John Catsimatidis made losing bid on UES site

New York /
Aug.August 21, 2015 09:44 AM

‘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

 

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