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Successful Sale of 219-221 East 67th Street in Lenox Hill, Manhattan
Bob Knakal successfully arranged the sale of 219-221 East 67th Street, a pair of office buildings that were converted into a boutique residential condominium in the desirable Lenox Hill enclave of Manhattan’s Upper East Side. The transaction closed on May 26, 2002, for $12,000,000. This sale highlights the continued investor interest in office-to-residential conversions, particularly in high-demand neighborhoods offering proximity to premier retail and cultural destinations.
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Sale Details
The property was acquired by real estate investor Aby Rosen from Christie's Auction House Inc. and Jos Huijbregts, representing an institutional seller.
The deal, expertly handled by Bob Knakal, resulted in a sale price of $12,000,000, translating to $387.82 per square foot across 30,942 buildable square feet.
Notable highlights include:
- Sale Price: $12,000,000
- Price per SF/BSF: $387.82
- Sale Date: May 26, 2002
- Seller: Christie’s Auction House Inc. & Jos Huijbregts
- Seller Type: Institution
- Buyer: Aby Rosen
- Property Type: Office (converted to Residential Condo)
- Units: 6 Residential Units
Property Details
219-221 East 67th Street is located on the north side of East 67th Street between Second and Third Avenues, in the heart of Lenox Hill on the Upper East Side. This section of the neighborhood is known for its residential character and proximity to major institutions like Weill Cornell Medical Center and Hunter College.
Address: 219-221 East 67th Street, New York, NY
Key investment highlights:
- Year Built: Prior to 2002 (with adaptive reuse to condo use post-sale)
- Number of Buildings: 2 adjoining structures
- Square Footage: 30,942 BSF
- Conversion Type: Office to Residential Condo
- Residential Units: 6
- Zoning: Permits residential redevelopment
- Lot: Block 1422, Lot 14
Market Strategy and Positioning
At the time of sale, the early 2000s real estate market in Manhattan was seeing a rise in demand for boutique residential condominiums, especially in prime neighborhoods like the Upper East Side. Capitalizing on this trend, Bob Knakal positioned the property to appeal to investors seeking office-to-residential conversion opportunities. With limited supply of new condos in this part of Lenox Hill, the sale aligned with broader market movement favoring high-end residential redevelopment over stagnant commercial office use.
Neighborhood Overview
Lenox Hill, located in the southern section of the Upper East Side, is one of Manhattan’s most coveted residential areas. Known for its classic charm and elegant architecture, it blends convenience with culture, attracting residents seeking proximity to Midtown, Central Park, and the East River.
Neighborhood highlights:
- Near cultural institutions like the Frick Collection and Asia Society
- Walking distance to Central Park and the East River Esplanade
- Proximity to subway lines (Q, 6, F)
- Surrounded by upscale dining and boutique shopping on Madison and Lexington Avenues
Conclusion
The sale of 219-221 East 67th Street stands as a clear example of Bob Knakal’s ability to execute complex repositioning strategies in Manhattan's evolving real estate market. By identifying the conversion potential and targeting the right buyer, this transaction delivered value to both parties while contributing to the residential revitalization of Lenox Hill.
Testimonial
"Bob Knakal did a great job for us on this sale and got us a fantastic price. We have already retained him to sell another property for us."
— Jos Huijbregts, Christie’s Auction House
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Frequently Asked Questions
Q1: What was the use of the property before it was sold?
The property was previously used as office space before being converted into a residential condominium.
Q2: How many residential units were created after the conversion?
Six residential condominium units were developed within the combined structure.
Q3: What made this property attractive to the buyer?
Its prime location in Lenox Hill, conversion-ready structure, and zoning flexibility made it ideal for boutique luxury residential use.
