Gary Barnett’s Extell Development is in contract to buy a Gristedes supermarket site on the Upper East Side for about $100 million. The deal will let the developer put up a 20-story condominium project of more than 200 units, when combined with other sites Extell already owns. The site, at 350 East 86th Street, can be combined with four Extell-owned low-rise properties facing First Avenue between East 86th and East 85th streets, Crain’s reported. Extell also bought a property on East 85th Street that could be part of the project.
A JLL team led by Richard Baxter brokered the transaction on behalf of the seller, a family that owned the property for many years. If Barnett buys the four remaining adjacent parcels between East 86th and East 85th streets, he would be able to build a project that stretches the entire block, according to Crain’s.
Earlier this month, The Real Deal reported that Extell came on board as a partner on C&K Properties’ Midtown development site at 1710 Broadway. [Crain’s] — Hiten Samtani