Pete Davidson's Ferry Buy Put Him 'In the Hole,' Needs Return on Investment

Pete Davidson and Colin Jost seemingly bought a ferry together as a joke -- but, now one of those new owners says turning a profit on the damn thing is of the utmost importance.

The 'SNL' alum dished about the $280k Staten Island boat buy with Seth Meyers on a recent podcast episode -- in which he goes into detail about what led up to him partnering with Colin on this in the first place ... and where things stand now more than a year after.

Take a listen for yourself ... Pete acknowledges what he's said about going in on this ferry in the first place -- namely, that he and CJ were both stoned out of their minds when they decided to do it.

Before long, the purchase became reality ... and Pete says Colin called him up one day to talk business -- and to collect on his end of the bargain. PD says he was sent a link to wire over a deposit ... and suddenly, he was straddled with a massive ferry with no real plan.

Not to worry, though ... Pete and Colin have apparently devised a business model for their ferry that they're hoping to manifest -- including turning it into a one-stop shop entertainment hub ... complete with a concert venue, a movie theater, a restaurant and hotel rooms too.

Pete even says he and Colin have commissioned computer-generated mockups of all this ... and says it's well underway, although it's still years in the making. Like, 5 years specifically.

When Seth Meyers marvels at how well thought out their ferry future is, Pete quips -- "Yeah, we have to cause we’re in the hole." To what extent, exactly, is unclear ... but it seems Pete and co. certainly wanna get a return on investment -- because as he says, "Now I'm like stuck with a f****ing boat."