Essex Crossing Update: New Nonprofit Tenants, Movie Theater Delayed
As 2018 draws to a close, here’s a look at what’s new at Essex Crossing. It’s not all about Target and Trader Joe’s, you know.
Earlier this month, Delancey Street Associates, the development consortium, announced two new commercial tenants for 175 Delancey St., also known as the Francis Goldin Senior Apartments. The Lower East Side Partnership will be taking about 3,400 square feet on the fourth floor for its offices. Meanwhile, the Chinese American Planning Council is leasing 8,520 square feet on the third floor for its early childhood education programs.
The building is already home to a senior center and social enterprise business (The GrandLo Cafe) operated by Grand Street Settlement. Henry Street Settlement is moving its Workforce Development Center into 175 Delancey, as well. So four local nonprofit organizations will be huddled in Essex Crossing’s easternmost building. [NYU Langone is also located in the complex].
More Essex Crossing details in a Dec. 19 press release:
–While Regal Cinemas was previously expected to open in another building, 125 Delancey St., in time for the holidays, the 14-screen theater is now aiming for a winter 2019 debut.
–For the moment, developers are sticking to a spring opening for both the new Essex Street Market and the first phase of the Market Line, an underground shopping pavilion. As you might recall, the Essex Street Market was supposed to make the move across Delancey Street in October, but the date was pushed back due to construction delays. Vendors are now receiving a rent break from the city, which runs the facility.
–Leasing is expected to begin next year for 98 market rate apartments at 125 Delancey. Another 98 apartments in the 26-story tower were claimed in an affordable housing lottery held earlier this year.
–The developers report that 145 Clinton St. (better known as the Trader Joe’s building) is nearly fully leased. There’s apparently still a 2-bedroom/2-bath unit with a terrace available for $5,995 per month. A publicly accessible park adjacent to the building named The Rollins, will not open until the spring.
–According to the press release, sales at Essex Crossing’s luxury condos at 242 Broome St. have “surpassed 75%.” There are 44 market rate units in that building. They went on the market in the fall of 2016. If StreetEasy is to be believed, you can pick up a 3-bedroom penthouse for around $7.3 million.
Essex Crossing is a 1.9 million square foot project in the former Seward Park Urban Renewal Area. Three more buildings are now under construction. The developers include BFC Partners, L+M Development Partners, Taconic Investment Partners, the Prusik Group and the Goldman Sachs Urban Investment Group. Recently the Goldman Sachs CMBS group provided a $8.75 million loan (a refinancing) for the community facility space at the Francis Goldin Apartments.