Successful Sale of 341 East 62nd Street in Lenox Hill, Manhattan

Bob Knakal successfully arranged the sale of 341 East 62nd Street highlights the continued strength of the Lenox Hill multifamily market and enduring investor demand for well-located residential assets in Manhattan. This elevator building, situated in a highly desirable Upper East Side submarket, offered investors an exceptionally stable income stream supported by long-term tenancy.
The brokerage team—Bob Knakal, Ed O’Donnell, and Abby Sales—worked collaboratively to guide the seller through a seamless and strategic sales process, ensuring maximum exposure and optimal execution.

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Sale Overview: A High-Demand Elevator Multifamily Asset

The property sold for $11,000,000, translating to $721.64 per SF/BSF, a price that reflects the strong investor appetite for income-producing elevator buildings in supply-constrained Manhattan neighborhoods. The buyer, John Strieker of Sentinel Real Estate, recognized the long-term strength of the Upper East Side rental market and the rare opportunity to acquire a midblock elevator building in Lenox Hill.
With 17 units and over 15,243 buildable square feet, the property was positioned as a turnkey addition to any long-term multifamily portfolio.

Key Transaction Details:

• Sale Price: $11,000,000
• Price per SF/BSF: $721.64
• Buyer: John Strieker – Sentinel Real Estate
• Seller: Jeff Goldberg
• Seller Type: Private Individual
• Asset Class: Multifamily – Elevator
• Sale Date: September 5, 2018

Property Details: Prime Midblock Location in Lenox Hill

Located at 341 East 62nd Street, New York, NY 10065, between First and Second Avenues, the property benefits from exceptional access to essential Upper East Side amenities, transit, and institutions. Lenox Hill is known for its blend of classic Manhattan architecture, leafy residential streets, and immediate proximity to cultural, medical, and commercial anchors.
Its R8B contextual zoning, efficient layouts, and fully occupied rent roll enhance its desirability as a long-term multifamily investment.

Property Summary:

• Full Address: 341 East 62nd Street, New York, NY 10065
• Lot Size: 3,414 SF
• Number of Stories: 4
• Total SF/BSF: 15,243
• Units: 17 Residential Units
• Zoning: R8B

Key Sale Highlights: What Made This Asset Stand Out

The sale of 341 East 62nd Street offered a rare combination of elevator access, efficient floor plates, and consistent occupancy—features that are increasingly difficult to find in this section of the Upper East Side. Its prime midblock location and walking distance to major transit lines provide additional long-term value for ownership stability.
The strength of the submarket and the asset’s proven cash flow positioned it as an ideal acquisition for investors seeking durable income and low vacancy risk.

Highlights:

• Fully occupied elevator building with stable rent roll
• Proven fundamentals in a high-demand residential submarket
• Strategic long-term play for multifamily portfolio growth
• Proximity to subway lines, retail corridors, parks, and institutions

Market Strategy and Positioning

The marketing strategy for 341 East 62nd Street aligned with investor sentiment favoring well-located, income-producing buildings with strong operational histories. Lenox Hill—one of the Upper East Side’s most resilient residential enclaves—offered precisely the attributes investors seek: stability, low turnover, and dependable rental demand.
By emphasizing the asset’s elevator feature, unit mix, in-place income, and proximity to major employment and cultural nodes, the team effectively positioned the property as a premier long-term hold.

Neighborhood Overview: Lenox Hill’s Enduring Residential Appeal

The Lenox Hill neighborhood embodies classic New York residential living—quiet tree-lined streets, elegant mid-rise buildings, proximity to world-class institutions, and exceptional walkability. The area consistently maintains some of the lowest vacancy rates in Manhattan, attracting long-term residents and high-quality tenancy.
Its mix of cultural attractions, leading hospitals, upscale retail, and multiple transit options adds significant value to multifamily assets.

Nearby Attractions Include:

• Bloomingdale’s Flagship Store
• Rockefeller University & Weill Cornell Medicine
• Central Park & East River Esplanade
• Dining and Shopping along Lexington & Madison Avenues

Neighborhood Highlights:

• Highly Convenient Transit Access: Steps from the Q train at 63rd Street and close to the 4/5/6 lines at 59th Street.
• Strong Residential Stability: Long-term tenants, well-maintained buildings, and low vacancy rates.
• Vibrant Commercial Corridors: A mix of restaurants, cafés, and neighborhood retailers supporting year-round activity.

Conclusion: A Strong Multifamily Sale in a Premier Upper East Side Location

The sale of 341 East 62nd Street underscores the sustained strength of multifamily investment in Lenox Hill and highlights the enduring value of elevator buildings in Manhattan’s residential core.
Through strategic execution and deep neighborhood expertise, the sales team ensured a smooth transaction while maximizing value for the seller.

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Frequently Asked Questions

1. What type of building is 341 East 62nd Street?

341 East 62nd Street is an elevator multifamily building with 17 residential units and over 15,243 buildable square feet. Its elevator access is rare for midblock properties in Lenox Hill, making it especially attractive to long-term multifamily investors.

2. How many stories does the building have, and why is that important?

The building is four stories tall, an uncommon height for an elevator building in this Upper East Side corridor. Its height and layout provide efficient unit configurations, contributing to stable tenancy and long-term rent roll consistency.

3. Why is Lenox Hill a highly desirable location for multifamily investment?

Lenox Hill offers superb transit connectivity, proximity to major medical institutions, access to Central Park, and strong neighborhood stability. These factors contribute to consistently high demand from renters and long-term investors alike.

4. What were the main financial metrics of the sale?

The property sold for $11,000,000 at $721.64 per SF/BSF, reflecting the value placed on elevator-equipped buildings in the Upper East Side’s tight housing market and the strength of income-producing assets.

5. Is the building close to public transportation?

Yes. Residents benefit from quick access to the Q train at 63rd Street, and the 4/5/6 lines at 59th Street, ensuring fast travel throughout Manhattan. This connectivity enhances rental demand and asset performance.

6. Who purchased the property and what is their investment strategy?

The buyer was Sentinel Real Estate, represented by John Strieker, an experienced multifamily investor. This acquisition aligns with Sentinel’s strategy of acquiring stable, well-located residential properties in Manhattan’s strongest neighborhoods.

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