The family-owned marina, located in Rockaway Beach, is now up for auction following a Chapter 11 bankruptcy filing in Queens, New York City.
After nearly two centuries of continuous operation, Farway Marina, one of Queens' most iconic landmarks has entered a new chapter. The family-owned marina, located in Rockaway Beach, is now up for auction following a Chapter 11 bankruptcy filing in Queens, New York City. This marks the end of an era for the beloved marina, which had been in the same family’s hands for over 60 years.
A Prime Waterfront Location
Nestled between Beach 84th and Beach 85th Streets in Rockaway Beach, Jamaica Bay, Farway Marina spans a sprawling 153,243 square feet of prime waterfront land. The property offers panoramic views of both Jamaica Bay and the Manhattan skyline, with stilt housing and a historic pier that have served as picturesque backdrops for generations of visitors. For decades, the marina has been a hub for local boating enthusiasts and tourists alike.
The COVID-19 Impact
Like many businesses, Farway Marina struggled during the COVID-19 pandemic. As operations were halted, the financial strain eventually led to the decision to file for bankruptcy. Now, the four parcels of land, which were once home to a bustling marina, are up for auction. They’re being sold both individually and as a collective package, offering potential buyers a range of possibilities for future development.
What’s on the Horizon for Farway Marina?
The future of Farway Marina holds great potential. The four parcels up for auction offer a variety of possibilities, from wet storage and dry storage to residential housing or even the creation of a yacht club or boat club. With the marina being only 20 minutes from the open sea, the location is perfectly suited for recreational boating, sport fishing, and tourism.
For those with a vision for the property, a multi-phase redevelopment plan could transform Farway Marina into a vibrant destination. Plans could include refurbishing the historic steamboat pier, restoring the two-story cottages, reinforcing the bulkhead, and dredging the mooring area. A clubhouse with a waterfront café could become a central gathering place, offering stunning views of the bay and enhancing the recreational experience for visitors.
An Exciting Investment Opportunity
The auction of Farway Marina presents a rare opportunity for investors or developers looking to make their mark on a historic waterfront property. With its prime location, rich history, and the potential for modern redevelopment, this marina is an attractive prospect for anyone looking to build a destination that blends history with innovation.
Looking to the Future
As Farway Marina transitions into a new era, its legacy is far from over. Whether it becomes a bustling hub for recreational boating, a peaceful residential retreat, or a thriving tourist destination, the future of Farway Marina is filled with endless possibilities.
For anyone interested in owning a piece of history and capitalizing on the potential of this unique waterfront property, now is the time to act. Farway Marina may have ceased operations, but its journey is far from finished. The auction is just the beginning of the next exciting chapter for this iconic property.
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