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

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

TRD New York /
July 12, 2016 10:08 AM

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.


Related Article

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

Anna Karlin

How Anna Karlin designed the interiors of Extell’s One Manhattan Square

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

arrow_forward_ios