Impressive Views and Pierogi Lure Tenants to Essex Crossing’s Flagship Building
One of the best places to see the current state of Essex Crossing is from high above the Lower East Side. This view, from the 26th floor rooftop terrace of 125 Delancey St., is also a main selling point for 98 market rate rentals in “The Essex,” the tallest tower in the nine building mega-project.
The other night, Delancey Street Associates, which is building Essex Crossing, hosted a soiree to show off the apartments and amenities in The Essex Guests were able to check out model units on the 23rd floor and sample food from vendors at the new Essex Street Market and the Market Line, which will both be located in the building. (Veselka, Nom Was Tea Parlor, Essex Pearl, Formaggio Essex and the Doughnut Plant were among those represented).
The building on the southeast corner of Essex and Delancey streets includes 98 market rate apartments and 98 units designated as affordable. A housing lottery was held for the below-market apartments in December of 2017. According to Isaac Henderson, Essex Crossing project manager, all but a handful of those below-market rentals are already occupied.
Douglas Elliman’s JR Sena, who’s handling the market rate apartments, says leases have been signed for more than half of the available units. Leasing began at the beginning of this year. Studios start at $3,995/month. According to StreetEasy, prices climb up to more than $7,000/month for 3-bedroom/2-bath units. Sena believes the prime location on the Lower East Side (right above the subway station) and unobstructed city views are big factors driving demand. But the developers are also pushing Essex Crossing’s unique amenities. The expanded Essex Street Market is scheduled to open just after Easter, with the first phase of the subterranean Market Line debuting in late spring/early summer (together the two facilities were boast about 100 food vendors). The building also includes a 14-screen Regal movie theater, which will be open any day now. And the development team is quick to mention Trader Joe’s and Target, located in another Essex Crossing building on Clinton Street.
From the roof, you can see the progress of 180 Broome St., which is nearing its full 25 stories. Like The Essex, it will include a 50/50 mix of market rate and affordable rentals.
And on the neighboring lot, 202 Broome St., excavation work is just wrapping up. There will eventually be a 14-story tower on this lot featuring 83 market-rate condos. The developers are searching for a large commercial tenant to take 350,000 square feet of office space spread across both buildings current;y under construction.
Over there on your left, you can see The Rollins, a 211 unit rental building. According to developers, the 107 market rate apartments there are fully booked, about a year after leasing got underway.
Four Essex Crossing buildings are now finished with another three under construction. Taken together, more than 500 apartments have now been completed of 1.079 that will eventually be built. Essex Crossing is rising on the sites formerly known as the Seward Park Urban Renewal Area (SPURA). Former site tenants were given priority for the affordable apartments, if they could come up with documentation. We’re told 27 SPURA residents have moved in so far.
Meanwhile, sales continue at Essex Crossing’s luxe condo tower at 242 Broome St. Five apartments are still listed on StreetEasy, including a 3-bedroom penthouse unit for $7.3 million.
Delancey Street Associates (DSA), a joint venture of L+M Development Partners, BFC Partners, Taconic Investment Partners, the Prusik Group and the Goldman Sachs Urban Investment Group.