City signs off on deal to unload old Manchester police station for $875,000
The buyer for the old Manchester police station on Chestnut Street is Tranquility Holdings LLC, an entity established by Candia businessman Francis Rich. (Union Leader File)
The latest agreement won’t be finalized until the conclusion of a due diligence period, with a closing date no later than the end of the year.
The police station was first put on the market in the summer of 2012, ahead of the completion of the new police headquarters as part of the $43 million Municipal Complex. The initial asking price was $2.1 million. Officials also discussed a figure in the range of $1.2 million to $1.6 million for the building as is, with the city bearing no expense for any changes to the structure.
Gatsas on Wednesday said that he always felt the $2 million asking price was inflated, and that $875,000 was a “fair price.” “I think the sooner we can let it move forward and get it on the tax rolls, the better off we are,” he said.
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