Gristedes site on Upper East Side could fetch $100M

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

TRD New York /
Oct.October 15, 2014 05:30 PM

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


Related Articles

arrow_forward_ios
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women’s Forum of New York, iStock)

JLL slashes jobs in NYC capital markets group

JLL slashes jobs in NYC capital markets group
JLL CEO Christian Ulbrich (Ulbrich by JP Yim/Getty Images for Women's Forum of New York)

JLL predicts coronavirus’ impact to extend past 2020

JLL predicts coronavirus’ impact to extend past 2020
From left: Yoron Cohen, Richard Baxter and Scott Latham (Credit: Linkedin)

Big shakeup at Colliers: Baxter, Cohen, Latham out

Big shakeup at Colliers: Baxter, Cohen, Latham out
Barry Gosin, Sandeep Mathrani and Christian Ulbrich

WeWork taps JLL, Newmark to help negotiate rent relief

WeWork taps JLL, Newmark to help negotiate rent relief
Real estate professionals say they are not shaking hands amid the coronavirus outbreak. (Credit: iStock)

Has coronavirus killed real estate’s “handshake deal?”

Has coronavirus killed real estate’s “handshake deal?”
JLL President and CEO Christian Ulbrich & JLL Global Chief Financial Officer Stephanie Plaines (Credit: iStock, JLL)

JLL still riding revenue wave after HFF acquisition

JLL still riding revenue wave after HFF acquisition
Glenn Tolchin and Yoav Oelsner (Credit: Jll; Getty Images)

Former JLL brokers launch boutique sales firm

Former JLL brokers launch boutique sales firm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...