NEW YORK CITY—An Upper East Side development site that could bring in $100 million or more has come on the market.
Located at 350 E. 86th St., which currently houses a single-story Gristedes supermarket, the site can accommodate 130,000 square feet of market-rate residential space and up to 153,000 square feet if a builder includes a component of affordable housing, according to Crain's New York Business.
The property, between First and Second avenues, is one the few residential development plots to hit the market in that portion of the Upper East Side in recent years. It is expected to attract interest from major developers who have been active there, including the Related Cos., Extell Development and Toll Bros. Related did not respond to a request for comment by press time. GlobeSt.com was unable to reach Extell and Toll Bros.
Boosting the site's appeal—and value—is the new Second Avenue subway, set to open in 2016. The line will have a stop less than a block away.
Gristedes, the supermarket chain owned by developer and former mayoral candidate John Catsimatidis, has a lease that runs until the first quarter of 2016. It is possible that a buyer could strike a deal to have the store close before then to allow development to proceed.
A brokerage team from Jones Lang LaSalle led by Richard Baxter and Glenn Tolchin is handling the sale on behalf of the landlord, a family that has owned the property for decades.
Representatives of Extell, Related and JLL did not respond to requests for comment from GlobeSt.com by press time.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
