EXCLUSIVE: Pete Davidson and Colin Jost's Disastrous Staten Island Ferry Purchase Gets Another Setback — as Deadly Asbestos Discovered on Doomed Boat

Comedians Pete Davidson and Colin Jost aren't laughing after the latest setback to their Staten Island Ferry money suck, RadarOnline.com can reveal.

The Saturday Night Live buddies bought the decommissioned ferry boat in 2022 for $280,100 with big plans to turn it into a floating nightclub, but instead have only seen their dreams sink.

The dream was to convert the 2,100-ton boat into a floating hotel with 24 rooms, two restaurants, and six bars. Instead, it's become a nightmare with mounting repair and upkeep costs, not to mention paying a hefty price just to keep it docked somewhere.

The latest complication is the discovery of deadly asbestos. The toxic material has now stalled all renovations and raised new health concerns.

Dr. Snehal Smart, expert contributor for The Mesothelioma Center at Asbestos.com, exclusively warned RadarOnline.com about the health dangers.

"The immediate health risks may be allergy-type symptoms like coughing or sneezing. Long-term health risks could be asbestosis, mesothelioma, or lung cancer," he said.

Mesothelioma is a rare and aggressive cancer, with only around 3,000 diagnoses in the U.S. each year. Dr. Smart explained that battling the asbestos infestation won't be cheap.

"The only way to get rid of asbestos from a home or boat is through abatement performed by a professional company," he explained. "The time frame on this depends on the extent of the asbestos contamination."

The expert went on to say that since asbestos exposure can cause health issues many years later, it causes a lot of panic and paranoia for people. However, not all hope is lost for the ferry project.

Smart optimistically added: "Once the ferry has gone through asbestos abatement or remediation/renovation, there could be hope for salvaging it."

As RadarOnline.com has reported, the stress of the never-ending fixer-upper has taken a toll on Davidson and Jost's friendship.

"What began as a promising venture has devolved into bitter disappointment, serving as a stark reminder of the perils of mixing business with friendship," a pal previously said. "While Colin is scrambling to assemble a competent team, Pete seems to have gone AWOL. It remains to be seen whether their friendship can weather the storm."

The King of Staten Island star, 31, previously admitted he had "no idea what’s going on with that thing" when he was asked about potentially hosting an after-party on the boat during the Transformers: Rise of the Beasts premiere in June 2023. Davidson seemed to regret his decision to purchase the decommissioned Staten Island ferry.

"Yeah, if it’s not sunk!" he joked to Entertainment Tonight, adding, "Hopefully it turns into a Transformer and gets the f--- out of there, so I can stop paying for it!"

But the former SNL costars have made some headway on plans for the ferry, at least according to the architect Ron Castellano.

"It’s going to have a lot of things," Castellano revealed to Curbed. "I think right now, we have six bars and two venues operated separately or combined," he continued. "We have outdoor event space, we have restaurants – two restaurants. It’s a big boat, almost 300 feet long, 65,000 square feet.

Castellano also said the ferry would move and could be towed between New York and Miami.

"I think that’s exactly still the plan. It doesn’t have to be in one place. It can move, so we’re exploring both locations," he said.