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 in contract by Taconic
Property Website: essexcrossingnyc.com

In September of 2013, Taconic, in partnership with L&M Development Partners, BFC Partners, and The Prusik Group 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 most significant urban renewal development opportunities remaining in Manhattan.

The multi-year project includes 1,870,000 gross square feet of multi-family rentals, office space, community space, retail shops, restaurants, a movie theater, residential condominiums, park space, a new Essex Street Market, and a new outpost of the Andy Warhol Museum. Half of the 1,000 apartments will be affordable for low, moderate, and middle-income families and the retail space includes The Market Line, which is designed to complement and provide seamless access to The Essex Street Market, the Essex Street subway station, and the surrounding neighborhood. Construction is anticipated to begin in March of 2015 and is expected to be completed by 2021.

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