Extended Management signs $57M refi with Madison Realty for dev sites in SoHo, Hudson Square valued at $161.9M
32-34 Thompson Street schematic diagram
Extended Management through the entity 285 Hudson Street Owner LLC as borrower signed a refi loan with lender Madison Realty Capital through the entity 360 West Broadway 1 LLC valued at $57 million for five tax lots tied to three development at 34 Thompson Street and 30 Thompson Street in SoHo, and at 285 Hudson Street in Hudson Square, Manhattan. A portion of the units to be developed are affordable.
At the same time, the developer paid $31 million for air rights from four separate sellers including Epic LLC, and also executed four internal transfers between Extended Management-affiliated entities valued at a combined $161.9 million. The parties paid tax for the transfers for less than half of the value of each of the transferred properties, and in each case Jason Kimmel was the signatory for the seller and his company was the ‘care of’ address for both buyer and seller. It was not clear from the transfers who the other party or parties were.
All three development plans have been filed by Louis Madigan of Madigan Development.
The largest project is 32-34 Thompson Street also known as 360 West Broadway, M01147686, a new building project for 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, at 30 Thompson Street, M01119828, is a new building project for a 21-unit, 47,009 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 third project, at 285 Hudson Street, M01135979, is for an eight-unit, 13,545 square-foot residential (R-2) building. The project was submitted by Madigan Development and filed by Louis Madigan with plans filed December 4, 2024 and it has not been permitted yet.
The loan closed on July 22, 2025 and was recorded on July 30, 2025. The prior lender was OceanFirst Bank which held debt that had an original loan amount of $15 million. The five properties have 45,125 square feet of built space and 116,856 square feet of additional air rights for a total buildable of 161,955 square feet according to a PincusCo analysis of city data. The loan price per built square foot is $1,263 and the price per buildable square foot is $351 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 Extended Management was Jason Kimmel. The signatory for Madison Realty Capital was David Speiser .
Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 356 West Broadway.
Violations and lawsuits
There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received two DOB violations, $13,780 in ECB penalties, and $14,160 in OATH penalties in the last year.
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 2.5 times the average sales volume among other neighborhoods with $671.7 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 410,697 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 the tax block of 356 West Broadway, 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 borrower
The PincusCo database currently indicates that Extended Management owned at least three commercial properties in New York City with 50,747 square feet and a city-determined market value of $15 million. (Market value is typically about 50% of actual value.) The portfolio has $15 million in debt, borrowed from OceanFirst Bank. Within the portfolio, the bulk, or 82 percent of the 50,747 square feet of built space are industrial properties, with walkup properties next occupying 18 percent of the space. They are all located in Manhattan.
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