Ambiguous $25.4M transfer at Epic LLC’s SoHo office building

The entity 387 West Broadway Commercial LLC acquired an interest from Epic LLC’s Epic VNO Corp., valued at $25.4 million involving the office building (O6) at 40-42 Thompson Street in SoHo, Manhattan. This is an entity level transfer, not a deed sale.
This transaction is similar to one on January 9, 2025, in which the same buying entity, 387 West Broadway Commercial LLC in care of the law firm Belkin Burden Goldman, acquired an interest in 73 Wooster Street, also known as 387 West Broadway, from the same seller entity, Epic VNO Corp. In that instance, on the same day, Epic sold 73 Wooster Street to Acadia Realty Trust for $25.4 million.

Epic LLC bought 37 Wooster Street and 40-42 Thompson Street from Vornado Realty Trust in 2012. Vornado Realty Trust’s ticker symbol is VNO. PincusCo could find no public record that said Vornado retained an interest in these properties. Vornado did not immediately respond to a request for comment.

The entity level sale closed on July 22, 2025 and was recorded on July 28, 2025. The property has 30,906 square feet of built space and 20,279 square feet of additional air rights for a total buildable of 51,210 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $821 and the price per buildable square foot is $495 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.)

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Epic LLC had not purchased any other properties and sold two properties in two transactions for a total of $130.9 million over the same time period. The 30,906-square-foot property generated revenue of $3.2 million or $104 per square foot, according to the most recent income and expense figures.

The property

The office building in SoHo has 30,906 square feet of built space and 20,279 square feet of additional air rights for a total buildable of 51,210 square feet according to a PincusCo analysis of city data. The parcel has frontage of 41 feet and is 124 feet deep with a total lot size of 5,121 square feet. The lot is irregular. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $13.7 million. The most recent loan totaled $62.8 million and was provided by TD Bank on September 27, 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 $1,500 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial renovation certificate of occupancy on August 25, 2016. 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 SoHo, The bulk, or 46 percent of the 9.5 million square feet of commercial built space are office buildings, with mixed-use buildings next occupying 14 percent of the space. In sales, SoHo has 2.4 times the average sales volume among other neighborhoods with $646.3 million in sales volume in the last two years and is the 15th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 402,216 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 11 of the 19 commercial properties representing 486,496 square feet of the 549,983 square feet. The largest owner is Trinity Church Wall Street, followed by Vendome Management and then Extended Management.
On the tax block, there were four new building construction projects totaling 320,441 square feet. The largest is a 77-unit, 212,152 square-foot residential (R-2) building submitted by Madigan Development and filed by Louis Madigan with plans filed December 4, 2024 and it has not been permitted yet. The second largest is a 47,648 square-foot business (B) building submitted by Daniel Hollander with plans filed December 27, 2019 and it has not been permitted yet.

The majority, or 62 percent of the 549,983 square feet of built space are office buildings, with walkup buildings next occupying 27 percent of the space.

The seller

The PincusCo database currently indicates that Epic LLC owned at least three commercial properties in New York City with 138,637 square feet and a city-determined market value of $73.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 78 percent of the 138,637 square feet of built space are retail properties, with office properties next occupying 22 percent of the space. They are all located in Manhattan.

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