Kimmel family’s Extended Management pays $13M to DHA Capital for dev site in SoHo

Extended Management through the entity 30 Thompson Ventures LLC paid $13 million to DHA Capital through the entity 30 Thompson Owner LLC for the development site at 30 Thompson Street in SoHo, Manhattan.
The deal closed on January 14, 2022 and was recorded on January 26, 2022.
The property has 2,755 square feet of built space and 10,876 square feet of additional air rights for a total buildable of 13,630 square feet according to PincusCo analysis of city data. The sale price per built square foot is $4,718 and the price per buildable square foot is $953 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 seller bought the property on April 1, 2019, for $8 million.
The signatory for DHA Capital was Daniel Hollander. The signatory for Extended Management was Jason Kimmel.

DHA Management filed plans for a 24,802 square-foot office building (B) on December 27, 2019.
Daniel Hollander is the managing principal at DHA Capital.  Kimmel runs Extended Management and Crown Parking, both located in Newark, New Jersey.
In SoHo, the bulk, or 33 percent of the 13 million square feet of built space are office buildings, with residential elevator buildings next occupying 26 percent of the space. In sales, SoHo has 2.3 times the average sales volume among other neighborhoods with $637.7 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, SoHo has had very little major development activity relative to other neighborhoods.It had 137,726 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 59 percent of the 578,869 square feet of built space are office buildings, with residential walkup buildings next occupying 25 percent of the space.
Within a 400-foot radius of 30 Thompson, Pincusco identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $21.8 million. The most recent of the two was 54 Thompson St., Ph LLC which bought two condo units in the 241-square-foot, 11-unit mixed-use building (RM) on 52 Thompson Street and one other property for $12.3 million from Toratoga LLC on September 17, 2021.
Of those six items, four were loans above $5 million totaling $65.9 million. The most recent of the four was Vendome Management which borrowed $11.8 million from Ridgewood Savings Bank secured by the 26,952-square-foot, 44-unit rental (C7) on 30 Grand Street on November 15, 2021.

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