Garmany, a three-store New Jersey-based upscale apparel retailer, has agreed to pay Cronheim $4.5 million for the building, which prior to Bon Ton's tenancy had been occupied for years by the now-defunct Steinbach's chain. The building was considered on the small side for department store use, but for Garmany the acquisition means a major expansion. The new location will replace the company's existing 9,000-sf local store.
And Garmany, headed by Larry Garmany, won't even have to hire a moving van for the transition. The existing store is located just 30 yards to the north of the former Bon Ton building.
The deal, which is expected to close within the next month, according to Garmany, will also pave the way for an expansion of the retailer's wares. The local store will add women's items to its existing menswear lines. The new location is expected to be open, after extensive renovations, in the fall of 2004. The existing store, which Garmany owns, will be put up for lease.
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