The Rye City Council will meet this Wednesday, April 25, 2012 to approve granting Lester's clothing store a right of first refusal on the purchase of the city owned building 1037 Boston Post Road. Lester's is the current tenant.
The building was purchased during the Otis administration and was a major campaign issue when now Mayor french ran for office against Otis. Since french took office the city has been working to unload the building. When purchased the intention was to place a new police headquarters in the location.
The City’s lease with Lester’s of Rye, LLC, ends in February 2013. The City has had discussions with the current tenant regarding the possible sale of 1037 BPR and Lester’s has demonstrated a strong interest in purchasing the building. The City will determine if there are any other interested buyers in the Property during a due diligence period ending June 13, 2012.
A listing sheet will be distributed describing the property and specifying the terms of any offer. Lester’s of Rye, LLC has put an offer in on the property and the City has agreed to grant Lester’s a right of first refusal to purchase the property after the due diligence period has ended.