NEW YORK CITY—Delancey Street Associates has closed on financing for Site 4, the sixth of nine sites in the Essex Crossing project to begin construction.
The 26-story building at 180 Broome St. includes 175,00 square feet of office space, 263 units of mixed-income rental housing and 27,000 square feet of retail space. The residential area comprises 142 market-rate rental units and 121 affordable rental units. The development includes a portion of the Market Line, a 700 foot-long concourse along Broome Street, having small to medium-sized retail and food vendors.
Site 4 construction will be funded through a $200 million loan from Wells Fargo and M&T Bank, and equity from the Delancey Street Associates and Goldman Sachs Urban Investment Group. The building's total development cost is expected to be $300 million.
Handel Architects designed the 180 Broome St. development. Construction will begin this month and the building is scheduled to open in 2020.
As reported in GlobeSt.com the Essex Crossing construction is proceeding in several phases. The entire project comprises 1.9 million square feet of residential, commercial and community space. The nine sites on six acres had been mostly vacant since 1967 and the undertaking represents one of New York City's most significant urban renewal developments.
The Delancey Street Associates comprises BFC Partners, L+M Development Partners, Taconic Investment Partners and Goldman Sachs.
“With mixed-income housing, Class A office space, retail and a section of the Market Line all under one roof, what was once a parking lot will soon be a dynamic place to live, work and visit right in the heart of Essex Crossing,” says Isaac Henderson, Essex Crossing project manager at Delancey Street Associates. “We thank our partners for the mixed-use, mixed-income model that is so critical to Essex Crossing's success.”
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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.
