Nantucket Organization Acquires Property to Secure Staff Housing Amid Scarcity

Egan Maritime Institute purchased a multi-unit home on Cynthia Lane in Nantucket for $2.1 million. The organization acquired the two-story duplex, which includes an unfinished basement, to house senior-level staff and critical year-round employees. Egan Maritime stated that the purchase was made to secure stable, year-round housing and mitigate operational risk due to housing scarcity on the island.

The acquisition addresses the organization's operational challenges in a high-cost housing market. The purchase allows the nonprofit to secure its talent base, which the board stated is essential for sustaining high-quality maritime education and programming for the community.