Pete Davidson and Colin Jost made waves by purchasing a Staten Island Ferry boat together, but the former has given an update on the joint purchase that put them both “in the hole.”

Appearing on Seth Meyers' Family Trips with the Meyers Brothers podcast, Davidson said, “We just got all the plans built, and we had them do one of those computer-generated, show-you-what-it-could-be type things, and now we're out to a few people.”

“And it seems like it's all going well, but it's definitely like five years away,” he continued.

It sounds like Davidson and Jost's Ferry boat will be a unique entertainment space as the former revealed that there will be a restaurant, concert venue, movie theater, and hotels all on board. He added that while the inside will be gutted, the exterior will remain unchanged.

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“It's all going to stay the same [outside]. We're gonna keep what we can and just repurpose [it], make sure it's nice. But it'll be the Staten Island Ferry,” said Davidson. He added that the ship will dock each April in New York and travel to Miami, Florida every winter.

After Meyers joked that Davidson “really thought this through,” Davidson replied, “We have to, 'cause we're in the hole. Colin called me, and he's like, ‘Hey, can you hop on this call about the ferry?' I was like, ‘We're still doing that thing?' He's like, ‘Yeah, this is pretty serious.' And it is! I had no idea, I just saw a link and sent a deposit, and now I'm stuck with a f*****g boat.”

Pete Davidson, for as much as he jokes, is unlikely to be “in the hole” due to this purchase. His Peacock series, Bupkis, just got renewed for a second season. So he'll be fine.