Madigan Development files plans for 98 units in SoHo
360 West Broadway aka 30-32 Thompson Street axonometric (Credit - Fogarty Finger via DOB)
Louis Madigan of Madigan Development submitted two plans for new buildings in SoHo with a total of 98 residential units. He filed a third building plan for an eight-unit building in Hudson Square, as well. The architect is Fogarty Finger.
In the largest, Madigan filed plans for a new building construction project for a 77-unit, 212,152 square-foot residential (R-2) building at 32 Thompson Street also known as 360 West Broadway, in Soho, Manhattan. The plan was filed with the New York City Department of Buildings on December 4, 2024 under job number M01147686. It calls for the construction of a 26-story building. The project is described in the filing as: herewith propose to erect a 26 story and cellar mix use new building.
360 West Broadway Zoning Diagram pdf
In the second filing in SoHo, Louis Madigan of Madigan Development, Llc submitted a new building construction project for a 21-unit, 47,009 square-foot residential (R-2) building at 30 Thompson Street in Soho, Manhattan. The plan was filed with the New York City Department of Buildings on December 4, 2024 under job number M01119828. It calls for the construction of a 23-story building. The project is described in the filing as: herewith propose to erect a 23 floor and cellar new residential building.
In the third filing, Madigan filed plans for the construction of a 13,545-square foot, nine-story, eight-unit residential building at 285 Hudson Street.
The properties are owned by affiliates of Madison which paid $8.75 million for 32 Thompson Street, and Extended Management. Extended Management affiliates paid $13 million for 30 Thompson Street, and $6 million for 285 Hudson Street.
360 West Broadway aka 32 Thompson Street
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | PARKIING AREA | Storage of non combustible Materials | 17 | Storage | ||
| 2 | Cellar | BICYCLE STORAGE. MECHANICAL ROOMS | Storage of non combustible Materials | 7 | Storage | ||
| 3 | Cellar | COMMERCIAL USE | Retail Sale | 90 | Mercantile | ||
| 4 | 1 | LOBBY , AMENITY AREA, MAIL ROOM, PACKAGE ROOM | Apartment | 29 | Residential | ||
| 5 | 1 | RETAIL | Retail Sale | 87 | Mercantile | ||
| 6 | 2 | MECHANICAL ROOM | Storage of non combustible Materials | 4 | Storage | ||
| 7 | 2 | COMMERCIAL USE | Retail Sale | 230 | Mercantile | ||
| 8 | 3 | COMMERCIAL | Retail Sale | 262 | Mercantile | ||
| 9 | 3 | MECHANICAL AREA | Storage of non combustible Materials | 1 | Storage | ||
| 10 | 4 | 2 DWELLING UNITS | Apartment | 0 | Residential |
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
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 near average sales volume among other neighborhoods with $708.6 million in sales volume in the last two years and is the 14th highest in Manhattan. For development, SoHo has near average amount of major developments among other neighborhoods and is the 31st highest in Manhattan. It had 500,810 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 481,467 square feet of the 549,983 square feet. The largest owner is Epic Llc, followed by Extended Management and then Gatsby Enterprises. 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 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 owner
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.
The owners according to the Department of Housing Preservation and Development includes Jason Kimmel, head officer and Stacy Kimmel Zammit, shareholder. The business entities are Madigan Development and Thompson Ventures Llc.
The surrounding
Within a 400-foot radius of 32 Thompson Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months. Of those six items, three were sales above $5 million totaling $26.4 million. The most recent of the three was Azabu Building K.K. which bought the 3,832-square-foot, one-unit industrial (F5) on 496 Broome Street for $5.5 million from Yoko Ono and Sean Oko Lennon on October 8, 2024. Of those six items, three were loans above $5 million totaling $304.8 million. The most recent of the three was EPIC LLC in which borrowed $62.8 million from TD Bank secured by the 40,838-square-foot, seven-unit office building (O6) on 40 Thompson Street and three other properties on October 4, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.