Wall Street Is Investing Billions in Marinas for Bigger Yachts
Blackstone and others pledge to improve aging boatyards amid fears that rising slip fees are pricing out the middle class.
On a rainy spring morning, Jack Brewer is watching workers prep boats for another season on Long Island Sound. In a world where yachts can stretch longer than a football field, the marina is relatively modest, handling boats that would max out at the 20-yard line. Here in the New York suburb of Mamaroneck, even the smaller craft are refined: bespoke Hinckleys, built in Maine with gleaming teak; powerboats bursting with the newest technology; and low-slung sailboats whose Italian designers relied on an older science in their pursuit of speed.
Brewer, 84, started his business in 1964, back when this property wasn’t much to speak of. “Most marinas were muddy gunk holes,” he says. “They were not a place to bring your wife and kids.” He spent his career buying similar properties, fixing them up and appealing to a more discerning, higher-paying clientele.