Man Buys Waterford Property For $2M Because He Was ‘Bored’

[Editor's Note: The original article stated that Steve Harrington had bought both Niantic Bay Boat Valet and Outboard Exchange. Although Harrington acquired Niantic Bay Boat Valet, the Outboard Exchange is a separate company that continues to be owned and operated by Tim Hogan, as has been the case for 20 years and going strong.]

Recently, Steve Harrington bought Niantic Bay Boat Valet, which is located in Mago Point, for $2 million. Why? 

Because he was bored.

“Just that adult ADHD I have,” Harrington said. “I needed a project.”

Not that Harrington doesn’t have anything else going on. He is the CEO of Industrial Air Flow Dynamics Inc, a multimillion dollar company, although his “hobby” is to buy properties that aren’t making money and have them make money.

“That’s my goal,” Harrington said. “Most things I do are pretty profitable, if I do them right.”

The Glastonbury resident who never went to college talks about turning around the 180-boat marina as if it is doing a crossword puzzle on the back of a cereal box. He said he’s going to put some money into the place and make sure the customer service is good, and it will be profitable. 

“It isn’t brain surgery we are doing here,” Harrington said. “It is a big place that holds boats. You fix it up, make sure the customer service is good and we should be alright.”

Harrington said the Mago Point marina at 8 and 10 River Street was a “dump” and he plans on redoing all the landscaping around the building and rehabbing the structure this year. His eventual goal is to have a place that serves food at the marina.

Harrington bought the marina on April 19 for $2 million from GCE LLC, an Enfield-based LLC, according to town records. He said it is the first marina he has ever bought, although he said he had success turning around other properties.

“I figured it would be a good project,” Harrington said. “Give me something to do in the summer.”