NEW YORK (AP) Saturday Night Live comics Colin Jost and Pete Davidson have purchased a decommissioned Staten Island Ferry boat for $280,100 with plans to turn it into New Yorks hottest club.

Jost and Davidson teamed up with comedy club owner Paul Italia on Wednesdays winning bid for the John F. Kennedy, a 277-foot (84-meter) vessel that shuttled commuters between the New York City boroughs of Manhattan and Staten Island from 1965 until it was taken out of service last August.

The Staten Island Ferry is definitely something iconic, Italia, a real estate investor and co-owner of the restaurant and comedy club The Stand, said Friday. We wanted to figure out a way to save it and to do something special with it.

Italia said transforming the 2,109-ton ferry into an entertainment venue will cost millions of dollars and wont happen anytime soon.

Its really early stages here, he said. You have a great idea and youre working on executing it and the first step is the acquisition of the boat, and I think that thats the story right now. We were successful in acquiring the boat and making sure it didnt go into the scrapyard like the last two.