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Successful Sale of 219 East 62nd Street in Upper East Side, Manhattan
Bob Knakal successfully arranged the sale of 219 East 62nd Street, a distinctive Upper East Side townhouse that had been thoughtfully converted from office space to a residential home. Located between Second and Third Avenues in one of Manhattan’s most prestigious enclaves, this property sold for $1,000,000.
The sale reflects both the enduring demand for Upper East Side residences and the appeal of adaptive reuse in Manhattan’s competitive townhouse market.
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Sale Details
This transaction closed on January 22, 1986, achieving a sale price of $1,000,000, which equates to $387 per square foot based on the property’s 2,584 square feet. The buyer was Theodore I. Rubin, while the seller was Hampton Chemical Pension Trust, an institutional owner.
Highlights of the transaction include:
- Sale Price: $1,000,000
- Price per SF: $387.00
- Buyer: Theodore I. Rubin
- Seller: Hampton Chemical Pension Trust
- Seller Type: Institution
- Sale Date: January 22, 1986
- Asset Class: Townhouse
- Key Feature: Converted from Office to Residential
Property Details
Positioned on a quiet, tree-lined block, 219 East 62nd Street, New York, NY 10065, sits just steps from the high-end shopping, dining, and cultural offerings of the Upper East Side. Its location between Second and Third Avenues ensures excellent accessibility while maintaining the charm of a residential side street.
Key investment highlights:
- Lot Size & Layout: Spacious lot accommodating a 2,584 SF interior
- Stories: Multi-story townhouse format offering ample living space
- Conversion: Previously used as an office, now reconfigured for residential use
- Historic Appeal: Located in a classic Upper East Side setting, known for its preserved architecture and quiet character
Market Strategy and Positioning
In the 1980s, the Upper East Side townhouse market was already a coveted segment, with a growing trend toward adaptive reuse conversions. Transforming commercial or office buildings into residences allowed owners to capture the neighborhood’s high-end demand while adding value to underutilized assets.
This property’s conversion made it appealing to buyers seeking a turnkey residential option with the potential for long-term appreciation, aligning with the broader trend of reclaiming urban spaces for luxury living.
Neighborhood Overview
The Upper East Side remains one of Manhattan’s most distinguished neighborhoods, celebrated for its architectural elegance, cultural landmarks, and proximity to Central Park.
Nearby attractions and highlights:
- Cultural Institutions: The neighborhood hosts world-class museums, including The Metropolitan Museum of Art and the Frick Collection.
- Upscale Retail: Madison Avenue’s designer boutiques and flagship stores are within walking distance.
- Green Spaces: Just a short stroll to Central Park, offering recreation, relaxation, and year-round events.
- Dining Scene: Home to both Michelin-starred restaurants and long-standing neighborhood cafés, blending sophistication with tradition.
Conclusion
The sale of 219 East 62nd Street demonstrates the enduring allure of Upper East Side townhouses, especially those that embrace adaptive reuse. The property’s successful transformation from office to residential use positioned it as a valuable and desirable investment, reflective of both market trends and neighborhood prestige.
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Frequently Asked Questions
Q1: What was the original use of 219 East 62nd Street?
Originally, the property served as an office space before being converted into a residential townhouse, a transformation that greatly enhanced its market value and appeal in the Upper East Side.
Q2: Why was the conversion to residential significant?
The shift from office to residential allowed the property to align with the neighborhood’s predominantly residential character, attracting high-end buyers seeking a luxury home in a prime Manhattan location.
Q3: How large is the property?
The townhouse offers 2,584 square feet of interior space, providing ample room for spacious living areas, multiple bedrooms, and refined finishes.
Q4: Where is the property located in relation to major attractions?
Situated between Second and Third Avenues, the property is just minutes from Central Park, Madison Avenue’s luxury shopping, and numerous cultural institutions.
Q5: What makes the Upper East Side an attractive market for townhouses?
The neighborhood’s combination of architectural charm, cultural richness, and proximity to premier shopping and dining has made it one of the most sought-after residential areas in New York City.
