O5 Group Buys Retail Building Across From Penn Station for $30M

O5 Group, a real estate investor and manager, has acquired a retail building across the street from Midtown’s Penn Station.

New York-based O5 Group, which rebranded from Oved Group in 2022 and specializes in apparel, real estate and finance, purchased the three-story building at 425 Seventh Avenue from United Pacific Development for $30 million, according to city records made public Wednesday.

Ralph Dweck, an attorney at Wachtel Missry, signed the deal for the buyer, which used the entity FO 425 Seventh Avenue, while Sze Chan signed for the seller, records show.

It’s unclear who brokered the deal. A spokesperson for O5 Group did not immediately respond to a request for comment, while Chan could not be reached for comment.

United Pacific bought the property between West 33rd and West 34th streets — and across Seventh Avenue from Penn Station — in 2006 for $4.1 million, property records show. The low-rise building’s ground-floor retail space is currently home to Rose’s Pizza.

It’s unclear what O5 Group plans to do with its new property, but the company owns nearly 10 other retail properties throughout New York City in Manhattan, Brooklyn and the Bronx, according to its website.

News of the deal also comes after a slew of big leasing news near Penn Station, an underground train and subway hub in New York City that is said to be the busiest transportation facility in the Western Hemisphere.

Earlier this month, fintech firm Robinhood signed a sublease for 125,392 square feet at Vornado Realty Trust’s Penn 2, which sits above the train hall, as Commercial Observer previously reported. At the same time, Dick’s Sporting Goods signed a lease for 125,284 square feet of office space at Penn 2, while fintech firm Current took more than 62,000 square feet at the property.

Isabelle Durso can be reached at idurso@commercialobserver.com.