A new mixed-use tower within the billion-dollar Essex Crossing development has officially topped out above the Lower East Side, Manhattan. Located at 180 Broome Street, the 26-story tower is designed by Handel Architects and will eventually contain 175,000 square feet of office space, 263 rental units, and 27,000 square feet of retail area. The building is expected to complete by the end of 2020, while the full Essex Crossing project is planned to wrap up by 2024.
Delancey Street Associates
Right next to the pedestrian walkway entrance for the Williamsburg Bridge, Essex Crossing is already reinventing Manhattan’s Lower East Side. The nine-building development will cost over one billion dollars and create nearly two million square feet across a six-acre area, and the aerial scope of construction is now expanding well beyond the initial first new two structures.
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.
Delancey Street Associates has launched leasing for 350,000 square feet of office space in Essex Crossing. This will be the first significant block of Class-A office space to come to Manhattan’s Lower East Side, and the developers hope the quasi-historic surrounds and combination of new and existing retail will be enough to lure tenants.
The tallest of nine structures comprising the Essex Crossing development, at 115 Delancey Street, has officially topped-out. The last time YIMBY reported on the site, it had just risen above street level, back in late January. The 26-story building will include 195 rental apartments, of which 98 will be affordable. Its developer, Delancey Street Associates, is comprised of BFC Partners, L+M Development Partners, and Taconic Investment Partners.