NEW YORK CITY—An Upper East Side development site that couldbring in $100 million or more has come on the market.

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Located at 350 E. 86th St., which currently houses asingle-story Gristedes supermarket, the site can accommodate130,000 square feet of market-rate residential space and up to153,000 square feet if a builder includes a component of affordablehousing, according to Crain's New York Business.

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The property, between First and Second avenues, is onethe few residential development plots to hit the market in thatportion of the Upper East Side in recent years. It is expected toattract interest from major developers who have been active there,including the Related Cos., Extell Development and Toll Bros.Related did not respond to a request for comment by press time.GlobeSt.com was unable to reach Extell and Toll Bros.

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Boosting the site's appeal—and value—is the new Second Avenuesubway, set to open in 2016. The line will have a stop less than ablock away.

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Gristedes, the supermarket chain owned by developer and formermayoral candidate John Catsimatidis, has a lease that runs untilthe first quarter of 2016. It is possible that a buyer could strikea deal to have the store close before then to allow development toproceed.

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A brokerage team from Jones Lang LaSalle led by Richard Baxterand Glenn Tolchin is handling the sale on behalf of the landlord, afamily that has owned the property for decades.

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Representatives of Extell, Related and JLL did not respond torequests for comment from GlobeSt.com by press time.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.