Cheskel Schwimmer’s Chess Builders purchased a development site at 355 East 86th Street on the Upper East Side from Extell for $50 million, significantly above the $14.5 million Extell paid four years ago. Chess Builders plans a 23-story, 99-unit mixed-use building spanning 145,000 sq. ft., with ground-floor retail. The project appears to target rentals, staying below the 99-unit threshold to avoid prevailing wage requirements under 485x. The site is across from another Extell project stalled by a holdout tenant. Schwimmer’s son, Jacob Schwimmer, recently secured $165 million for a Bronx project, One38.
355 East 86th Street
