Investors Purchased Upper East Side Buildings for $28 Million
David Burris led the acquisition of three mixed-use properties spanning 16,244 square feet on Lexington Avenue.
Updated on Sept. 23, 2026 in Commercial
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In late August 2026, David Burris and his investment group acquired three mixed-use buildings on the Upper East Side from the family of Robert Siegel for $28.1 million. The purchase of the properties at 780-782 Lexington Avenue and 136 East 61st Street was completed through three separate transactions.
Why it matters
The acquisition allows the investors to gain control of a significant blockfront along Lexington Avenue. The new owners plan to reposition the retail spaces within the properties to enhance the site.
The assemblage includes 11 retail units and eight apartments across the three buildings. The site was previously under the ownership of the Robert Siegel family for more than five decades.
The players
David Burris
He is an investor who led the acquisition of the three mixed-use buildings on the Upper East Side.
Lee & Associates NYC
This real estate brokerage firm served as the representative for both the buyer and the seller in the transaction.
Robert Siegel
He was the patriarch of the family that owned the site on Lexington Avenue for more than 50 years prior to the sale.
The details
The purchase involved 780-782 Lexington Avenue and 136 East 61st Street, with Lee & Associates NYC brokering the deal for both sides. Current tenants in the retail space include Peppino Tailors, Orva Shoes, Retail Therapy, Elite Barbers NYC, and Suzanne Couture Millinery, while the former Sprinkles Cupcakes location has been vacant since last year.
Timeline
Three separate transactions for the buildings closed in late August 2026.
Culture Shift
This acquisition follows the Manhattan commercial real estate blockfront consolidation trend as investors seek to manage cohesive street-level retail corridors. The strategy reflects a broader move by property owners to control entire blocks to better curate tenants and maximize retail value.
Current retail tenants on the block may see changes as the new owners begin their planned repositioning of the commercial spaces. The transition marks the end of a 50-year ownership era for these properties, which could lead to shifts in the neighborhood commercial landscape.
The takeaway
Large-scale commercial acquisitions often precede significant changes to the local retail mix and storefront aesthetics. Residents and patrons should expect evolving tenant rosters as the new ownership implements its development strategy.
Further reading
For more on property trends, see Commercial real estate news.
Source note: This article includes information reported by Commercial Observer.
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