Isaac Oved’s O5 Group pays $30M for mixed-use retail in Penn Plaza

O5 Group, an affiliate of Isaac Oved’s IceCap Group, through the entity FO 425 Seventh Avenue LLC paid $30 million to Sze Yin Chan through the entity United Pacific Development Corp. for the mixed-use retail building (K4) at 425 Seventh Avenue in Penn Plaza, Manhattan.
The deal closed on November 6, 2025 and was recorded on November 19, 2025. The property has 4,373 square feet of built space and 7,348 square feet of additional air rights for a total buildable of 11,720 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $6,860 and the price per buildable square foot is $2,559 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on May 3, 2006, for $4 million. The signatory for Sze Yin Chan was Sze Yin Chan. The signatory for O5 Group was Ralph A. Dweck. The contract date was October 9, 2024. The Commercial Observer reported previously.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer O5 Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sze Yin Chan had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building in Penn Plaza has 4,373 square feet of built space and 7,348 square feet of additional air rights for a total buildable of 11,720 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 60 feet deep with a total lot size of 1,172 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $325 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Penn Plaza, The majority, or 76 percent of the 20.4 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Penn Plaza has had very little sales volume relative to other neighborhoods with $204 million in sales volume in the last two years. For development, Penn Plaza has 2.6 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 3.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 19 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 23 commercial properties representing 1,312,449 square feet of the 1,440,387 square feet. The largest owner is Empire State Realty Trust, followed by Vornado Realty Trust and then Jemb Realty.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 1.4 million square feet of built space are office buildings, with specialty buildings next occupying 18 percent of the space.

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