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Essex Crossing Update: Site 6 Construction Loan, New Community Relations Rep

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Essex Crossing site 6, 175 Delancey St. December 2015.
Essex Crossing site 6, 175 Delancey St. December 2015.

There are a few new developments regarding Essex Crossing, the large residential and commercial project on the former Seward Park urban renewal site.

Delancey Street Associates, the development consortium, has locked in a $43 million construction loan for site 6. That’s a parcel located at Broome and Attorney streets. A 14-story building, including 99 low-income apartments for seniors, a medical center, senior center, plus a coffee shop run by Grand Street Settlement, will go up on this lot. The loan was provided by Wells Fargo Community Investment and the Low Income Investment Fund.

According to documents filed with the city this month, 70 of the apartments will be available to households earning 60% of Area Median Income, or AMI. New York City AMI for a family of two is currently $41,460. The building will also include 20 units at 40% of AMI and 10 units at 80% of AMI. Developers still have not finalized an agreement with NYU to open a 40,000 sq. ft. health facility in the building. They hope that will happen soon.

As you probably noticed, a pile driving operation began last week. According to an Essex Crossing spokesperson, that process (the noisiest part of construction) will wrap up on Site 6 this week.

essex crossing overview

As reported last week, Goldman Sachs is providing $95 million to finance construction on site 1, where 55 condominium apartments, a bowling alley and a cultural facility to-be-named are under construction.  Most of the pile driving on Site 1 is complete. Crews still have some drilling they’re doing on the lot as foundation work continues.

During a briefing before Community Board 3’s land use committee last week, the developers introduced a new head of community relations. She’s Katie Archer, formerly director of programs and services at the LES Business Improvement District. Archer mentioned that a meeting will be held in January to go over community concerns regarding construction noise.

The overall project totals 1.9 million sq. ft. over nine parcels. Now that financing is in place, work is proceeding on four sites (1,2, 5 and 6). Completion on phase one is scheduled for the year 2018.

 

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