With a $260 million construction loan from Square Mile Capital Management, Lower East Side mega-development Essex Crossing has reached an important milestone: The money will go toward the construction of 202 Broome Street, a 14-story mixed-use tower and the final site of Essex Crossing’s second phase.
With this loan, developer Delancey Street Associates (DSA) has now closed on $1.3 billion of Essex Crossing’s overall $1.5 billion in financing. This figure represents roughly 90%, just as roughly 90% of Essex Crossing’s total square footage is now under construction. The building currently on-site at 202 Broome Street is under demolition. Construction on the new, CetraRuddy-designed building is expected to begin in the coming weeks, and it is expected to open in 2021.
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202 Broome is the asphalt lot between Essex Crossing's 115 Delancey Street and the construction site of 180 Broome Street (CityRealty)
“What was once a parking lot will be transformed into a dynamic place to live, work, shop, and play.” – Charles Bendit, Co-CEO, Taconic Investment Partners
The ground floor of 202 Broome Street will have 16,000 square feet of retail space. This tenant is unknown, but we do know that a portion of The Market Line, an eclectic, bazaar-like marketplace, will be housed in the building’s lower level. Upstairs, both the offices and condominiums will enjoy expansive views in all directions. The second through fifth floors will be home to 175,000 square feet of Class A office space with high ceilings, bike rooms with showers, exclusive terraces and lobbies, a triple-height atrium, and direct Market Line access.
(l-r) 115 Delancey Street, 242 Broome Street, and 175 Delancey Street via CityRealty
The sixth through fourteenth floors will house 83 luxury condos with thoughtful layouts. Residential amenities will include a fitness center, lounge, terrace, supplemental laundry room, and storage for purchase. Prices have not been announced, but listings in fellow Essex Crossing condominium 242 Broome Street start at $1.6 million.
On the rental side, The Rollins at 145 Clinton Street recently launched leasing with listings starting at $2,800/month. The tallest building in the complex, the 26-story 115 Delancey Street, is expected to launch leasing later this year. And new renderings of 180 Broome Street have just been revealed.
Upon completion, Essex Crossing will have 1.9 million square feet of space, including over 1,000 rentals and condominiums (a percentage of which will be affordable), 400,000 square feet of office space, and a new public park. It has already attracted Target, Trader Joe’s, the International Center of Photography’s museum and school, a NYU Langone outpatient medical center, and a 14-screen Regal Cinemas multiplex.
Map of Essex Crossing via Delancey Street Associates
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Michelle Merritt
Michelle is a contributing writer and editor for real estate news in New York City
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