With its Brooklyn project nearly sold out less than eight months since launching sales, the development firm continues steady trajectory, acquiring two Manhattan properties
Leading New York real estate development company DNA Development LLC today announced the recent purchase of 346-350 West 71st Street on the city’s enchanting Upper West Side, and 12 West 48th Street in Midtown at Rockefeller Center.
“We’ve had our eye on Manhattan for a while now, and we were waiting for the right opportunity,” said Alexander J.A. Sachs, partner at DNA Development. “We had been tracking several off-market deal opportunities directly with owners when these two unique and differentiated opportunities became available to us.”
With DNA’s most recent Brooklyn project, 280 St. Marks, nearly sold out – only two units remain since sales launched in November – the team was eager to extend their development expertise to Manhattan with the purchase of 346-350 West 71st Street, two adjacent, seven-story buildings totaling approximately 72,000 square feet. Located on a historic block between West End Avenue and Riverside Boulevard, the buildings will be converted into one condominium with 38 units.
“We wanted to continue with the design concepts and thoughtful touches we incorporated in our Brooklyn projects and evolve those ideas with our new Upper West Side venture,” said David Berger, partner at DNA Development who also lives in the neighborhood. “In both markets, home buyers place an emphasis on livable spaces, proximity to parks, excellent transportation, good schools, restaurants and notable retailers. These buildings are two blocks from Riverside Park, four blocks from Central Park and two blocks from the 2 and 3 express trains at 72nd and Broadway, making this project perfect for our next residential development in Manhattan.”
The development duo has tapped DXA Studio, their architectural partners for 280 St. Marks, for 346-350 West 71st St.
“Location was also key for us when choosing DNA’s first ground-up commercial project,” said Sachs.
Six days prior to the acquisition of 346-350 West 71st Street, DNA purchased 12 West 48th Street directly from the owner in an off-market transaction. Directly across the street from Rockefeller Center, the now vacant parking garage will be demolished and replaced with a purpose-built luxury retail space. Located just off Fifth Avenue and at the southern end of Rockefeller Plaza, the building will be ideally located for a retailer looking to move into a new home.
“We entered Brooklyn in two hot spots, Prospect Heights with 280 St. Marks and Park Slope with our 343 Sixth Avenue project, and we wanted to do the same thing in Manhattan,” added Sachs. “The Upper West Side and Rockefeller Center are two thriving areas, and we are confident that New York real estate will continue to be all about location, location, location.”
Both 346-350 West 71st Street and 12 West 48th Street are targeted for completion in early 2018.
ABOUT DNA DEVELOPMENT
DNA Development is a privately held real estate investment and development company focused on creating residential, retail and mixed-use projects that exceed expectation. Formed by principals of Wildedge Group and Fifth Square Partners, DNA Development was created to pursue ground up and adaptive re-use development opportunities in New York City, Brooklyn and beyond.
