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Successful Sale of 223 East 60th Street in Lenox Hill, Manhattan
Bob Knakal successfully sold 223 East 60th Street, a commercial retail-user property located in the heart of Lenox Hill on Manhattan’s Upper East Side. This transaction reflects the continued demand for user-owned retail properties in prime submarkets of New York City.
The building, spanning 5,200 square feet, was sold for $1,550,000. Our team facilitated the transaction between seller Susan Cunningham and the purchaser, Glennon & Bittan, a retail operator. The property’s flexible layout, prime location, and accessibility made it a highly attractive opportunity for end-user ownership.
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Sale Details
The sale of 223 East 60th Street closed on June 5, 1989, at a price of $1,550,000, reflecting a price per square foot of $298.08.
Buyer: Glennon & Bittan (Retailer)
Seller: Susan Cunningham
Seller Type: Private Individual
Asset Class: Commercial, Retail, User
Sale Date: June 5, 1989
Key Sale Highlights:
- Prime Lenox Hill location with strong foot traffic
- Sold to a retail-user for direct business use
- 5,200 SF of building area across six units
- Clean title and ready for occupancy
Property Details
223 East 60th Street is located between Second and Third Avenues, nestled within Lenox Hill—one of the Upper East Side’s most accessible and commercially vibrant micro-neighborhoods.
This six-unit commercial property offers 5,200 square feet of usable space, ideal for boutique retail operations or owner-occupiers. The block is known for its mixture of upscale design shops, art galleries, and walkable amenities.
Full Address: 223 East 60th Street, New York, NY 10022
Zoning: Commercial/ Retail (Zoning details available upon request)
Investment Highlights:
- Year Built: 1989
- Total Building Size: 5,200 SF
- Units: 6
- Located in Lenox Hill, near Bloomingdale’s and the Queensboro Bridge
Market Strategy and Positioning
During the late 1980s, the Upper East Side—and Lenox Hill in particular—was undergoing a retail transformation. Retailers sought ownership opportunities as a hedge against rising rents. This retail-user transaction reflects that trend, with Glennon & Bittan opting to secure a long-term foothold in a high-traffic corridor.
Bob Knakal strategically positioned the asset to appeal to owner-users by highlighting the neighborhood's growing retail density, strong demographics, and accessibility via major transit hubs.
Neighborhood Overview
Lenox Hill is a subdistrict of the Upper East Side known for its retail strength, healthcare institutions, and proximity to Midtown. It combines the charm of tree-lined residential streets with a dense and evolving commercial corridor.
Notable attractions nearby:
- Bloomingdale’s flagship at 59th & Lexington
- The Roosevelt Island Tramway
- Equinox, Home Depot, and high-end furnishing showrooms
Lenox Hill Highlights:
- Blend of residential stability and commercial vibrancy
- Proximity to Midtown, Central Park, and major transit
- Popular among professionals, retailers, and medical tenants
- Long-standing reputation as a high-demand corridor
Conclusion
The sale of 223 East 60th Street underscores the demand for user-owned retail properties in Manhattan’s most dynamic enclaves. This deal exemplifies Bob’s deep understanding of micro-neighborhood trends and ability to execute tailored strategies for retail-user clients.
Our team is proud to have helped both parties achieve their real estate goals and remains committed to delivering value through market expertise and personalized service.
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Frequently Asked Questions
Q1: What type of property is 223 East 60th Street?
It is a 5,200-square-foot commercial building used for retail and user occupancy, with six separate units.
Q2: What made this property appealing to the buyer?
Its location in Lenox Hill, proximity to major retail anchors, and flexibility for direct occupancy made it ideal for a retail user.
Q3: Is 223 East 60th Street part of a historic district?
No, the property is not within a designated historic district, offering more flexibility for renovations and signage.
