NewBank acquires office condo in Penn Plaza threatened by foreclosure in $6M transaction

An affiliate of the lender NewBank acquired the office condo at 20 West 33rd Street in Penn Plaza, Manhattan in a transaction valued at $6 million, from the cosmetics company W Boulevard Co. through the entity DK Beauty Inc.
The deal closed on November 25, 2025 and was recorded on December 1, 2025. The property has 10,195 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $588 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 September 4, 2019, for $12.5 million. The signatory for W Boulevard Co. was John JK Lee . The signatory for NewBank was Jong Hyun Kim . The contract date was July 16, 2025. W Boulevard Co. and DK Cosmetics are cosmetics companies.

The prior debt on the unit was $5.5 million from Woori Bank.

The property was involved in one lawsuit over the past two years. The suit, 850042/2024, filed on February 20, 2024, was a $5.5 million commercial foreclosure concerning a loan, and filed by Woori America Bank against John JK Lee. In addition, according to city public data, the property has not received any significant violations in the last year. The court announced several dates over the past year for the auction, with the final date set for November 19, with a judgment of $6.02 million.

Foreclosure records indicate Woori Bank negotiated with NewBank to sell the property.
An attorney for Woori Bank filed an affidavit on July 31, 2025, about two weeks after the contract was signed on July 16, 2025, saying, “Plaintiff Woori was and still is in negotiations with a potential buyer of the Property, the goal of those negotiations being to sell the Property to a private buyer without need for a public auction. Moreover, Woori believes that such a private sale would be to the benefit of both Woori and the potential buyer.”

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer NewBank had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller W Boulevard Co. had not purchased any other properties and had not sold any properties over the same time period.

The property

The office condo in Penn Station has 10,195 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 10,195 square feet. The city-designated market value for the property in 2022 is $2.7 million.

Development

For the tax lot building, it received its initial certificate of occupancy on July 1, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 1,133,264 square feet of the 1,708,285 square feet. The largest owner is Adams & Company, followed by Burnett Equities and then Hersel Torkian.
On the tax block, there was one new building construction project filed totaling 188,281 square feet. It is a 223-unit, 188,281 square-foot residential (R-2) building submitted by Torkian Group and filed by Hersel Torkian with plans filed August 29, 2014 and permitted December 11, 2015.

The majority, or 58 percent of the 1.7 million square feet of built space are office buildings, with hotel buildings next occupying 24 percent of the space.

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