242 Broome Street

Address: 242 Broome Street, New York, NY
Submarket: Lower East Side
Size: 185,000 square feet
Type: Mixed-use Condominium
Date Acquired: September 2013
Date Sold: Currently owned by Taconic,
part of Delancey Street Associates
Property Website: 242broomenyc.com

242 Broome is a 185,000-square-foot condominium situated at the corner of Broome and Ludlow Streets in the heart of Manhattan’s Lower East Side. Taconic formally acquired the site in 2015 after responding to a New York City Economic Development Corporation-administered Request for Proposals (RFP) in 2013 as part of the greater Essex Crossing development. Taconic successfully transformed this former municipal parking lot in to a complex, 15-story, 60-unit mixed-use building that participates in several sustainability programs and adheres to atypical environmental and ULURP requirements driven by the RFP and City disposition. 242 Broome is the first luxury residential condominium of the Essex Crossing development and offers 421-A tax abatement status. Its location provides for easy access to the new parks and green spaces, the new Essex Street Market, a movie theater, and The Market Line, among other offerings of the Essex Crossing development. In addition to the residential condominiums, of which there are 55, 242 Broome includes first-class retail and community facility space. Development is currently underway and expected to be complete in 2018.