Applications Open For 11 Affordable Condos in Essex Crossing’s 242 Broome St.

242 Broome St. rendering by MOSO Studio.

242 Broome St. rendering by MOSO Studio.

Back in the fall of 2016, sales launched for 44 luxury condominium apartments at 242 Broome St. That’s part of the big Essex Crossing development project. Now applications have opened for 11 affordable condo units in the building, which is located at Broome and Ludlow streets.

While the market rate condos were priced from $1.2 million to over $ 7 million, the new units now being made available are, by comparison, a bargain. According to information released today by the city’s Department of Housing Preservation and Development, estimated prices range from about $225,000 to $332,000.  Total annual household income requirements range from $65,000-138,375, or no more than 125% of Area Median Income (AMI).

There are five 1-bedroom apartments, four 2-bedrooms and two 1-bedroom units. You’re only eligible if you’ve never owned a residential property. Residents of Community Board 3 will have a preference for half of the apartments, and former tenants of the Seward Park Urban Renewal Area will have an additional preference. Applications are due by Jan. 31, 2018.

Two information sessions have been scheduled — Dec. 12 and Jan. 16 — 6:30-8 p.m. at Seward Park High School, 350 Grand St.

Essex Crossing will eventually include more than 1,000 apartments, the majority of which will be rentals. 52% of the apartments in the entire project are considered “affordable.” These 11 units are the only affordable homeownership opportunities. 242 Broome St. is scheduled to open next year. For more about the city-sponsored homeownership program, click here.

 

Essex Crossing: 242 Broome St. Affordable Condo Units by The Lo-Down on Scribd

Essex Crossing Condo Tower at 242 Broome St. Tops Out

242 Broome St.

242 Broome St.

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.”

242 broome #1

242 broome #2

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.

The first Essex Crossing building to top out was 175 Delancey St. That happened this past August. A second building, 145 Clinton St., topped out in September.

(Renderings) Inside Essex Crossing’s Luxury Condos at 242 Broome St.

242 Broome St. renderings by Moso Studio.

242 Broome St. renderings by Moso Studio.

The luxury condominiums now under construction in the first phase of Essex Crossing are making their official sales debut today. The apartments at 242 Broome St. will range in price from $1,275,000 to over $7,000,000.

A sales office opened at 92 Orchard St. earlier this month. This morning, the developers of the large project in the former Seward Park Urban Renewal Area unveiled new details, renderings and a website for the condo units. There will be 55 units in the building at the intersection of Broome and Ludlow streets. Eleven of those apartments are designated as affordable housing for middle-income families. The affordable units will be available to households earning 110% of Area Median Income. A housing lottery will take place next spring (click here to sign up for updates).

The 14-story building, designed by SHoP Architects, will also include a bowling alley from Splitsville Luxury Lanes. According to a press release, “a soon-to-be-announced cultural facility (will be located) on the first three floors.” The interiors are being designed by DXA Studio and Douglas Elliman is handling sales.

Amenities in the building include a fitness center, an entertainment lounge and a rooftop terrace. Essex Crossing is a nearly 2-million square foot project on nine sites. When completed, there will be one-thousand apartments and 600,000 square feet of commercial space. Most of the apartments, half of which are designated affordable, will be rentals.

242 Broome St. is expected to be completed in early 2018.

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Report: Essex Crossing Condo Prices Range From $1.3 Million to $7 Million

Essex Crossing site 1; view from Ludlow Street.

Essex Crossing site 1; view from Ludlow Street.

The developers of Essex Crossing are preparing for the September sales launch  of 55 condominium units in a building at 242 Broome St.  In the past several days, we’ve been hearing the first details regarding pricing for those units.

The building, located on site 1 of the former Seward Park urban renewal area, will include a bowling alley/entertainment complex and other commercial ventures.

City Realty reports that the market rate apartments are tentatively priced between $1.275 million-$7 million. There will be one, two and three-bedroom options. While SHoP Architects designed the 14-story building, DXA Studio is the interior designer.

Eleven of the 55 apartments will be classified as affordable. They’ll be available to families earning 110% of Area Median Income (AMI). Based on 2015 eligibility guidelines, a single person’s annual household income would be set at $66,550; household income for a family of four would be set at $94,930.

Most of the 1,000 apartments in Essex Crossing are rentals (half of all units in the project will be affordable). Next to 242 Broome St. will be a cultural institution yet to be named.

(h/t 6sqft)

Editor’s note: We’re told that the developers have not settled on final prices for the condominium apartments. While the numbers indicated above have been floated publicly, they could change by the time sales launch in the fall. 

Essex Crossing Condo Sales Set For Early Fall Launch

242 broome teaser site

Curbed noticed a new “teaser site” for 242 Broome St., the condos that are being built on site 1 of the Essex Crossing project. Sales will launch in the early fall for 55 units in the 14-story building bounded by Broome, Ludlow and Essex streets.

It’s a “legacy of new beginnings,” according to the promotional site. Here’s how the apartments (1-3 bedroom units) are being positioned:

Masterfully conceived and meticulously finished, the residences of 242 Broome balance serenity with modernism. Designed with a twist, the upper floors torque westward to catch the path of the sun for maximum light and dramatic views. Utilizing a sophisticated mix of materials — slab marble, blackened steel, warm woods — the artistic interiors exude calm and comfort. A host of lifestyle-enhancing amenities offer everyday opportunities for wellness and community. The building’s signature champagne-aluminum façade softly reflects the neighborhood while proudly standing as its newest addition.

The building will be marketed by Ariel Tirosh, the Douglas Elliman broker who’s handled other high-profile Lower East Side properties like 100 Norfolk St.  These apartments are the only condo units to be built as part of phase 1 of Essex Crossing.  The rest are rentals. A sales office has been set up around the corner from the construction site, in the former home of the Mark Miller Gallery at 92 Orchard St.

At 242 Broome St., 11 of the 55 units have been designated as affordable housing. These 11 apartments will be available to buyers earning 110% of Area Median Income (AMI). Based on 2015 eligibility guidelines, a single person’s annual household income would be set at $66,550; household income for a family of four would be set at $94,930. Prices for the condo units have not yet been announced.

Essex Crossing is a joint venture of Taconic Investment Partners, L+M Development Partners and BFC Partners. Goldman Sachs is providing almost $500 million in financing for the project. The first phase of construction is expected to be complete in 2018. When finished, Essex Crossing will include 1,000 apartments, half of them designated as affordable housing.

In addition to the apartments, site 1 will include Splitsville Lanes, a 17,000 square foot bowling/entertainment complex. There will also be ground floor retail and a stand-alone cultural center (the arts institution has not yet been named).

Rendering: MOSO Studio.

Rendering: MOSO Studio.