Essex Crossing Condo Tower at 242 Broome St. Tops Out
Another building in the huge Essex Crossing development project has been “topped out.” A press release went out earlier today from Delancey Street Associates, the development consortium, announcing that 242 Broome St. has now reached its full 14-story height. Three out of four sites in the first phase of the project in the former Seward Park Urban Renewal Area have now been topped out.
The building, located at Ludlow and Broome streets, includes 55 high-end condo units, as well as a 17,000 square foot bowling alley operated by Splitsville Lanes. A still-to-be-named cultural facility will be located in an adjacent building.
In the past week, construction crews have been installing a “curtain wall,” a champagne-colored façade of anodized aluminum. Designed by SHoP Architects, the facade has, “bends and angles in the metal that,” according to the press release, “resemble the iconic fire escapes of the neighboring tenement buildings.”
19 apartments in the building are currently listed on StreetEasy, averaging $1950 per square foot. Of those, 11 apartments are listed “in contract,” for an average sale price of $1,750,000 (or $1775 per square foot).
The most expensive apartment snapped up so far is unit #6B, a 3-bedroom, 3.5 bath for $3,950,000. But do not despair! The 2100 square foot penthouse can still be yours for $5.2 million.
Eleven units in 242 Broome St. have been designated for affordable home-ownership. Those apartments will be available starting at around $225,000 for families that meet income requirements. There is, however, a big catch. The tax abatement in the building expires after 15 years. The developers, Community Board 3 and city officials have been trying to work out how those 11 apartments will remain “affordable” after the tax break is no longer in place. The housing lottery for the building has not yet opened.