High Rising to Come on E. 86th St.

The company that owns the ubiquitous New York Sports Clubs as well as workout spots in cities nationwide and abroad has sold its Upper East Side building for $82 million.

New York-based Town Sports International Holdings Inc., a Nasdaq company and owner and operator of the New York Sports Clubs, will lease back 151 East 86th St. from the purchaser, an affiliate of Stillman Development International LLC, which is a New York City developer.

The lease runs for two years.  The plan after that is for Stillman to tear down the building as well as an adjacent building, and then develop a new high rise.  And a new New York Sports Club will be a part of the new building.

The release says that the parties expect the transaction to be completed around the end of 2014's first quarter.

Here is Town Sports' press release.

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