Development Plans Filed for Northwest Corner of 86th and First Avenue

After sitting empty for eighteen months, there may soon be some movement on the demolition of the buildings on the northwest corner of East 86th Street and First Avenue. The building at 355 East 86th Street (which encompasses multiple addresses) was emptied in the spring of 2023 and has been sitting untouched since, but permits were filed in November for the demolition of the existing structure and for the construction of a 23-story, mixed-use building in its place.

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According to New York YIMBY, the new development will be 235 feet tall and will have approximately 99 residences, presumably condos, as well ground-floor retail space. The existing structure housed 34 residential rental apartments and nearly a dozen active businesses and was sold in December of 2020 for $14.5 million to “355 EAST 86TH STREET LP.” Residents and business tenants began vacating in fall of 2022, although some did fight the move. Hybrid Florist, which had operated in the space since 1937 and was an icon of the neighborhood with its signature neon “Liquors” sign, was the last to leave on June 1, 2023.

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While Patch reported in 2022 that many assumed Extell was the developer on the project, since they have the project directly across the street, it is in fact being spearheaded by Cheskel Schwimmer of Chess Builders LLC. Chess Builders is known for developing luxury towers The Arches in the Mott Haven neighborhood of the Bronx. They are also developing a luxury condo in Hell’s Kitchen at 555 W. 45th St. The architect on that building is the same listed on the permits for the space on 86th and First.

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Luckily, nearly all of the businesses that were shuttered have found new homes nearby. The Dunkin’ Donuts reopened in the building just next door at 1661 First Ave., Hybrid Florist found a space at 1601 York Ave between 84th and 85th, Aero Locksmith now operates at 221 East 83rd St., and Peng’s Noodle Folk has opened shop at 1016 Lexington Ave, between 72nd and 73rd.

Local residents have been wondering what would happen to the vacant building, especially since the lot directly across the street has sat empty for some time. That space, formerly home to a Gristedes and several walk-up tenement apartment buildings, has been an eyesore and a topic of conversation for nearly a decade now.

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