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DNA Development puts 12 West 48th Street on the market
Company bought the property in 2016 for $37M
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