The Real Deal New York

Gristedes site on Upper East Side could fetch $100M

Proximity to Second Avenue subway likely to factor into East 86th Street site's value

October 15, 2014 05:30PM

From left: John Catsimatidis and 350 East 86th Street

From left: John Catsimatidis and 350 East 86th Street on the Upper East Side

A privately owned Upper East Side development site that could end up costing more than $100 million is now on the market.

A single-story Gristedes supermarket currently occupies the site at 350 East 86th Street, between First and Second avenues. The parcel can hold up to 153,000 square feet of residential space — if the developer includes affordable housing, according to Crain’s.

The property will only be a block away from a stop on the new Second Avenue subway. The line is set to begin operating in 2016.

Gristedes, the supermarket chain owned by developer John Catsimatidis, has a lease that runs through the first quarter of 2016 for the space. S. Gerstner owns the site, property records show.

Jones Lang LaSalle’s Richard Baxter and Glenn Tolchin are marketing the property and handling the sale on behalf of the landlord, a family that has owned the property for several decades. [Crain’s] — Claire Moses

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