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Successful Sale of 17 East 70th Street and 18 East 67th Street in the Upper East Side, Manhattan
Bob Knakal successfully closed the sale of two adjacent multifamily buildings located at 17 East 70th Street and 18 East 67th Street, within the heart of Manhattan’s prestigious Upper East Side. The combined sale, totaling $15,000,000, represents a unique conversion opportunity from multifamily to single-family use. This transaction highlights continued demand for townhouse-style residences in one of the city’s most exclusive enclaves.
This sale was executed on behalf of JT Tai & Co Foundation, a charitable organization. Bob Knakal, alongside his team, including Jonathan Hageman, Shimon Shkury, and Kevin Schmitz, managed the process from valuation to closing with precision and discretion.
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Sale Details
The property traded for a total price of $15,000,000, translating to approximately $661 per square foot based on the combined 22,681 buildable square feet.
- Buyer: Alex Adjimi of A&H Acquisitions
- Seller: JT Tai & Co Foundation
- Seller Type: Charitable Organization
- Date Closed: January 31, 2024
- Total Buildings Sold: 2
- Lot Size (Combined): 5,022 SF
- Units (Pre-Conversion): 21
Highlights of the Sale:
- Positioned for conversion from multifamily to luxury single-family residences
- Located on two of the most picturesque townhouse blocks on the Upper East Side
- Sale included a 4-story and 5-story building with historic charm
- Delivered vacant, offering complete design flexibility for redevelopment
Property Details
These landmark-quality townhouses are located at 17 East 70th Street and 18 East 67th Street, both situated between Madison Avenue and Fifth Avenue, just steps from Central Park and Museum Mile.
The Upper East Side is widely considered one of the most desirable residential submarkets in New York City, characterized by its tree-lined streets, stately architecture, and world-class amenities.
- Address: 17 East 70th Street & 18 East 67th Street, New York, NY 10021
- Submarket: Lenox Hill, Upper East Side
- Zoning: R8B (Historic District overlays apply)
- Stories: 4 & 5 stories respectively
- Total Square Footage: 22,681 SF
- Units: 21 units pre-conversion
- Lot Dimensions: Combined 5,022 SF
- Delivered Condition: Vacant
Key Investment Highlights:
- Prime location within a landmarked historic district
- Conversion-ready structures with full control of future design and use
- Walking distance to Central Park and Fifth Avenue boutiques
- Flexible lot size allowing for luxury single-family redevelopment
Market Strategy and Positioning
The Manhattan townhouse market has shown renewed strength in recent quarters, particularly on the Upper East Side, where demand from high-net-worth buyers seeking privacy and architectural pedigree continues to outpace supply.
With limited opportunities for ground-up construction in landmark districts, conversions such as this offer a rare value proposition. Bob Knakal’s strategic positioning emphasized the long-term upside of delivering two individually exceptional single-family residences in one of New York’s most enduring luxury submarkets.
Neighborhood Overview
The Upper East Side is synonymous with classic Manhattan living, known for its tranquil streets, historic brownstones, and cultural institutions. It remains one of the most coveted neighborhoods in New York City.
Nearby Attractions and Landmarks:
- The Metropolitan Museum of Art
Just a short stroll from both properties, “The Met” is the crown jewel of Museum Mile. With over 2 million works of art spanning 5,000 years, it draws millions of visitors each year and adds unmatched cultural prestige to the neighborhood. - Central Park
One block west of 17 East 70th Street, Central Park provides endless recreational space, from walking paths and bike trails to horse-drawn carriage rides. It is a key selling point for luxury townhouse buyers seeking green space in the city. - Madison Avenue Luxury Retail Corridor
The properties are a stone’s throw from world-renowned fashion houses such as Hermès, Chanel, and Ralph Lauren, offering premier shopping experiences for discerning residents. - The Frick Collection (Temporarily Relocated)
Although currently housed at the Met Breuer nearby, this institution’s presence underscores the area’s importance to art history and culture.
Conclusion
The $15,000,000 sale of 17 East 70th Street and 18 East 67th Street underscores Bob Knakal’s deep market knowledge and ability to identify hidden value in Manhattan’s luxury conversion market. These two buildings, located on two of the most iconic residential streets on the Upper East Side, represent a rare opportunity for reimagined luxury living. Bob Knakal’s expertise in property positioning and transaction management ensured a seamless process from start to finish.
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Frequently Asked Questions
Q1: What was the original use of the buildings at 17 East 70th Street and 18 East 67th Street?
Originally, both buildings were operated as multifamily residences comprising a total of 21 units. They were delivered vacant and are now slated for conversion into single-family townhouses.
Q2: What makes these buildings attractive for conversion?
The combination of historic architectural features, vacant delivery, and their prime location between Fifth and Madison Avenues make these buildings ideal candidates for upscale single-family redevelopment.
Q3: Are the properties part of a historic district?
Yes, both buildings fall within a landmarked section of the Upper East Side, which protects their exterior appearance but allows for high-end interior customization.
Q4: How large are the buildings in terms of buildable square footage?
Together, the two buildings offer approximately 22,681 buildable square feet across four and five stories respectively, offering ample space for luxury configurations.
Q5: What kind of buyer was targeted for this transaction?
The sale targeted buyers with an interest in bespoke townhouse redevelopment—particularly those seeking long-term ownership in Manhattan's most prestigious neighborhood.
