Essex Crossing

Address: Delancey and Essex Streets, New York, NY
Submarket: Lower East Side
Size: 1,870,000 square feet
Type: Mixed use
Date Acquired: September 2013
Date Sold: Currently owned by Taconic
Property Websites:
essexcrossingnyc.com
marketline.nyc

In September of 2013, Taconic, in partnership with L&M Development Partners and BFC Partners, was selected by the City of New York to develop nine city-owned sites located on six acres primarily along Essex Street and Delancey Street on the Lower East Side of Manhattan. The sites, commonly known as the Seward Park Urban Renewal Area, have sat mostly vacant since 1967, and represent one of the most significant urban renewal development opportunities remaining in Manhattan. Goldman Sachs’ Urban Investment Group is the sponsors’ capital partner in the first two phases of Essex Crossing, which are currently under construction.
The multi-year project includes 1,870,000 gross square feet of multi-family rentals, residential condominiums, Class A office and a dynamic retail environment featuring added community and public park space. Approximately half of the 1,079 apartments will be affordable for low, moderate, and middle-income families. The project’s retail will be highlighted by a Trader Joe’s and Target, a Regal Cinemas movie theater, a new Essex Street Market, and a variety of food and beverage concepts, as well as a world-class cultural institution and NYU Langone Medical Center. Additionally, the creation of The Market Line will provide seamless access to The Essex Street Market and the surrounding neighborhood by creating a vibrant grand concourse connecting multiple buildings along Delancey and Broome Streets, making it one of the largest public markets in the country. Construction began in the Spring of 2015, and is expected to be completed by 2023.

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