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.
Lower East Side
Katz’s new neighbor is rising quickly. Construction at 196 Orchard Street, next to the delicatessen on the Lower East Side, is moving along, though pushing past its original estimated completion date of late 2017. The 11-story structure has topped out, and façade installation has reached the sixth floor.
Permits have been filed for a 14-story mixed-use building at 199 Chrystie Street, on the Lower East Side. Ian Schrager’s Herzog and de Meuron-designed 215 Chrystie Street is just a few doors down, and its new neighbor will borrow from the same playbook, with massive condominiums indicated in the new building applications.
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 Lower Lower East Side, aka Two Bridges, now has its first official skyscraper, with One Manhattan Square having topped-out yesterday. The tower, which also goes by its address 252 South Street, stands 847 feet and 72 actual floors (80 marketing) to its pinnacle, having risen the last ten floors to its rooftop since YIMBY last checked in on the site, in late August.