[POLL] Let's Make a Deal for Lester's, Rye Council Mulls Offer

After several weeks of discussion in executive session, Rye council members will take up a sale agreement for a commercial property at 1037 Boston Post Road during its regular session tonight. Lester's of Rye LLC- the current occupant of the building- has made a purchase offer of $3,600,000.

Lester's has a so-called "right of first refusal" to negotiate purchase with the city. Under the terms of the proposed sale agreement, the city will solicit additional offers until September 11, 2012. If the city receives a greater offer, it will give current tenant Lester's, a chance to match that price.

Facts about 1037 Boston Post Road

• Lester's lease agreement expires on November 30, 2013. It currently pays the city $24,262 per month.
• The building is 9,600 square feet and sits on a 0.69 acre parcel of land.
• The site, a former car dealership, was purchased by the city on May 1, 2006 for $6.2 million for use as a proposed police/court complex. That project was later deemed too costly to undertake.
• The city's assessor records the value of the building at $4,486,111
• The sales agreement includes an agreement to allow the city use of 10 parking spaces behind the building for "officers, officials and employees" on weekdays between 9 a.m. to 12 p.m.

"Valuing the property is all about the rent that the building does or could produce," said broker Ann K. Silver, associate director of Rand Commercial Services in White Plains. "This is a very well located property even though it is just outside the heart of the Rye Central Business District."

Silver also said, "There is really nothing in Rye for sale comparable to the property."