Pete Davidson and Colin Jost's Staten Island Ferry boat purchase was their "dumbest" decision, admits Jost.

Colin Jost, a "SNL" star, openly discussed his choice to purchase a Staten Island Ferry boat alongside his ex-partner Pete Davidson.

In 2022, Jost, Davidson, Italia, and Castellano purchased the MV John F. Kennedy at a New York auction for $280,000 with the intention of transforming it into the city's most popular nightclub.

In a recent interview with People magazine, Jost admitted that he regrets his investment decisions, despite considering himself a "conservative" spender.

Jost stated at the Tommy Hilfiger show during New York Fashion Week, held on the vessel, that the purchase he made was the dumbest and least thought-through in his life.

He explained that for the amount of money they were investing in purchasing it, on a basic square-footage level, it was like buying a building on its side that's 65,000 square feet. In New York, this is an excellent price per square foot.

In the two years since Jost purchased the historic ferry with Davidson and Italia, there has been little progress towards renovation and operation.

"It is absolutely the dumbest and least thought-through purchase I've ever made in my life." — Colin Jost

He explained to People that the three investors have been occupied with their full-time careers on land, which has prevented them from dedicating much time to the project.

Jost acknowledged that operating the vessel would necessitate hiring staff, which he was uncertain about assuming responsibility for.

The Staten Island native was photographed setting sail from St. George Ferry Terminal for the first time a few months after making the purchase. He later told People that the partners' insurance company would likely oppose any future joyrides.

"Perhaps they would enjoy it because it would free them from the agreement," Jost joked. "However, it takes a significant number of individuals to relocate it."

Scarlett Johansson, Jost's wife and an actress, initially reacted with disbelief when he shared his plan to buy the ferry. However, she has since changed her mind and believes that Jost and his partners should make the most of it.

"She asked, 'Wait, so you own this boat now?' A fair question. Now she sees the value in it, but also thinks it's become a defining thing for you guys and an interesting thing for you guys. So you should take it seriously and figure out the best version of it because, for better or worse, it's going to reflect on you. We don't care because we're comedians."

Castellano, another partner on the project, disclosed in a March interview that the ferry will be transformed into a floating hotel with 24 rooms, two restaurants, and six bars.

Castellano informed Curbed that the $34 million venue project would include many things.

Castellano mentioned that the ferry could be towed between New York and Miami.

He explained that the plan is still the same, and it doesn't need to be in one location; it can move, so they are exploring both options.

Jost expressed his preference for New York to remain the ferry's permanent location, according to People.

"Jost stated that being on the water in New York is very special and he would love to be there. He believes that the spirit of it will remain the same even if it is re-imagined and stays in New York in some way."