If you’ve walked by the corner of Essex and Delancey streets on Manhattan’s Lower East Side, you’ve probably noticed there’s a lot going on. What is it? It’s the Essex Crossing mega-development. Among many other things, it will be the new home of the Essex Street Market. The current market is, however, still up and running and it wants people to know that.
L&M Development Partners
New York-based L&M Development has acquired the 20-story, 436,000-square-foot New Jersey Bell Headquarters Building, an office building located at 540 Broad Street in downtown Newark, for $16.51 million. The developer plans to convert the building into 246 residential units, according to NJ Advance Media. The basement will be fit with a fitness center, a bowling alley, and storage space. The rest of the building will become apartments, except for the fourth floor, which will remain an operational Verizon switch station. Connecticut-based Amara Associates is designing the project. The building is listed on the U.S. National Register of Historic Places.
Union Theological Seminary – located at 3041 Broadway, between West 120th and 122nd Street in Morningside Heights – is proposing to co-develop a condominium tower located on the campus’s northern quadrangle. The seminary would sell 350,000 square feet of air rights in the process, which would go towards a slender tower, potentially rising 35 to 40 stories in height. L&M Development Partners would be the developer, and the profits would go towards a needed $100 million renovation of the aging academic buildings, according to the Wall Street Journal.