They went under last October. The concept of a premium priced marina, trying to attract mostly large (50'+) boats in Freeport just never caught on - in 2008, they were barely half full. Several things besides the economy were against them, especially the fact that on low tide, the canal in is only 5-6' deep for its entire length - and it is a very long canal. From what I understand, they are having a hard time selling the condo's that went up next door (again, in this market premium pricing and Freeport just don't go hand in hand (for those that don't know - Freeport from a boating perspective is on of the best locations on the South Shore of Long Island - close to the Jones Inlet and no low bridges to go under; but from a want to live there basis, it is pretty far down the list, with a school district in the bottom 10% (of 126) and a high (for Nassau County) crime rate)); so it looks like they won't be building condos there anytime soon. It is a shame they didn't make a go of it, because it is a really nice facility with all new docks. | 
