Foundation work is now underway for the 14-story, 55-unit mixed-use building under development at 242 Broome Street (a.k.a. Site 1), located on the corner of Ludlow Street on the Lower East Side. The construction progress can be seen thanks to photos posted to the YIMBY Forums by user rbrome. The latest building permits indicate the new building will encompass 180,646 square feet. There will be 40,326 square feet of commercial-retail space across portions of the cellar through third floors. A bowling ally operated by Splitsville Luxury Lanes is expected to lease a significant amount of space. In addition, there will be 17,735 square feet of community facility space on the second through fourth floors. The space was once reserved for the Andy Warhol Museum, but plans for it have fallen through.
The residential units, which will be condominiums, will begin on the fifth floor. They will come in one- to three-bedroom configurations and should average 1,475 square feet apiece. Amenities include private residential storage, bike storage, a fitness center, and a common rooftop terrace, among other “amenity spaces.” Twenty percent of the apartments (11 units) will rent at below-market rates. The project is being built as part of the multi-building, mixed-use mega-development Essex Crossing. Delancey Street Associates, comprised of L+M Development Partners, Taconic Investment Partners and BFC Partners, is the developer. For 242 Broome, SHoP Architects is the design architect and SLCE Architects is the executive architect. DXA Studio is designing the interiors. Completion is expected in late 2017.
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