <a href="https://businessbankruptcies.com/cases/one-edge-marina-finance-company-llc" rel="noopener noreferrer" target="_blank" title="">Business Bankruptcies</a>. "The ONE15 operations team came together through the lengthy build process and subsequent challenges due to COVID," also noted the marina spokesperson.Local media have attributed many of the marina’s structural issues to inherent challenges at its location. Situated at the strategic intersection of New York Bay, the East River, and tidal flows from the Hudson River, the site has consistently posed difficulties for marina operations. Even before the development of Brooklyn Bridge Park, this area was historically known as a problematic location, due to complications with pier construction and the need for effective wave abatement.<img src="https://photo-assets.superyachttimes.com/photo/331042/image/large-36078af544beed36645b734d9c586078.jpg" data-gid="gid://syiq/Photo/331042">By filing for Chapter 11, the owners aim to reorganise their debts while maintaining ongoing operations. <a href="https://businessbankruptcies.com/cases/one-edge-marina-finance-company-llc" rel="noopener noreferrer" target="_blank" title="">Business Bankruptcies</a> data shows that the court has sanctioned the joint administration of the bankruptcy cases for the marina, the restaurant, and the sailing club, allowing them to continue operating as separate entities. Led by principal Estelle Lau and represented by the law firm Kirby Aisner &amp; Curley, the ownership group seeks to negotiate with creditors and secure a buyer for the marina and its associated enterprises. The entities involved in these proceedings include <a data-gid="gid://syiq/Company/7878" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="ONE15 Brooklyn Marina (Company)">One°15 Brooklyn Marina</a>, One°15 Restaurant (also known as Estuary), One°15 Sail Club, and One Edge Marina Finance Company, says <a href="https://businessbankruptcies.com/cases/one-edge-marina-finance-company-llc" rel="noopener noreferrer" target="_blank" title="">Business Bankruptcies</a>."We believe that the marina, sail club and food and beverage programs are an important feature of NYC’s waterfront and the challenges we face demonstrate the need for commitment of the community as a whole. But we remain certain that our vision can be achieved and look forward to the next chapter of the project," affirmed the marina to <a href="https://www.superyachttimes.com/" rel="noopener noreferrer" target="_blank" title="">SuperYacht Times</a>. "We continue to offer an unparalleled boater experience in NY Harbor and to accept transient boats into the marina. We plan to seek Court approval to facilitate a sale process for the business to transition the project into the best hands to guide this newest addition to New York’s waterfront as seamlessly as possible," concluded the spokesperson.This article was first published on 2 October 2024 and updated on 8 October 2024 with comments from the marina.

ONE°15 Brooklyn Marina files for chapter 11 bankruptcy

The owners of One°15 Brooklyn Marina have applied for Chapter 11 bankruptcy protection in response to overwhelming debt.