NJ-tied group pays $13M to Prana Investments for retail, office in Upper West Side

Jungsun Lee through the entity United Square Links Inc. paid $13 million to Prana Investments through the entity 2710-2714 Broadway LLC for the office building (O5) at 2710 Broadway in Upper West Side, Manhattan. The expected use is owner-occupied.
The deal closed on July 9, 2025 and was recorded on July 24, 2025. The property has 14,700 square feet of built space and 21,990 square feet of additional air rights for a total buildable of 36,667 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $884 and the price per buildable square foot is $354 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 March 30, 2007, for $6 million. The signatory for Prana Investments was Richard Herman . The signatory for Jungsun Lee was Jungsun Lee. The contract date was May 9, 2025. The sale was brokered by a CBRE team including Robert Shapiro, Daniel Kaplan, Ian Brooks, Nicholas Kontos, Justin Arzi and David Garcia, which Traded NY reported.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jungsun Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Prana Investments had not purchased any other properties and had not sold any properties over the same time period. The 14,700-square-foot property generated revenue of $1.2 million or $79 per square foot, according to the most recent income and expense figures.

The property

The office building in Upper West Side has 14,700 square feet of built space and 21,990 square feet of additional air rights for a total buildable of 36,667 square feet according to a PincusCo analysis of city data. The parcel has frontage of 70 feet and is 69 feet deep with a total lot size of 4,876 square feet. The lot is irregular. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $6.7 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 $780 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on August 27, 2015. 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 Upper West Side, The majority, or 59 percent of the 52.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 23 percent of the space. In sales, Upper West Side has 3.3 times the average sales volume among other neighborhoods with $890.4 million in sales volume in the last two years and is the 11th highest in Manhattan. For development, Upper West Side has 1.7 times the average amount of major developments relative to other neighborhoods and is the 15th highest in Manhattan. It had 2.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 20 commercial properties representing 265,590 square feet of the 461,484 square feet. The largest owner is Sackman Enterprises, followed by New York City Housing Authority and then Acuity Capital Partners.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 461,484 square feet of built space are elevator buildings, with walkup buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Prana Investments owned at least 101 commercial properties with 3,646 residential units in New York City with 3,310,738 square feet and a city-determined market value of $245.1 million. (Market value is typically about 50% of actual value.) The portfolio has $174.9 million in debt, with top three lenders as ConnectOne Bank, Signature Bank, and Connectone Bank respectively. Within the portfolio, the bulk, or 60 percent of the 3,310,738 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 77 percent of the built space, is in Bronx, with Manhattan next at 23 percent of the space.

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