New Owners for Sag Harbor Yacht Yard

Lou Grignon at the Sag Harbor Yacht Yard on Bay Street. Stephen Kotz photo.
Lou Grignon at the Sag Harbor Yacht Yard on Bay Street. Stephen Kotz photo.

By Stephen J. Kotz

The Sag Harbor Yacht Yard, long rumored to be on the market, has sold to Yacht Yard Acquisition, LLC, owned by Howard Lorber, the chairman of Douglas Elliman Real Estate and Herman Goldsmith, a Long Island car dealer.

Lou Grignon, the yacht yard’s former owner, confirmed the sale, which closed on October 17, on Friday. Neither Mr. Lorber nor Mr. Goldsmith could be reached for comment.

Mr. Lorber and Mr. Goldsmith paid $3 million for the 1.4-acre waterfront parcel that includes 25 slips and several buildings, including a repair facility, office, ship’s store and the Tight Lines tackle shop. Mr. Grignon said the pair paid an additional sum for his business, but declined to disclose that amount.

The former owner said he has a two-year contract to remain on as the business’s manager. He said contrary to what has been heard on the street, the new owners plan to continue to run the facility as a yacht yard and not turn it into a private marina, although he was quick to add that the docks have always been reserved for private customers.

“It’s a running business, not a hobby,” he said. “They are going to freshen it up a bit — maybe even take to the next step.” That next step may involve undertaking some dredging and reconfiguring the docks, he said.

Although both of the new owners are yacht owners, Mr. Grignon said he did not know if they planned to bring their own vessels to the yacht yard, which is nestled between the Breakwater Yacht Club and the Cormaria retreat property.

Mr. Grignon, a former commercial fisherman in Montauk, said he had known Mr. Goldsmith for more than 30 years from Montauk, where Mr. Goldsmith kept his own boat at the time.

He said the yacht yard would still install moorings, repair and haul boats and serve as a John Deere service provider for commercial boats. “I’m still sitting in the same seat,” he said.

Mr. Grignon added that Kenny Morse’s Tight Lines shop would remain on site “as long as he wants to stay” and Robert Siegel would continue to manage the ship’s store.

Mr. Grignon purchased the yacht yard property from Pat Malloy and the business from Jeff Briggs in 1994, taking over on the Memorial Day weekend.

Three years ago, he ran afoul of village officials who evicted him in 2015 from a sliver of property between the yacht yard the Breakwater Yacht Club that he had used to store boats when an agreement on a new lease could not be reached.

Mr. Grignon said that dispute had not affected his bottom line but made it impossible for him to accommodate a number of smaller boat owners who had relied on him for storage space. The yacht yard is the only boat repair facility on the village waterfront. The only other facility in the village, Ship Ashore Marina, is on the Sag Harbor Cove, where it is not readily accessible to larger sailboats unless their masts are removed.