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Extell to Drop $100M on Upper East Side Development Site

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Unstoppable condo-developing behemoth Extell Development is reportedly to buy a development site at 350 East 86th Street for $100 million, according to Crain's. Spending $100 million on a development site is something that Extell does with alarmingly regularity. The new Upper East Side site currently houses a one-story Gristedes supermarket and can be combined with adjacent properties that Extell apparently already owns to create enough air rights for a 210-foot-tall, 200-plus-unit condo tower. The potential tower could total around 230,000 square feet, though there's always the chance that Extell will buy up the four remaining adjacent parcels and develop the entire block into a 300,000-plus-square-foot building.

· Major real estate developer to pay $100 million for Upper East Side site [Crain's]
· 350 East 86th Street coverage [Curbed]
· Extell coverage [Curbed]