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Bay Street Celebrates Lease Renewal!

Acclaimed Regional Theatre Announces New Agreement

April 24, 2012 (Sag Harbor, NY) - Bay Street Theatre, one of the pre-eminent regional theatres in the country, is thrilled to announce that it has renewed its lease for the near future in Sag Harbor, while it pursues the goal of finding a permanent home on the East End. The announcement comes after a new lease agreement was inked between the theater and Pat Malloy earlier this week.

The lease provides Bay Street the option to stay on the Long Wharf for 10 years while it pursues a capital campaign for its new facility.  Most importantly the new agreement also includes the necessary term flexibility that allows Bay Street time to continue its due diligence and identify potential opportunities to ultimately achieve the objective of owning a permanent home.

Artistic Director Murphy Davis said, "The great news is, we now have a stable environment from which we can pursue our dream of having our own home.  It is a dream a long time coming.  For an arts organization to expand and continue to thrive it is imperative. We are so grateful to the East End community for coming forward with new ideas, potential partners, and interested underwriters. It is in that spirit of collaboration that we can all make this dream into a reality. "

"We deeply thank Pat Malloy for his understanding and his good will. He has provided us with the stability we have sought--an assurance that we can continue our innovative and award-winning productions while a permanent home is being developed," said Tracy Mitchell, Executive Director. Mitchell and Davis both believe that it was the open discussion with the community beginning last Fall, that spurred the interest of developers and funding sources alike.

Sag Harbor Mayor Brian Gilbride commented "On behalf of the entire Village Board, I am so glad to learn that Bay Street will be staying here in Sag Harbor". Malloy added "I am very pleased that Bay Street Theatre has decided to stay in Sag Harbor, and happy
to be able to help them again with a favorable lease.  My hats off to the good directors
and managers for making the decision to continue to provide great theatre to
Sag Harbor!"

"Bay Street Theatre has been a Sag Harbor Village arts and community haven for over 20 years," said Frank Filipo, Chairman of the Board of Trustees.  "We have said time and again that our first choice has always been to remain in this wondrous place. Working together with Pat Malloy, who shares that vision, we have come up with a path to doing just that. The feedback that we have received from the local community, the realization of the value that Bay Street provides to the local shops, stores, and restaurants that define this Village was tremendously helpful in bringing about this new agreement. It is beyond gratifying."

Posted: April 25, 2012