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Thursday, April 06, 2006


REAL ESTATE CENTER: UPSIDE FOR THE UPPER EAST SIDE 



Steve Cuozzo reports that the strange saga of 86th Street and Lexington Avenue can finally improve with the arrival of new tenants sure to improve the fortunes of the area.


This eyesore will soon give way to a Barnes & Noble and an H&M

THE corner of Lexington Avenue and East 86th Street can finally say goodbye to fast-food joints and junk stores.
Barnes & Noble booksellers and fashion sportswear giant H&M have signed leases for a total 85,000 square feet in Gary Barnett's planned new apartment/retail project at the intersection's long-shabby southeast corner.

The two deals are a milestone in the upscaling of East 86th Street, which has been searching for a clear retail identity ever since the disappearance of its once numerous German-American restaurants and food shops.

H&M and Barnes & Noble are gobbling up most of the 100,000 square feet of retail in the 400,000-square-foot project to be built by Barnett's Extell Development Co., which will demolish eight old buildings on the site.

The Extell project and another apartment/retail development planned by the Related Cos. one block east at Third Avenue will at last rid 86th Street of consecutive southeast corners with schlocky shops that seemed out of place on the Upper East Side.


This took a long time but better late than never.

Steve Cuozzo: NEXT LEX COMPLEX

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