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180 Broome Street rendering Rendering of 180 Broome Street via Handel Architects
In the latest news for Lower East Side mega-development Essex Crossing, developer Delancey Street Associates (DSA) has closed on financing for the construction of a 26-story, mixed-use tower at 180 Broome Street, also known as Essex Crossing Site 4. The $200 million loan from Wells Fargo and M&T Bank, as well as through equity from DSA and Goldman Sachs Urban Investment Group, will enable construction of the Handel Architects-designed building to start this year, and completion is anticipated for 2020.
“With mixed-income housing, Class A office space, retail and a section of the Market Line all under one roof, what was once a parking lot will soon be a dynamic place to live, work and visit right in the heart of Essex Crossing,” said Isaac Henderson, Essex Crossing Project Manager at Delancey Street Associates in a statement. “We thank our partners for their shared commitment to the mixed-use, mixed-income model that is so critical to Essex Crossing’s success.”
"Essex Crossing continues to be a tremendous urban redevelopment success story and we look forward to seeing this new phase of retail, office and residential units added to the New York City market." - Matt Petrula, Group Vice President for Commercial Real Estate, M&T Bank
180 Broome Street will feature 10,000 square feet of ground-floor retail and 175,000 square feet of Class A office space on floors 2-5. Amenities will include floor-to-ceiling windows on all four sides, high ceilings, bike rooms with showers, outdoor lobbies and terraces, and triple-height atrium gathering and event spaces. The residential portion on floors 6-26 will comprise 142 market-rate apartments, 121 affordable units, and one floor devoted to amenities.
Essex Crossing map Map via Essexcrossingnyc.com
The ground floor retail tenant is to be determined, but the cellar will house a portion of the Market Line, an expansive, bazaar-like marketplace spanning 700 feet along Broome Street and housing a mixture of food, fashion, and culture. The Market Line will adjoin the new home of the famed Essex Street Market. The first phase of the Market Line and the new Essex Street Market will open later this year in 115 Delancey Street (Essex Crossing Site 2).
With its combination of first-class shopping, office space, and housing, 180 Broome Street is a perfect microcosm of Essex Crossing. Upon completion, the nine-site project, six-acre project will include 1,079 new units of housing, over 400,000 square feet of office space, a 15,000-square-foot public park, a senior/community center, Splitsville Luxury Lanes, Regal Cinemas, Target, Trader Joe’s, and the International Center of Photography.
Content Specialist Michelle Mazzarella Michelle is a contributing writer and editor for real estate news in New York City
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