Richard Livingston, the firm's president who inherited thebusiness from his father 18 years ago, says he has an offer but nocontract yet from a nearby proprietor for the 10,000-sf, two-storyproperty at 25 Magnolia Ave. The offering price wasn'tdisclosed.
However, the sale's closing, but not the deal itself, may beformally delayed because of a city-state clause in a $40,000property improvement grant Livingston received last year. Theclause stipulates Livingston has to repay the $40,000 if he sellsthe property within two years after receiving the grant.
The purchase offer was made by Rod and Mary Harris who developedHarper's Alley, a mini retail area, directly across the street fromthe clothier. To get the deal started, the buyers are consideringleasing the property with an option to buy the asset later.
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