Just what New York needs: another commodities exchange. But not just any commodity.

Get ready for the New York Yacht Exchange, brainchild of Emilio Azcarraga. It's a way for the Mexican media magnate to wring some cash out of his Manhattan yacht port, North Cove Harbor, which he set up in 1989, just as the New York real estate market was swooning.

Since a recession isn't a great time to sell patches of water for $1 million to $2 million apiece, Azcarraga is revamping North Cove so that it offers what the times demand. Now, captains without cash flow can berth their boats on Manhattan's southern tip while they seek a buyer. They won't pay docking fees until they sell.

If the Yacht Exchange is successful, Azcarraga may be left without a place to dock his own vessel, the 241-foot Eco. These days, he has the whole south side of the harbor to himself.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE