SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No.3 )*

                                 Griffon Corp.
          ____________________________________________________________
                                (Name of Issuer)

                     Common Stock, $0.25 per share par value
          ____________________________________________________________
                         (Title of Class of Securities)

                                  398433 10 2
                              _____________________
                                 (CUSIP Number)

Check the following box if a fee is being paid with this statement _____

     A fee is not  required  only  if the  filing  person:  (1)  has a  previous
statement on file  reporting  beneficial  ownership of more than five percent of
the class of  securities  described  in Item 1; and (2) has  filed no  amendment
subsequent  thereto  reporting  beneficial  ownership of five percent or less of
such class.) (See Rule 13d-7).

     *The  remainder  of this cover  page  shall be filled  out for a  reporting
person's  initial  filing on this  form with  respect  to the  subject  class of
securities,  and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.

     The  information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 ("Act") or otherwise  subject to the  liabilities of that section of
the Act but shall be subject to all other  provisions of the Act  (however,  see
the Notes).







SEC 1745 (5-87)

                                       1

CUSIP No. 398433 10 2 13G Page 2 of 5 Pages - ------------------------ ------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON REICH & TANG ASSET MANAGEMENT, LLC 13-4163687 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* ---------- ---------- (a) (b) ---------- ---------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 3 SEC USE ONLY - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 5 SOLE VOTING POWER 0 NUMBER OF SHARES -------------------------------------------- BENEFICIALLY -------------------------------------------- OWNED BY EACH 6 SHARED VOTING POWER REPORTING PERSON 988,000 WITH -------------------------------------------- -------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 -------------------------------------------- -------------------------------------------- 8 SHARED DISPOSITIVE POWER 988,000 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 988,000 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 3.01% - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON* IA - ------------------------------------------------------------------------------- 2

Item 1 (a). Name of Issuer The name of the issuer, to whose class of equity security this Schedule is Griffon Corp. Item 1 (b). Address of Issuer's Principal Executive Offices The address of the Issuer's principal offices is 100 Jericho Quadrangle, Jericho, New York 11753. Item 2 (a). Name of Person Filing The person filing this Schedule is Reich & Tang Asset Management, LLC (the "Reporting Person") Item 2 (b). Address of Principal Business Office or, if None, Residence The principal business address of the Reporting Person is 600 Fifth Avenue, New York, NY 10020. Item 2 (c). Citizenship The Reporting Person is a United States citizen. Item 2 (d). Title of Class of Securities The class of equity security to which this schedule relates is the Issuer's Common Stock, par value $0.25 (the "Common Stock"). Item 2 (e). CUSIP No. The CUSIP number assigned to the Common Stock is 398433 10 2. Item 3. If this statement is Filed Pursuant to Rules 13d-1(b), or 13d-2(b), Check Whether the Person Filing is a Reich & Tang Asset Management, LLC is an investment adviser registered under Section 203 of the Investment Advisers Act of 1940. Item 4. Ownership The shares of the Common Stock owned beneficially owned by Reich & Tang Asset Management, LLC and covered by this Schedule amount to 988,000 shares, constituting 3.01% of the outstanding shares of the Common Stock. Reich & Tang Asset Management, LLC has the shared power to vote and direct the vote for 988,000 shares of Common Stock and to dispose of or direct the disposition of 988,000 shares of Common Stock. Item 5. Ownership of Five Percent or Less of a Class This statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be a beneficial owner of more than 5% of the class of securities. 3

Item 6. Ownership of More than Five Percent on Behalf of Another Person Not applicable. Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company Not applicable. Item 8. Identification and Classification of Members of Group Not applicable. Item 9. Notice of Dissolution of Group Not applicable. 4

CERTIFICATION The undersigned certifies that to his/her best belief and knowledge, the securities reported herein were acquired for the purpose of and do not have the effect of changing or influencing the control of the issuer or such securities and were not acquired in connection with or as a participant in any transaction having such purpose of effect. February 15, 2002 REICH & TANG ASSET MANAGEMENT, LLC BY /s/Michael D. Appleton Michael D. Appleton Vice President Reich & Tang Asset Management, LLC 5