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Successful Sale of 154-56 East 70th Street in the Upper East Side, Manhattan
Bob Knakal brokered the successful sale of 154-56 East 70th Street, a stately 18,400-square-foot building located in the heart of Manhattan’s Upper East Side. Closed on June 16, 1993, the property was sold by The Birch Wathen Lenox School, a nonprofit educational institution, and acquired by ParkTower Realty Corp., led by Benjamin H. Mahler.
This transaction involved the repositioning of a previously institutional-use property into a boutique office space, reflecting a growing trend at the time of adapting Upper East Side townhouses and mid-sized buildings for commercial use.
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Sale Details
The sale exemplifies how Bob Knakal’s market insight and transactional guidance helped navigate a unique conversion from nonprofit educational use to private office use in one of the city’s most prestigious neighborhoods.
- Sale Price: $2,650,000
- Sale Date: June 16, 1993
- Buyer: ParkTower Realty Corp. (Benjamin H. Mahler)
- Seller: The Birch Wathen Lenox School
- Seller Type: Non-Profit
- Asset Class: Office, User
- Square Footage: 18,400
- Price per SF: $144.02
- Block / Lot: 1404 / 49
Property Details
Located mid-block between Lexington and Third Avenues, 154-56 East 70th Street is a charming and structurally sound building originally used for institutional purposes. Its layout, location, and size made it an excellent candidate for adaptive reuse as a user office building.
- Full Address: 154-56 East 70th Street, New York, NY 10021
- Zoning: Office / Institutional Use
- Property Type: User Office Building
- Square Footage: 18,400
- Former Use: Educational Institution
From Schoolhouse to Office Use: A Seamless Transition
The seller, a respected private school, was looking to divest a non-core property. Bob Knakal’s strategy focused on identifying user buyers rather than traditional investors. ParkTower Realty’s interest in establishing a presence on the Upper East Side aligned perfectly with the property's profile.
Key strategy points included:
- Highlighting the property’s suitability for conversion to boutique office space
- Emphasizing the building’s curb appeal and proximity to transportation
- Targeting user buyers through direct outreach and local broker engagement
The result was a timely and smooth transaction that met the seller’s goals and allowed the buyer to move forward with a clear vision.
Neighborhood Overview: Upper East Side
- Highly sought-after location with strong architectural character
- Close to cultural institutions like The Frick Collection and The Met
- Home to elite schools, medical offices, and private firms
- Excellent public transit and walkability
- Quiet, tree-lined blocks favored for office users seeking discretion and prestige
Conclusion
The $2.65 million sale of 154-56 East 70th Street is a strong example of Bob Knakal’s ability to reposition properties for new uses while serving the goals of nonprofit sellers. His strategic outreach and deep understanding of Manhattan’s submarkets ensured that the property transitioned from institutional use to private ownership with clarity and purpose.
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Frequently Asked Questions
Q1: What was the original use of 154-56 East 70th Street?
A1: The property was originally used by The Birch Wathen Lenox School, a nonprofit educational institution.
Q2: How large is the building?
A2: The building spans approximately 18,400 square feet.
Q3: What type of buyer was targeted for this sale?
A3: Bob Knakal targeted user buyers—specifically office users—interested in converting the former school building into boutique commercial space.
