‘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.
“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