Extended Management pays $9.6M to Claes T. Oldenburg family for dev site in Hudson Square

Extended Management through the entity 556 Broome Street Owner, LLC paid $9.6 million to the family of the late artist Claes T. Oldenburg for the office building (O5) at 556 Broome Street in Hudson Square, Manhattan. The expected use is conversion or ground up development.
The deal closed on June 4, 2026 and was recorded on June 16, 2026. The property has 10,350 square feet of built space and 10,776 square feet of additional air rights for a total buildable of 21,130 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $923 and the price per buildable square foot is $452 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 signatory for the late artist Claes T. Oldenburg family was his daughter Maartje E. Oldenburg. The signatory for Extended Management was Jason Kimmel . The contract date was March 4, 2026. Cushman & Wakefield marketing material describe the property as a, “Prime Conversion Opportunity, Approximately 10,772 Square Feet of Air Rights Located Between Hudson Square, Tribeca, and SoHo Delivered Fully Vacant.”

Felix Luong of Madigan Development submitted an initial new building job application M01409358 dated May 29, 2026, for the property, but there are no details in the filing. Madigan Development constructed 111 Varick Street a block to the west.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Extended Management purchased five properties in four transactions for a total of $161.9 million and sold five properties in four transactions for a total of $161.9 million over the past 24 months.
The seller, the family of Claes T. Oldenburg, had not purchased any other properties and had not sold any properties over the same time period. The 10,350-square-foot property generated revenue of $642,839 or $62 per square foot, according to the most recent income and expense figures.

The property

The office building in Hudson Square has 10,350 square feet of built space and 10,776 square feet of additional air rights for a total buildable of 21,130 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 84 feet deep with a total lot size of 2,113 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $2.9 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 one DOB violation in the last year.

The neighborhood

In Hudson Square, The majority, or 76 percent of the 11.9 million square feet of commercial built space are office buildings, with industrial buildings next occupying 8 percent of the space. In sales, Hudson Square has had very little sales volume relative to other neighborhoods with $185.6 million in sales volume in the last two years. For development, Hudson Square has 1.6 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 22 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the seven commercial properties representing 93,089 square feet of the 309,301 square feet. The largest owner is NYC Department Of Education , followed by Mag Partners and then Icon Realty Management.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 309,301 square feet of built space are office buildings, with specialty buildings next occupying 27 percent of the space.

The buyer

The PincusCo database currently indicates that Extended Management owned at least five commercial properties with one residential unit in New York City with 56,872 square feet and a PincusCo-determined asset value of $161.9 million. The portfolio has $72 million in debt, borrowed from Madison Realty Capital and OceanFirst Bank. Within the portfolio, the bulk, or 73 percent of the 56,872 square feet of built space are industrial properties, with walkup properties next occupying 15 percent of the space.

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