Lee & Associates NYC has arranged the $28.1 million sale of a three-building mixed-use assemblage on Manhattan’s Upper East Side. The transaction involves adjacent properties at 780 Lexington Ave., 782 Lexington Ave. and 136 E. 61st St., forming a combined covered-land investment in a prominent neighborhood location.
The portfolio totals approximately 16,244 square feet of existing improvements across a 6,443-square-foot lot. The buildings contain 11 commercial units and eight residential units, reflecting a blend of street-level and upper-floor uses typical of mixed-use product in this part of the city as described in the source. The properties had been held by Robert Siegel and his family for more than 50 years prior to the sale, marking the first time in decades that this assemblage has traded.
Executive managing director Chris Varjan of Lee & Associates NYC led the transaction, with support from colleagues Peter Braus, James Wacht and George Steffani. The Lee NYC team represented the seller in the disposition and also sourced the buyer directly, handling both sides of the marketing and negotiation process.
The buyer is an investor group led by David Burris. While Burris is a principal with Terra Holdings and Brown Harris Stevens, the acquisition was completed independently and is not affiliated with either of those firms. The group is positioning the purchase as a long-term covered-land hold, taking advantage of both the in-place mixed-use income and the underlying redevelopment potential of the site.
In the near term, the buyer plans to reposition the portfolio’s retail space, focusing on enhancing the performance of the commercial units while maintaining the existing buildings. Although the assemblage offers the potential for more than 64,000 square feet of future development, there are no immediate plans to redevelop the site, according to information provided about the transaction.
Varjan described the acquisition as a rare chance to secure a generational assemblage in a sought-after Upper East Side location. He noted that the existing improvements provide immediate value through the current mixed-use configuration, while the ability to reposition the retail and the significant long-term development potential provide additional upside for the investor group over time.
