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.