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Investors buy Upper East Side mixed-use buildings for $28.1M
The deal covers three pre-war, low-rise properties totaling about 16,244 square feet, with 11 retail units and eight apartments.
Commercial Observer reports that David Burris of Terra Holdings and a group of investors bought a mixed-use Upper East Side site for $28.1 million in a covered land acquisition at the corner of Lexington Avenue and East 61st Street.
The purchase secures three pre-war buildings, 780 and 782 Lexington Avenue and 136 East 61st Street, totaling approximately 16,244 square feet. The properties include 11 retail units and eight apartments, and the transaction was completed via 780 Lex Realty Associates, according to the outlet.
The acquisitions were made across three separate transactions in late August. Lee & Associates NYC represented both sides of the deal.
Commercial Observer also reports that the buyers have no immediate plans for redevelopment, but intend to reposition the retail spaces. Sprinkles Cupcakes closed its final location at 780 Lexington Avenue late last year, and the corner storefront at 782 Lexington Avenue remains vacant, while current tenants include Peppino Tailors, Orva Shoes, Retail Therapy, Elite Barbers NYC, and Suzanne Couture Millinery.