NEW YORK (PIX11) — Nicholas Gray, the founder of New York City’s iconic Gray’s Papaya, has died at 86, the family said.

The hot dog king suffered from Alzheimer’s, according to his daughter. The business owner was a stockbroker before he opened Gray’s Papaya in 1973. He sold hot dogs for 50 cents until 1999.

In 1982, the chain served two dogs and a tropical juice for $1.95, which was called the Recession Special. It now sells for $6.45.

Gray opened and closed several locations in Manhattan but only the location at 72nd Street and Broadway on the Upper East Side remains open. The family said the location still has years on the lease and they plan to stay in the area for several more years.

Gray is survived by four children, including 18-year-old twins who often work the counter, his wife, sister, and a granddaughter, according to the New York Times.