DNA Development puts 12 West 48th Street on the market

Company bought the property in 2016 for $37M

TRD New York /
Nov.November 27, 2018 09:30 AM

DNA Development’s Alexander Sachs and a rendering of 12 West 48th Street (Credit: Facebook (Sachs) and Ennead Architects)

DNA Development is considering selling 12 West 48th Street, and wants roughly double what it paid in 2016 to acquire the property.

The firm has hired a Cushman & Wakefield investment sales team to market the four-story, 31,000-square-foot property, according to the New York Post. DNA purchased it in 2016 from Gary Barnett’s Extell Development for $37 million.

The property was a parking garage when DNA purchased it. The garage was demolished and DNA is in the process of replacing it with an angular retail building with a glass facade. The project should be finished next year, and its most distinctive aspect is its roughly 11,000-square-foot ground floor and basement storefront.

DNA had previously hired a different Cushman team, Kenji Ota and Doug Regal from Cushman, to handle retail leasing and office leasing. They will continue to do that if DNA decides not to sell.

Barnett still has plans for West 48th Street as well. He is planning a hotel with several hundred rooms that would connect the road to the diamond block on West 47th Street. [NYP] – Eddie Small

Related Articles

An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

The Coca-Cola building at 711 5th Avenue (Credit: Google Maps and iStock)

Flipped off: The inside story of Coca-Cola’s botched building sale

California passes landmark rent control law

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation