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.
The total floor space will be divided as sixty percent residential and forty percent commercial, the latter including office and retail. Of the 1,000 housing units created, 500 will be sold as affordable housing.
The joint venture Delancey Street Associates is responsible for the development, which includes BFC Partners, L+M Development Partners, Taconic Investment Partners, and Goldman Sachs.
Excavation work for 202 Broome Street is imminently approaching an end, with foundation work next. The tower almost certainly won’t breach street level until 2019. The 14-story building is expected to be complete by 2021 after a $260 million construction loan was secured this past April. Once complete, it will yield 83 condominiums and 175,000 square feet of office space. CetraRuddy is the architect of record.
Next to 202 Broome Street, Concrete for the mixed-use 180 Broome Street has already reached the second floor. The 260-foot tall structure will sit atop a five-story base to be occupied by 175,000 square feet of offices and 10,000 square feet of ground-floor retail.
Once the base is complete, the concrete superstructure will climb up to its 26th floor, which will yield nearly 200,000 square feet for 263 condominiums. Handel Architects is responsible for the design.
The largest of the nine-building project, 125 Delancey, previously referred to as 115 Delancey Street, has topped-out and is nearing completion. The 26-story tower was designed by Handel Architects and will bring 195 rental units to the neighborhood, 98 of which will let as affordable.
Also near completion is 242 Broome Street. The 14-story tower will bring 55 condominiums and the new location for the International Center of Photography, an acclaimed museum. SHoP Architects is responsible for the design.
As the project comes together, its community-oriented housing program, new landscaped park space, and the sizable retail center is expected to reinvigorate an already hot neighborhood. The entirety of Essex Crossing is expected to be complete by 2025.