A Long Island-based developer plans to transform the longstanding but now shuttered Papaya King site on the Upper East Side into a 17-story, mixed-use building, according to recent filings with the Department of Buildings.
ZD Jasper Realty, which in the last year or so has been busy scooping up various parcels across Manhattan, including the more than 90-year-old hot dog chain’s 5,000-square-foot former building at 171 E. 86th St., filed plans Friday to tear down the 1-story site and erect the new development, which will include 25 rental units, according to city records.
The Tom Wu-founded company, headquartered in Great Neck, bought the site, between Third and Lexington avenues, for $24.5 million from luxury developer Extell in November, Crain’s reported. ZD Jasper had borrowed $14.5 million from Pacific National Bank in order to finance the deal.
At Papaya King’s old property, records indicate that ZD Jasper Realty wants 2,692 square feet across the first and basement floors to be used for retail, and the remaining 57,060 square feet to be residential rental apartments. The new building filing was first reported by PincusCo.
Extell’s chairman, Gary Barnett, had initially wanted to redevelop the former hot dog and fruit juice stand himself. In June 2022 he filed plans to demolish the single-story brick structure, which also once contained a Children’s Place clothing store and a Cohen’s eyeglasses shop, but it doesn’t appear that those permits were ever approved, Crain’s reported. The flagship Papaya King closed its doors last April after 90 years.
The owners of the self-described no-frills frankfurter company looked to continue whipping up its famous offerings in a new space just across the street, at 1535 Third Ave., in a former Modell’s sports store, but that plan was also never fully realized. According to reports from earlier this year, the chain was evicted from the space and sued for millions in damages as well as unpaid rent.
Meanwhile, ZD Jasper Realty, which did not respond to a request for comment, purchased its first Manhattan property in 2023, also from Extell—a Hudson Yards development site for $52 million—in order to construct an 11-story, 128-unit project.
Archimaera Architecture, which is the architecture firm on record for the 171 E. 86th St. project, also did not respond to a request for comment.
Julianne Cuba , 2024-04-12 21:18:07
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