RYE, NY—A Long Island investor has paid $5.6 million to acquire 1037 Boston Post Road in Rye, N.Y., a retail building comprised of approximately 9,850 sq. ft. of space, which is currently 100 percent occupied by Lester’s, a clothing retailer.

CBRE’s Gene Pride and William Cuddy of CBRE’s Stamford, Conn. office, represented the City of Rye in the transaction in the sale of the property.

Constructed in 1951, the property includes parking for 42 vehicles, a full walkout basement and is located within walking distance to Purchase Street.

The buyer plans to renovate the property to include a number of upgrades.

“CBRE was pleased to work with the City of Rye and assist in the council’s commitment of maximizing the sales price for this asset,” said Pride. “This was an exciting assignment as investor interest was very deep and CBRE’s marketing process was able to create significant competition for the property.”