Successful Sale of 46 East 61st Street in Lenox Hill, Manhattan
Bob Knakal successfully closed the sale of 46 East 61st Street, a 5-unit office building located in the prestigious Lenox Hill section of the Upper East Side. This user-occupied asset was acquired by Oldwick Estate Corp. for $2,450,000.
This unique property, situated just off Park Avenue, presented an opportunity for the buyer to establish a new corporate headquarters in one of Manhattan’s most sought-after office-user submarkets. With its prime location and 7,476 buildable square feet, the sale offered strong long-term potential.
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Sale Details
The transaction closed on November 1, 1991, for a total purchase price of $2,450,000, reflecting a price per square foot of $327.72. The seller, Dorothy Weil, transferred the property to Oldwick Estate Corp., a buyer seeking office space for its own operations.
Key Highlights:
- Sale Price: $2,450,000
- Buyer: Oldwick Estate Corp.
- Seller: Dorothy Weil
- Seller Type: Individual
- Asset Class: Office, User
- Sale Date: November 1, 1991
- Price per SF/BSF: $327.72
- Units: 5
Property Details
Located on East 61st Street between Park and Madison Avenues, 46 East 61st Street sits in the heart of Lenox Hill, one of the most desirable enclaves of the Upper East Side. This block boasts a mix of elegant office buildings, historic architecture, and easy access to transportation.
Address: 46 East 61st Street, New York, NY 10065
Investment Highlights:
- Year Built: Originally constructed prior to sale (pre-1991)
- Stories: Not specified; consistent with 4-5 story townhomes typical of Lenox Hill
- Zoning: Presumed C5-1 (commercial zoning, subject to confirmation)
- Lot Size / Building Size: 7,476 SF buildable
- Units: 5, ideal for user conversion or boutique commercial occupancy
Market Strategy and Positioning
At the time of sale, user office properties in Lenox Hill were in demand due to their location and flexibility of use. Positioned near major corporate corridors and Central Park, this building presented an ideal fit for small-to-midsize companies seeking headquarters space without entering a high-rise environment.
By leveraging the property’s manageable scale and prestigious location, our team positioned it to attract user buyers prioritizing privacy, presence, and accessibility.
Neighborhood Overview
Lenox Hill is a historic and highly coveted submarket within the Upper East Side, combining old-world charm with modern urban amenities. Its refined reputation and prime proximity to Midtown make it a consistent target for office users and investors alike.
Notable Neighborhood Features:
- Steps from Park Avenue and Madison Avenue luxury corridors
- Close to Central Park, Bloomingdale’s, and The Pierre Hotel
- Excellent transit connectivity via nearby Lexington Avenue subway lines
- Attractive to corporate users, medical offices, and institutions seeking Class B spaces
Conclusion
The sale of 46 East 61st Street reflects a strategic acquisition by a user-buyer in one of Manhattan’s premier office submarkets. Its location, layout, and flexibility made it a rare opportunity for ownership in Lenox Hill.
Bob Knakal and the team leveraged their in-depth market knowledge to position the asset effectively, guiding the process to a successful outcome for both parties involved.
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Frequently Asked Questions
Q1: What type of building is 46 East 61st Street?
It is a 5-unit office-user building located in the Lenox Hill section of the Upper East Side, Manhattan.
Q2: Who purchased the property?
Oldwick Estate Corp. purchased the property to use it as a corporate headquarters.
Q3: What made this property attractive to buyers?
Its prime location near Park Avenue, manageable size, and potential for user occupancy made it an ideal candidate for corporate office use.
