The Real Deal New York

DNA Development is the mystery buyer of Extell’s Midtown garage, UWS buildings

$92M deals are firm’s first acquisitions in Manhattan

July 12, 2016 10:08AM
By Konrad Putzier

DNA's Alexander Sachs and 10-12 West 48th Street

DNA’s Alexander Sachs and 10-12 West 48th Street in Midtown

DNA Development is the mystery buyer of Extell Development’s parking garage at 12 West 48th Street and of two single-room-occupancy buildings at 346-350 West 71st Street for a combined $92.5 million.

The two deals were reported by The Real Deal and the Wall Street Journal, respectively, in late June, but the buyer’s identity was not known at the time. 

The acquisitions mark DNA’s first foray into Manhattan. At 12 West 48th Street, which the firm bought from Gary Barnett’s Extell TRData LogoTINY for $37.2 million, the firm plans to demolish the vacant parking garage and develop a retail building. At 346-350 West 71st Street, bought for $55.25 million, it plans to convert the two SRO buildings into a single 72,000-square-foot condominium building with 38 units, designed by DXA Studio.

“We’ve had our eye on Manhattan for a while now, and we were waiting for the right opportunity,” DNA Development’s partner Alexander Sachs said in a statement.

The firm is currently developing an 80,000-square-foot condo building at 280 St. Marks Avenue in Prospect Heights (sales launched in November) and is renovating an eight-unit apartment building at 343 Sixth Avenue in Park Slope.