Lee & Associates NYC arranged the $28.1-million sale of three adjacent mixed-use properties at 780 Lexington Ave., 782 Lexington Ave. and 136 E. 61st St. on Manhattan’s Upper East Side.

Executive managing director Chris Varjan led the transaction with support from Peter Braus, James Wacht and George Steffani.  The Lee NYC team represented the seller and sourced the buyer directly.

The portfolio was acquired by David Burris and a group of investors. Although Burris is a principal with Terra Holdings and Brown Harris Stevens, the acquisition is unrelated to either firm.

The three properties encompass approximately 16,244 square feet across a 6,443-square-foot lot and contain 11 commercial units and eight residential units.  The properties were held by Robert Siegel and his family for more than 50 years.

The buyer plans to reposition the portfolio’s retail space and hold the properties as a long-term covered-land investment.  The site offers the potential for more than 64,000 square feet of future development, although there are no near-term plans to redevelop it.

“This was a rare opportunity to acquire a generational assemblage at a prominent Upper East Side location,” said Varjan.  “The portfolio provides the buyer with immediate value through the existing mixed-use properties, the ability to reposition the retail and significant long-term development potential.”

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