Located on the harbor at the edge of Commercial Wharf, the storied Boston Yacht Haven is starting a new chapter through the hiring of Island Global Yachting (IGY) to manage the marina and hotel operations at the property. IGY manages 14 other marinas around the world, mostly on the East Coast and around the Caribbean. They are promoting the Boston marina as having 100 newly-renovated berths that can accommodate vessels up to 300 feet. In addition, the property has a 10-room boutique hotel.
From the press release, “We are pleased to welcome Boston Yacht Haven to the IGY family,” said Tom Mukamal, president of IGY. “The marina at Boston Yacht Haven is one of the finest facilities in New England and is an exciting addition to the IGY marina portfolio. Together with the Montauk Yacht Club in The Hamptons and the Newport Yacht Club & Marina on the New York Harbor, Boston Yacht Haven definitely enhances our powerful marina network in New England and the Mid-Atlantic states. Recognizing the strength of Boston Yacht Haven as a megayacht base, IGY will be bringing its signature megayacht service and expertise to the facility. Brian Deher, the General Manager at IGY’s Yacht Club at Isle de Sol and Simpson Bay Marina in St. Maarten, will be serving as the General Manager of Boston Yacht Haven for this summer season in order to ensure that our guests receive the same quality of service as they are accustomed to at IGY facilities in the Caribbean.”
In December 2009, Banker & Tradesman reported that Charles Lagasse, purchased the property for $9.9 million after a failed bankruptcy auction. Lagasse is a Newburyport developer and the transaction was through Boston Boat Basin, LLC, which is also associated with Steve Karp’s New England Development. Last year’s purchase price raised some eyebrows after a failed bankruptcy auction where most bidders dropped out around $5 million. Yovette Mumford, former sister-in-law of Congressman Ed Markey, bought Yacht Haven for $11.7 million in 2005 and attempted to expand the property, which ran afoul of the deed at Commercial Wharf. In bankruptcy, the property fell into the bank’s hand, Northern Bank & Trust. At the time, the condo board at Commercial Wharf was concerned the deal may try to invalidate the deed’s restrictions, which prohibit expansion for a restaurant, bar or function hall.
The attraction to its clients, according to IGY, is being situated “at Boston’s historic North End … surrounded by the most exciting nightlife and attractions in Boston and provides a secure and convenient base for yachts seeking to cruise Cape Cod and the surrounding areas.”
Boston Yacht Haven: www.thebostonyachthaven.com
Below is a clip on Island Global Yachting: