Extell Sells Former Papaya King UES Spot For $24.5 Million

UPPER EAST SIDE, NY — The developer who forced out the iconic Papaya King from their longtime Upper East Side home has ditched the land for a pricy sum.

Extell, the mega-developer who kicked off the "Billionaires Row" towers near Central Park, sold the land under the former 90-year-old hot dog and juice purveyor on East 86th Street and Third Avenue for $24.5 million back in October.

City records show that the buyer is Long Island-based developer, ZD Jasper Reality, who borrowed $14.5 million from Pacific National Bank to close the deal.

According to Crain's New York Business, who first reported the story, ZD Jasper has been buying up parcels all over Manhattan this year.

The lot, 171-179 East 86th St., includes the entire one-story commercial strip on the northwest corner of Third Avenue and East 86th Street. Besides Papaya King on the corner, it was also formerly home to a Cohen's Fashion Optical, The Children's Place clothing store, and Wrap & Roll Grill — though nearly all of those businesses have closed in recent years.

In November 2021, Extell first purchased the site for $21 million and filed demolition permits first reported by Patch to knock down the remaining structures in June 2022, spelling the end of the iconic Papaya King home.

It's unclear if the plans were ever approved.

The demolition filing was just the latest in a long series of bad news to hit the landmark symbol of old New York.

Papaya King has face a tumultuous series of evictions and lawsuits over the past few years over back rent, evictions and a dispute over the sale and licensing of the shop and brand..

Founded by Gus Poulos in 1932, Papaya King was owned and operated by the Poulos family for 68 years.

Papaya King became an icon of the Upper East Side, spawned imitations like Gray's Papaya on the Upper West Side, and expanded to the East Village, Brooklyn and even Las Vegas — though all of those outposts have since closed.

Current operator Grab & Go Convenience announced a move in April to a new location on corner of East 87th Street and Third Avenue, at 1535 Third Ave., just 300 feet up the street from the original location, after a formal eviction notice was filed and a court case with the landlord began to wind down.

As of Thursday, the Third Avenue spot appears to still be shuttered.

An attorney for Grab & Go Convenience did not reply to a request for comment.