To-Be Demolished Yorkville Corner Is For Sale

UPPER EAST SIDE, NY — A Yorkville corner slated for a date with the wrecking ball is now heading to the dance.

After filing demolition plans with the city in December, the mystery buyers of a corner lot at East 86th Street and First Avenue, who proceeded to evict numerous small businesses from their longtime homes, is now looking to flip their prized acquisition of a massive, and "rare," corner lot.

According to the listing, 355 East 86th St. offers potential buyers a huge corner site with over 178,000 square feet to develop on as of right and nearly 250 feet of street frontage. Inquiries sent to the agents listing the lot were not responded to.

"It's a beautiful development site," said zoning expert George Janes, who added that these types of corner lots "are becoming rarer."

Any potential building on the site could reach up to 266 feet tall, if all zoning bonuses are realized, and could contain up to 250 apartments.

Additionally, the sale includes a single mid-block lot on East 87th Street adjacent to the East 86th Street lot, which could give the apartment building a quieter, residential street entrance and address, making the development potential much more valuable, Janes said.

The site was purchased from longtime owner Bremen House in 2021 as part of a package that also included several other East 86th Street properties, including the former second home of Gracie's Corner Diner at the corner of East 86th Street and Second Avenue.

Tenants speculated that the buyers were Extell, who have their own development scheme at the corner across the street, but a review of property records show that Extell's preferred law firm was not a part of the 2021 deal. Extell did not return a request for comment.

According to the listing, the sellers are delivering both the East 86th and 87th street lots "completely vacant allowing for immediate demolition."