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New York

John Catsimatidis made losing bid on UES site

From left: Gary Barnett, John Catsimatidis and 350 East 86th Street
From left: Gary Barnett, John Catsimatidis and 350 East 86th Street

‘Tis better to have bid and lost than never to have bid at all.

Supermarket and real estate player John Catsimatidis bid $80 million on 350 East 86th Street on the Upper East Side. But it wasn’t enough.

The site ultimately went into contract with Gary Barnett’s Extell Development Company for $100 million.

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“We were asked to bid on it but Gary is more courageous than I am on pricing,” Catsimatidis, CEO of Gristedes and Red Apple, told DNAinfo. “Congratulations to Gary for the winning bid.”

Extell can combine the site with four other low-rise properties the company owns facing First Avenue between East 85th and East 86th Streets. The company plans to put up 200-unit, 20-story condominium on the site, which is currently home to a Gristedes supermarket.

A JLL team led by Richard Baxter brokered the deal. [DNAinfo] – Ariel Stulberg

 

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Extell DevelopmentGary BarnettJohn Catsimatidis