Upper East Side Mixed-Use Site Sold for $28.1 Million
Investors acquired three Manhattan buildings, marking a change in ownership for a prominent local blockfront.
Updated on Sept. 23, 2026 in Commercial
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In late August 2026, David Burris and his investment group purchased a three-building, 16,244-square-foot site on the Upper East Side for $28.1 million. The assemblage, previously held by the Robert Siegel family for over five decades, includes 11 retail units and eight apartments.
Why it matters
The acquisition grants the new owners control over a key Lexington Avenue blockfront, a strategic move likely to influence the local retail landscape. The sale ends a 50-year period of stable ownership, signaling a transition in the commercial character of this specific Manhattan intersection.
The transaction involved three separate properties located at 780-782 Lexington Avenue and 136 East 61st Street. The site comprises 11 retail spaces and eight apartments, with new ownership now planning to reposition the retail offerings.
The players
David Burris
An investor who led the acquisition of the three mixed-use buildings on the Upper East Side.
Lee & Associates NYC
A commercial real estate firm that managed the transaction for both the buyers and the sellers.
The details
The acquisition was facilitated by 780 Lex Realty Associates, with Lee & Associates NYC acting as the representative for both parties. The site has historically hosted various local businesses, including Peppino Tailors, Orva Shoes, Retail Therapy, Elite Barbers NYC, and Suzanne Couture Millinery. Notably, a Sprinkles Cupcakes location that previously operated at 780 Lexington Avenue closed last year.
Timeline
Late August 2026: The three properties were acquired in separate transactions.
The Home Front
This purchase reflects a broader trend of institutional investors acquiring family-held assemblages to consolidate control over prime Manhattan blockfronts. Such transitions often prioritize higher-yield commercial tenants, altering the neighborhood mix established under long-term owners.
Neighborhood residents should anticipate changes to the storefronts along the 780-782 Lexington Avenue blockfront as new ownership begins their retail repositioning strategy. Keep an eye on local permit filings or storefront signage for updates regarding the future of current businesses like Elite Barbers NYC and Peppino Tailors.
The takeaway
Large-scale ownership changes on a neighborhood blockfront often lead to shifts in the local commercial ecosystem. Residents can track property-level updates by monitoring municipal Department of Buildings permits for any upcoming construction or commercial alterations.
Further reading
Learn more about local real estate trends by browsing our Commercial section.
Source note: This article includes information reported by Commercial Observer.
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