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Old Posted Aug 19, 2015, 1:40 PM
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Smile NEW YORK | 350 East 86th Street | 210 FEET | 20 FLOORS

Major real estate developer to pay $100 million for Upper East Side site

Developer Gary Barnett is laying the groundwork for his next Manhattan condo project.

The builder of mega-spires like One57 and the Nordstrom Tower, which is under construction on West 57th Street, has entered into a contract to purchase the site of a Gristedes on the Upper East Side for about $100 million. Mr. Barnett is expected to close on the acquisition of the one-story building next year, when the grocery store’s lease expires.

The store, at 350 E. 86th St., near the corner of First Avenue, can be combined with neighboring sites Mr. Barnett already owns to build a 210-foot-tall, 200-plus-unit condo building.

Over the past year and a half, Mr. Barnett, who is one of the city’s most prolific residential builders, has purchased at least four neighboring low-rise apartment buildings facing First Avenue stretching halfway down the block, from the corner of East 86th Street toward East 85th Street. He also bought a property on East 85th Street that would allow a new development to have an entrance on both sides of the block.

The sites that Mr. Barnett owns, including 350 E. 86th St., allow for an approximately 20-story tower totaling about 230,000 square feet. He would have to buy the four remaining adjacent parcels between East 86th and East 85th streets to build a project that spans the entire block along First Avenue. If Mr. Barnett is able to make those purchases, the additional development rights would allow him to boost the square footage of a new building to more than 300,000 square feet and create desirable retail space facing the entire avenue. The height of any new development in the area is capped at 210 feet.

Mr. Barnett is acquiring the Gristedes site from a family that has owned the property for several years. A sales team from Jones Lang LaSalle, led by broker Richard Baxter, arranged the sale.
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