Delancey Street Associates has closed a deal for funding the construction of 180 Broome Street, on the Lower East Side. The capital comes from Wells Fargo and M&T Bank, along with equity from DSA and Goldman Sachs Urban Investment Group. The loan secures $200 Million out of the projected total construction cost of $300 million. Essex Crossing is being developed by Delancey Street Associates, which is comprised of BFC Partners, L+M Development Partners, Taconic Investment Partners, and Goldman Sachs.
The 260-foot tall structure, known as Essex Crossing Site 4, will yield 427,569 square feet of space. 195,590 square feet will be dedicated to residential use; 175,000 square feet will be for office space, and 10,000 square feet for ground floor retail.
263 apartments will be created on floors 6 through 26, averaging 744 square feet apiece. 142 residences will be market-rate, and 121 will let at affordable prices.
Amenity-rich office space will come to floors two through five. There will be floor-to-ceiling windows, a bicycle room, showers, exclusive outdoor terraces and lobbies, and a triple-height atrium, acting as a gathering and event space.
Handel Architects will be responsible for the design.
Construction is expected to begin this month, making it the sixth of nine buildings to rise as part of Essex Crossing. 180 Broome Street is anticipated to be open by 2020.