Osaka Biso Co. pays $20.4M to Sun Frontier for 18-unit walkup in Gramercy

Osaka Biso Co. through the entity Osaka Biso Co., Ltd paid $20.4 million to Sun Frontier Fudousan Co. through the entity 317-319 2nd LLC for the 18-unit residential walkup building (C1) at 317-319 Second Avenue in Gramercy, Manhattan. The expected use is cash flowing.
The deal closed on December 22, 2025 and was recorded on January 2, 2026. The property has 13,152 square feet of built space and 12,465 square feet of additional air rights for a total buildable of 25,613 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,551 and the price per buildable square foot is $796 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 July 16, 2025, for $13.5 million. The signatory for Sun Frontier Fudousan Co. was Michael A. Mulia . The signatory for Osaka Biso Co., led by representative director Teruhisa Takamatsu, was Devin Yasuda . The contract date was November 26, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Osaka Biso Co. purchased one property in one transaction for a total of $14 million and has no record it sold any properties over the past 24 months.
The seller Sun Frontier Fudousan Co. purchased five properties in five transactions for a total of $49.4 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Seiichi Saito, head officer and Omri Kedem, site manager. The business entity is 317-319 2nd Avenue. The 13,152-square-foot property generated revenue of $1.2 million or $94 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 18 residential units in Gramercy has 13,152 square feet of built space and 12,465 square feet of additional air rights for a total buildable of 25,613 square feet according to a PincusCo analysis of city data. The parcel has frontage of 34 feet and is 98 feet deep with a total lot size of 3,406 square feet. The zoning is R9A which allows for up to 7.52 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.6 million. The property has 3 rent regulated units according to city tax records from 2024.

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 $680 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 block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 18,092 square feet of the 193,398 square feet. The two identified owners are Sun Frontier Fudousan Co. and Ennismore.
There are no active new building construction projects on this tax block.

The majority, or 45 percent of the 193,398 square feet of built space are elevator buildings, with specialty buildings next occupying 35 percent of the space.

The seller

The PincusCo database currently indicates that Sun Frontier Fudousan Co. owned at least five commercial properties with 57 residential units in New York City with 48,533 square feet and a city-determined market value of $19.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 91 percent of the 48,533 square feet of built space are walkup properties, with C3 properties next occupying 9 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Osaka Biso Co. owned at least one commercial property with 10 residential units in New York City with 7,605 square feet and a city-determined market value of $4 million. (Market value is typically about 50% of actual value.) The portfolio has $6.5 million in debt, borrowed from Sun Frontier Fudousan Co.. The portfolio consists of at least a single walkup property. It is located in Manhattan.

Direct link to Acris document. link