New Jersey spa impresario Hyun Jun An is making a serious move across the Hudson, snapping up a five-story mixed-use building in Manhattan’s Flatiron District for about $31 million, according to property records. The building, at 893 Broadway between East 19th and East 20th streets, plants the SoJo Spa Club owner squarely in the heart of one of the city’s priciest retail and office corridors.
As reported by Commercial Observer, a deed filed with the city lists Los Angeles-based RCLCO Fund Advisors and L3 Capital, operating through an LLC called Cholla 893, as the sellers. Jun An’s purchase vehicle is recorded as 893 Jobway. The outlet notes the deal closed at roughly $31 million and that the buyer lined up a mortgage of about $20 million from Bank of Hope. Douglas Elliman brokers Noam Gottlieb, Sahar Ziv and Shai Bernstein represented the buyer in the transaction.
The ground floor is occupied by Saatva’s Flatiron viewing room, which uses 893 Broadway as its address. Saatva describes the setup as a two-story viewing room and indicates the mattress retailer is still firmly in place as the street-level tenant. That kind of stable retail presence is the dream for small mixed-use landlords trying to keep income steady in a neighborhood where office demand and foot traffic are still sorting themselves out.
SoJo’s New York Footprint Quietly Expands
Jun An is best known as the operator of SoJo Spa Club, the sprawling Korean-style bathhouse complex at 660 River Road in Edgewater, New Jersey. SoJo Spa Club lists that address and touts its multi-level spread of pools, saunas and a boutique hotel.
Crain’s New York Business reported that the 893 Broadway purchase follows an earlier Flatiron acquisition by Jun An, hinting that the spa boss may be quietly building a portfolio in the neighborhood rather than making a one-off play.
Small Trades, Big Signals
The sale lands in the middle of a run of relatively modest but closely watched deals nearby, as investors chase returns in compact Manhattan corridors instead of going all in on megatowers. For example, The Real Deal notes that a multifamily building at 16 East 18th Street changed hands in late May for $16.3 million. Against that backdrop, a $31 million check for 893 Broadway stands out as a sign that capital is drifting back into neighborhood retail and boutique office plays, even if no one is calling it a full-on comeback yet.
What Jun An plans to do with his Flatiron holdings is still an open question. It is not clear whether he will eventually roll out some version of the SoJo spa concept in Manhattan or simply treat the properties as income-generating investments. Commercial Observer reported that the buyer could not be reached for comment. Brokers who worked on the deal pitched it as a logical diversification into commercial real estate for an operator with deep hospitality experience. For now, the biggest shift for locals will likely be a new name on the landlord’s mailbox rather than any dramatic shake-up on the block.
