Essex Crossing Condo Sales Set For Early Fall Launch

Rendering: MOSO Studio.

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.