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New York

Tower on Gristedes site could span up to 180K sf

Cushman marketing building next door as part of bigger development play on UES

From left: John Catsimatidis, 340 and 350 East 86th Street and Robert Shapiro
From left: John Catsimatidis, 340 and 350 East 86th Street and Robert Shapiro

The Upper East Side site of the Gristedes supermarket asking $100 million could house an even larger tower than expected – if combined with an adjacent site that too just hit the market.

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Davenport Realty is asking $17 million for a six-story rental building at 340 East 86th Street, next door to the supermarket at 350 East 86th Street. Together, a developer could construct a residential tower of almost 180,000 square feet.

Jones Lang LaSalle’s Richard Baxter and Glenn Tolchin are marketing the Gristedes site, while Cushman & Wakefield’s Robert Shapiro is marketing the building next door. The Gristedes site, which hit the market in October, can hold up to 153,000 square feet. Gristedes, the supermarket chain owned by real estate developer John Catsimatidis, has a lease that runs through early 2016. [Crain’s] — Mark Maurer

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