SOLD! 1037 Boston Post Road Property Sold at $5.6M

Just in from Rye Mayor Doug French:

"I am pleased to announce that the City today closed on the 1037 Boston Post Road property with the 1037 LLC established by Wolf Petroleum — a family owned real estate company for $5.6M.  The property was originally purchased by the City in 2006 for $6.2M with plans for a Police Station/Courthouse that could have cost up to $25M to develop.  The City and the Council had since changed those plans instead to sell the property resulting in today's action.  The buyer has indicated their plans for high-end retail for the site.  The City will use the proceeds to replenish its reserves and focus on reinvesting in the City's much needed infrastructure.

Douglas French
Mayor, City of Rye"