DNA Development has acquired, for $37.2 million, the seven-story parking garage at 12 West 48th Street, located mid-block between Fifth and Sixth avenues in Midtown. The developer is planning to build an unspecified amount of boutique retail space, Real Estate Weekly reported. The 7,531-square-foot property can accommodate up to 90,372 square feet of mixed-use development as-of-right and is zoned for residential, commercial, and community facility space. If the developer follows through with a solely commercial building, up to 75,310 square feet of space can be built. New building applications haven’t been filed, although demolition permits were submitted in June. Completion is expected in early 2018.
A previous version incorrectly stated that DXA Studio will be responsible for the architecture.
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