• Loading stock data...
Tuesday, October 7, 2025
exclusive
Asset Class

New York Private Surf Club Wants to Raise $45M, Charge $100K

A luxury clubhouse includes dining, gym and spa services, coworking space, and importantly, artificial waves in controlled water temperature.

Crest Surf Clubs
Credit: Crest Surf Clubs

Well-heeled surfers in New York searching for consistent waves may soon need to look no further than Crest Surf Clubs, which touts itself as the first and only private member surf club in the U.S.

Crest is seeking about $45 million to help support the build-out of its first location on a 3.5-acre site in Shirley, Long Island, founder and CEO Brett Portera told Front Office Sports. If Crest secures funding by the end of the summer, Portera anticipates the New York club will be operational by spring.

The capital raising, which may take the form of convertible debt, comes as Crest collects average initiation fees of about $100,000 from its 500 founding New York members, more than half of which have been sold, says Portera, who began surfing at the age of 8. Wedbush Securities is advising Crest Surf Clubs on the capital raising effort, and proceeds may be used to fund future projects, Portera says. Membership fees will be $20,000 a year, on average.

“Our broader vision is to scale Crest,” he says, adding that the company aims to build out as many as 20 stand-alone private clubs in the U.S., including some that are a part of residential communities. Crest has identified potential sites in Florida, North and South Carolina, Arizona, California, and Texas, and is in discussions with potential development partners for sites in Central America and the Caribbean, Portera says.

Crest members will have access to a luxury clubhouse that includes dining, gym and spa services, coworking space, and importantly, artificial waves in controlled water temperature—meaning they can surf year-round. In New York, up to 20 surfers can be in the water in a single session, where about 120 full-size waves as high as 6.5 feet will be generated per hour.

The company’s proprietary wave technology was developed by CTO Alex Poirot, a former engineer at Kelly Slater Wave Co., which pioneered the technology used to make waves at the largely invite-only KSWC Surf Ranch in Lemoore, Calif., which is owned by the World Surf League. The same tech is used at Surf Abu Dhabi, where advanced open surf sessions cost around $950 per person.

Surfers have shown they’re increasingly willing to pay for access to man-made waves both in the U.S. and abroad. The Palm Springs Surf Club in California, which is open to the public, offers hour-long sessions for $200, while in Brazil, family memberships to two new clubs featuring wave pools start at roughly $125,000 and $184,000, respectively, according to Bloomberg

Residential projects helmed by wave pools have gained traction, with Drew Brees and Tony Hawk among those with ties to Austin Surf Club, a Discovery Land Co. development set to include some 140 condominiums. Similarly, Cabo Real Surf Club in Mexico, promises 240 waves per hour and is developing homes that start at $2.5 million. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Oct 4, 2025; Tucson, Arizona, USA; Oklahoma State Cowboys outside linebacker Poasa Ute (35) and Wendell Gregory (4) celebrate during the third quarter of the game against the Arizona Wildcats at Arizona Stadium.
exclusive

New Bill Aims to Prohibit Athletic Department, Conference Private-Equity Deals

The bill would bar schools from selling ownership stakes.
Ballers in Philadelphia
exclusive

Backer of SlamBall, Ballers Armed With $150M for New Fund

The fund will offer sports and entertainment companies deals that don’t involve equity.
Sep 23, 2025; Dallas, Texas, USA; Dallas Stars forward Adam Erne (76) looks on during the game between the Dallas Stars and the Minnesota Wild at American Airlines Center
exclusive

Dallas Stars Eyeing Possible Move to Plano in 2031

The team needs to figure out where they’ll play starting in 2031.
Grand Slam Track
exclusive

Investors Keep Grand Slam Track Alive With 8-Figure Lifeline

The league paid athletes half of what they’re owed Friday.

Featured Today

Paul Cartier

Sports Organists Are Still Thriving in the Era of Raucous Arena Music

“When they walk out and they see a real organ guy, it’s like, ‘Wow.’”
Sep 27, 2025; Milwaukee, Wisconsin, USA; Milwaukee Brewers center fielder Jackson Chourio (11) rounds the bases after hitting a home run during the sixth inning against the Cincinnati Reds at American Family Field.
October 4, 2025

Milwaukee Moneyball: Brewers Are Beating MLB’s Deeper Pockets

Milwaukee is holding its own against big-budget competitors.
Kōloa Rum Company Rum Rusher
September 27, 2025

Panthers Bubbly, Jets Wine, Manning Whiskey: The Sports Booze Boom

A sommelier dives into the sports booze trend—and tries Jets wine.
Nov 17, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Steelers fans wave Terrible Towels against the Baltimore Ravens during the fourth quarter at Acrisure Stadium
September 26, 2025

Steelers’ Irish Roots Are Deeper Than NFL Dublin Game

The Steelers have history and the foundation for a future in Ireland.
Blake Bortles appears set to exit Jacksonville with a career 24-49 record.

Private Equity’s Sports Push Has Entered Overdrive

Athletes like Blake Bortles and Rob Gronkowski are diving into sports investing.
September 30, 2025

Jozy Altidore: Becoming an NFL Owner Is Like Going Back to School

Altidore owns stakes in the Bills and the NWSL’s Bay FC.
Saudi Arabia’s Public Investment Fund (PIF), one of several premier sponsors for the BNP Paribas Open tennis tournament, as seen on Stadium 2 at the Indian Wells Tennis Garden in Indian Wells, Calif., on March 14, 2024.
September 30, 2025

The Australian Soccer Player Running Saudi PIF’s SURJ Sports

SURJ Sports CEO Danny Townsend says there is “genuine commitment” to social change.
Sponsored

How Jenny Just Is Shaping the Future of Sports Ownership

Jenny Just on bringing her investment experience to sports ownership.
Sep 21, 2025; Foxborough, Massachusetts, USA; New England Patriots wide receiver Kyle Williams (18) completes a pass during the third quarter at Gillette Stadium.
September 25, 2025

Patriots Become Fourth NFL Team to Add Private-Equity Investor

The minority stake sales value the team at more than $9 billion.
Napoli Basketball
September 25, 2025

Napoli Basketball, Campobasso Owner Charts Conglomerate Plan

Matt Rizzetta’s new corporate entity will house multiple pro teams and real estate assets.
Shaedon Sharpe
September 24, 2025

RAJ Sports Sues Over Sale of Blazers Minority Stake

The Kings minority owners claim the Cherng Family Trust breached an agreement.
September 23, 2025

PrizePicks Sells $1.6B Stake, Launches Prediction Markets Business

PrizePicks’ CEO believes it is “the next $40 billion company in the U.S.”