Launching phase two of Essex Crossing, Delancey Street Associates will begin constructing an eight-story building at 140 Essex Street. Referred to as Essex Crossing Site 8, designed by Beyer Blinder Belle, the development will include 92 studio apartments, available exclusively for seniors earning up to 60% of area median income or earning up to $40,000 annually. The structure will also feature 9,600 square feet of ground retail space.
Site 8's total development cost is approximately $45.8 million. Wells Fargo is providing a $34 million construction loan. Wells Fargo is a tax credit investor on the project, purchasing low income housing tax credits allocated by New York City's Housing Preservation and Development Department.
Construction is scheduled to begin in the upcoming weeks and the building is expected to open in 2019. As with all Essex Crossing buildings, former tenants will be given a preference in the housing lottery.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
