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Essex Crossing Pulls in $260 Million in Financing For 202 Broome St.

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Essex Crossing Site 3, 202 Broome St. Rendering by Moso Studio.
Essex Crossing Site 3, 202 Broome St. Rendering by Moso Studio.

The developers of Essex Crossing announced today that they’ve locked in $260 million in financing for a 14-story mixed-use building at 202 Broome St. This means the mega-project in the former Seward Park Urban Renewal Area has secured 90% of its total financing.

The acquisition and construction loan was provided by Square Mile Capital Management. The building on site 3 of Essex Crossing will include 83 luxury condo units and 175,000 square feet of office space. This part of the project will also include a section of the Market Line, an underground retail pavilion stretching across three blocks. The building features about 16,000 square feet of ground floor retail, as well. The site 3 architect is CetraRuddy. Completion is expected in 2021.

The first phase of Essex Crossing on the initial four sites is nearly complete. A low-income senior building is already fully occupied, and leasing is ongoing for a second rental building at 145 Clinton St. A Trader Joe’s. Target, a medical center from NYU Langone, a 14-screen Regal movie theater and a new Essex Street Market will be opening throughout the summer and fall.

In the second phase of construction, sites 3 and 4 will add a total of 350,000 square feet of office space. The developers have not yet announced those commercial tenants.

Delancey Street Associates, the development consortium, is made up of BFC Partners, L+M Development Partners, Taconic Investment Partners and Goldman Sachs. The development costs have climbed to $1.5 billion, from $1.1 billion, when the project was first unveiled in 2013.

 

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