FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Yakin Sara A. 		2. Issuer Name and Ticker or Trading Symbol

Drive Shack Inc. [ DS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Operating Officer
(Last)          (First)          (Middle)

1345 AVENUE OF THE AMERICAS, 45FL 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/3/2017
(Street)

NEW YORK, NY 10105
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy)   $1.00   2/3/2017     A      24948         (1) (2) 3/31/2021   (3) Common Stock, par value $0.01 per share   (4) 24948   $0.00   24948   D    
Stock Option (right to buy)   $1.00   2/3/2017     A      41937         (1) (2) 9/30/2021   (3) Common Stock, par value $0.01 per share   (4) 41937   $0.00   41937   D    
Stock Option (right to buy)   $1.00   2/3/2017     A      27868         (1) (2) 4/30/2022   (3) Common Stock, par value $0.01 per share   (4) 27868   $0.00   27868   D    
Stock Option (right to buy)   $1.00   2/3/2017     A      31705         (1) (2) 5/31/2022   (3) Common Stock, par value $0.01 per share   (4) 31705   $0.00   31705   D    
Stock Option (right to buy)   $1.00   2/3/2017     A      35039         (1) (2) 7/31/2022   (3) Common Stock, par value $0.01 per share   (4) 35039   $0.00   35039   D    
Stock Option (right to buy)   $2.32   2/3/2017     A      76666         (1) (2) 1/31/2023   (3) Common Stock, par value $0.01 per share   (4) 76666   $0.00   76666   D    
Stock Option (right to buy)   $2.95   2/3/2017     A      30666         (1) (2) 2/28/2023   (3) Common Stock, par value $0.01 per share   (4) 30666   $0.00   30666   D    
Stock Option (right to buy)   $3.23   2/3/2017     A      53666         (1) (2) 6/30/2023   (3) Common Stock, par value $0.01 per share   (4) 53666   $0.00   53666   D    
Stock Option (right to buy)   $3.57   2/3/2017     A      77268         (1) (2) 11/30/2023   (3) Common Stock, par value $0.01 per share   (4) 77268   $0.00   77268   D    
Stock Option (right to buy)   $4.01   2/3/2017     A      61233         (1) (2) 8/31/2024   (3) Common Stock, par value $0.01 per share   (4) 61233   $0.00   61233   D    

Explanation of Responses:
( 1)  Tandem awards correspond on a one-to-one basis with options granted to FIG LLC, the Company's manager (or an affiliate of the Company's manager), such that exercise by an employee of the tandem award would result in the corresponding option held by the manager being cancelled. Upon the grant of options to the manager (or an affiliate), such options are fully vested and become exercisable over a 30-month period (the "Total Exercisability Period") in equal monthly installments beginning on the first of each month following the month in which the options were granted. (Continued in Footnote 2)
( 2)  When tandem awards are granted with respect to manager options, the manager options become exercisable in equal monthly installments over a portion of the Total Exercisability Period equal to the product of (i) the ratio of manager options not subject to corresponding tandem options to the total number of manager options (including manager options underlying such tandem awards subject to corresponding tandem options) multiplied by (ii) 30 (such period, the "Manager Exercisability Period"). Following the Manager Exercisability Period, the tandem awards vest in generally equal monthly installments on the first of each month over the remainder of the Total Exercisability Period and become exercisable only at the end of the Total Exercisability Period.
( 3)  Represents the expiration date of the related manager option. In general, the expiration date of the tandem award occurs prior to the expiration date of the underlying option.
( 4)  Tandem awards will be settled in an amount of cash equal to the excess of the fair market value of a share of our common stock on the date of exercise over the fair market value on the date of grant, unless advance approval is given by the Board of Directors or an officer of the Company, as applicable, to settle the tandem awards in shares.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Yakin Sara A.
1345 AVENUE OF THE AMERICAS
45FL
NEW YORK, NY 10105

Chief Operating Officer

Signatures
/s/ Cameron D. MacDougall, as Attorney-in-Fact 2/17/2017
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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