What's the Name of That Book??? discussion

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The Alfred Summer
SOLVED: Children's/YA
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SOLVED. YA story about a young boy building a rowboat in the basement of his NY / NJ apartment building. [s]
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The plot involves a young boy (13? 14?) who doesn't have any money and is feeling worn-down or exhausted by life. It might take place during the depression. I remember the setting as New York / New Jersey coastal. He decides that the solution is to build himself a boat, which will give him independence / peace of mind / escape. So he builds a rowboat in the basement of his apartment building. Other local kids help out by gathering scrap wood, nails, glue, etc. The protagonist spends months constructing his boat. They eventually carry the boat to the beach, and I remember adults mocking the kids' makeshift boat. As I recall, the story ends with... (view spoiler)[ the boy rowing about a hundred feet out from shore as his amateur boat rapidly sinks (hide spoiler)]