The former site of Papaya King's flagship store on the Upper East Side is set to become the site of a 17-story luxury residential building.
The former site of Papaya King's flagship store on the Upper East Side is set to become the site of a 17-story luxury residential building. For nearly a century, the location on 86th Street and 3rd Avenue was a quintessential part of New York City, where visitors could grab a hot dog and a smoothie for a friendly price.But, developer ZD Jasper confirmed recently that the legendary storefront will be knocked down and turned into luxury condos, to the disappointment of UES residents.
Experts tell FOX 5 NY that this may just be a sign of the times, as mom-and-pop stores like Papaya King simply cannot afford rent in New York City. "A mom and pop retailer is typically not the type of tenant that can afford a location like that," said Victor Rodriguez, Senior Director of Analytics for CoStar Group. "You’re really looking like a high-end designer or a major grocer like Whole Foods or Trader Joe’s.
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