Extell Expands Mixed-Use Development Assemblage at 350 East 86th Street, Upper East Side

350 East 86th StreetPre-demolition 350 East 86th Street. Photo via Commercial Observer

After entering into contract nearly a year ago, Extell Development has closed on the purchase of the single-story, 128,250-square-foot Gristedes grocery store at 350 East 86th Street, on the Upper East Side, for $93 million. The acquisition was funded with a $55 million mortgage, Commercial Observer reported. The developer also owns the neighboring four- and five-story tenement buildings at 1645-1651 First Avenue. Combined with the new acquisition, the 20,650-square-foot assemblage now supports 206,500 square feet of new mixed-use development up to 210 feet above street level. The developer is apparently planning a 20-story, 200-plus-unit condominium project at the site, although there aren’t many details on it. Demolition permits haven’t been filed for any of the Extell-owned properties, but Gristedes is expected to vacate the premises later this year.

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3 Comments on "Extell Expands Mixed-Use Development Assemblage at 350 East 86th Street, Upper East Side"

  1. A 20-story is planning to the site, developer take on task to construct by progress.

  2. They also own 1641 and 1643 1st Avenue and there were reports that bought a building on 85th Street. It seems the only holdout is Capitol Chemists at 1639 1st Avenue.

  3. Tony Auciello | July 15, 2016 at 3:56 pm |

    A single-story, 128,500 square foot site? Really? That’s 2.5 acres. That’s quite a bargain. This site is really something. But the whole assemblage is only 20,650 square feet? Who is really behind this site?

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