DNA Development Sells Retail Property In Midtown Manhattan For $49.5M

The retail property located at 12 W. 48th St. in Midtown Manhattan has been sold for $49,500,000. The four-story glass jewel box building, constructed in 2018, spans 30,845 square feet and has a price per square foot of $1,604. It is situated just off Fifth Avenue, across from Rockefeller Center, and features modernized infrastructure, an articulated façade design, and 15-18 foot ceiling heights per floor. The property also includes private terraces on the 2nd and 4th floors, as well as a rooftop terrace.

Summary of transaction details

• Property Type: Retail
• Sale Price: $49,500,000
• Address: 12 W. 48th St.
• Market: Midtown
• Square Footage: 30,845

The seller of the property was DNA Development, represented by Craig Waggner, John Ciraulo, Will Conrad, and Mike Kavanagh from Cushman & Wakefield. The brand new retail and office building was fully leased at the time of the sale to six tenants, including Citibank, One Medical, Maman Bakery, Tend Dental, My Salon Suite, and CorePower Yoga. The building's thoughtful design, incorporating a 75' width and capturing sight lines to Fifth Avenue and Rockefeller Plaza, made it an attractive investment opportunity. For more information, including the cap rate, interested parties can contact Craig Waggner at 212.660.7744 or [email protected], John Ciraulo at 212.660.7700 or [email protected], Mike Kavanagh at 212.660.7765 or [email protected], or Will Conrad at 212.660.7740 or [email protected].