|
Getting your Trinity Audio player ready...
|
By: Hellen Zaboulani
A developer is making plans to build two new residential buildings in SoHo, potentially adding close to 100 units of housing to the rezoned neighborhood. As reported by Crain’s NY, last week, permits were filed with the Department of Buildings by Louis Madigan, a principal at Midtown-based real estate firm entitled Madigan Development. The filing entailed plans to build a 23-story and a 26-story building, at 30 and 32 Thompson St., with a total of 98 apartments, per city records. The planned buildings are located between Grand and Watts streets.
The lot at 32 Thompson would include 77 apartment units, as well as retail space on the ground floor, per the filings, which were first reported on by PincusCo. The parcel at 30 Thompson St. would be home to the remaining 21 residential units planned. Currently, one of the named parcels seems to be vacant, while the other includes an older low-rise building, which would be torn down to make way for the new development. Per the DOB filings, the listed architect of record for the buildings is Tribeca-based design firm Fogarty Finger. The projected total cost of the development has not yet been released, per the Crain’s report.
Both of the SoHo lots, where the buildings are planned, seem to be owned by Extended Management. It is not clear what connection Madigan Development has with them, for which it filed the plans for the residential buildings on the sites. Per Crain’s, Extended Management, based in New Jersey, had purchased 30 Thompson St. in 2022 for $13 million from its previous owner developer Daniel Hollander. Hollander had, in early 2020, filed his own plans to construct an office building at the site, but those plans were buried once the pandemic struck, as construct in the city had come to a virtual halt. In 2021, the city rezoned the entire area to allow for much-needed housing, in what was called the SoHo/NoHo Neighborhood Plan.
The parcel next door, at 32 Thompson St., was purchased in 2014 for $8.8 million by a limited liability company tied to the same New Jersey address associated with Extended Management, per city records.
Madigan Development and Extended Management both did not immediately responded to Crain’s request for comment.
In Dec 2021, under former Mayor Bill de Blasio, the city approved the zoning changes for SoHo/NoHo, as a means to address the city’s growing housing needs. The plan hoped to eventually add up to 3,500 new homes, with some 900 of those being affordable homes to the centrally located neighborhoods, bounded by Canal Street to the south, Houston Street and Astor Place to the north, Lafayette Street and the Bowery to the east, and Sixth Avenue and West Broadway to the west, “This rezoning victory sends a powerful message that every community can and should join the fight to help solve our affordable housing crisis and make this city accessible for working families. SoHo and NoHo are two of the most iconic neighborhoods in the country for a reason – and now, we are one step closer to them finally reflecting all the diversity that makes our city great,” Mayor de Blasio had said.
