Madison Realty Capital Lends $57M for SoHo Condo Tower Development

A joint venture between real estate investor Michael Mandelbaum and Extended Management has secured a $57 million loan for the land and predevelopment work tied to a planned luxury condominium complex in Manhattan’s SoHo area, Commercial Observer has learned.

Madison Realty Capital provided the loan for the soon-to-be 81-unit condo project at 32 Thompson Street, also known as 360 West Broadway, sources familiar with the deal told CO.  The JV borrowed the debt on behalf of developer Madigan Development.

Newmark arranged the financing with a team consisting of Jordan Roeschlaub, Nick Scribani and Daniel Fromm.

Madigan Development filed plans with New York City’s Department of Buildings on behalf of Newark-based Extended Management last December to construct two residential buildings on vacant lots at 32 Thompson Street and 30 Thompson Street, CO previously reported. 

Extended Management acquired 30 Thompson Street for $13 million in 2022, PincusCo. first reported at the time. An affiliate of Madison Title Agency purchased the vacant lot at 32 Thompson Street for $8.8 million in 2014, according to property records. 

Madigan is planning a 18-story multifamily project at 30 Thompson that will designate 47 of the tower’s apartments as affordable housing rented to those earning between 60 percent of the area median income (AMI), according to sources.  It is also building an eight-story apartment building at nearby 285 Hudson Street that will have an affordable housing component for 12 units at 60 percent AMI. 

Officials at Mandelbaum, Extended Management and Madigan Development did not immediately return requests for comment. Madison Realty Capital declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com