Two Saturday Night Live comics are set to become event space landlords with plans to set up a new venue in a decommissioned Staten Island ferry.

Colin Jost and Pete Davidson joined with The Stand comedy club co-owner Paul Italia to pay $280K for the ferry at an online auction, Vulture reports.

The sale of the boat — which was listed as being in poor condition because of mechanical issues — went through earlier this month, and the plan is for the boat to be revamped into a live entertainment space and event venue featuring comedy, art and food offerings. It will be permanently docked once the new owners find a place for it.

Hospitality and event venues are facing a long road to recovery in New York City, after lengthy closures and government-imposed restrictions. Many operators had been banking on a strong holiday season, but a wave of new coronavirus cases caused by the omicron variant dealt a blow to the industry. Multiple restaurants shut down, and several Broadway shows were forced to suspend productions.

A shortage of tourists has also ailed the city, with some predictions that visitors numbers will not return to pre-pandemic levels in New York until 2025. The new owners of the ferry have not made a timeline for its future public, beyond confirming the purchase.