The City of Rye closed today on a $5.6 million cash sale of its building next to City Hall, home to Lester’s clothing store, Mayor Doug French announced.
The city bought 1037 Boston Post Road for $6.2 million in 2006, with the idea of building a police station and courthouse there. But that project was deemed too costly. The sale proceeds will replenish reserve funds and pay for infrastructure improvements, French said.
Long Island-based Bill Wolf Petroleum bought the property. Despite its name, the firm says it’s moving away from the service station business and plans to use the property for high-end retail.