Essex Crossing Kicks Off Luxury Leasing, as Rental Market Falters

IMG_2274

The developers of the Essex Crossing mega-project recently kicked off leasing for their last large batch of luxury rental apartments.

There are 142 market rate units available at “The Artisan,” located at 180 Broome St. Studios will run you around $3,000 per month. One-bedroom units start at $4,000, two-bedrooms begin at $6,000 and three-bedrooms at $8,000. Another 121 units of below-market housing were previously filled through a city lottery. The 26-story tower also includes a portion of the underground Market Line complex and office space, which has so far failed to attract any commercial tenants. It’s obviously going to be a whole lot more difficult to pitch boutique office space in the middle of a pandemic.

It’s a tough time for residential leasing, as well. StreetEasy published its July market report this week. On the Lower East Side, the median asking rent was $3,120, down from the same period last year by nearly 10%. Lots of people, of course, fled the city during the height of COVID-19. Economists are predicting the rental market will fall even more in the months to come, as supply remains high and demand relatively low.

The situation in the sales market is even more stark. StreetEasy reports the median asking price was $1,125,000 on the Lower East Side in July, down almost 32% from July of 2019.