Delancey Street Associates, comprised of BFC Partners, L + M Development Partners and Taconic Investment Partners is rapidly moving ahead on their Essex Crossing mega-project rising from a necklace of underutilized parcels in the Lower East Side.
The master plan's "Site One" will be the only condo within the 10-parcel plan. Foundations are being poured at 242 Broome Street, the site of the soon-to-be 14-storied tower in the heart of the ever-evolving Lower East Side. The SHoP Architect-designed mixed-use building will feature a unique design, with upper floors twisting westward to maximize light and dramatic views. Champagne-colored aluminum will surround the building’s exterior.
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Courtesy of SHoP Architects
The tower is set to include a five story base with various retail and commercial tenants, as well as a bowling alley operated by Splitsville Luxury Lanes. A cultural space will reside on the fifth floor, featuring a rooftop sculpture garden before the building’s setback. 242 Broome will also include a 24-hour doorman, a concierge, a building manager, a fitness center with men’s and women’s changing rooms, bicycle storage, a rooftop terrace, and an entertainment lounge with a kitchen, flex space, and game area. Residential private storage units will be available for purchase.
DXA Studio is the designer of the interiors and promise to use slab marble, blackened steel, and warm woods. The units will range from one- to three-bedrooms, and tentative pricing is is pegged at $1,275,000 to $7,000,000. Eleven of the total 55 units will be priced affordably and sales, led by Douglas Elliman, are expected to launch this fall.
The Essex Crossing master plan will encompass 1.65 million square feet once completed. It will bring 1,000 apartments to the neighborhood, half of which will be priced below market rate. Essex Crossing will also feature a Regal Cinema and a huge new food bazaar called the Market Line. This bi-level market will be reminiscent of Philadelphia’s renowned Reading Terminal Market and Seattle’s Pike Place Market. The 150,000 square foot market will span three blocks and will connect 242 Broome with two other sites underground.
Essex Crossing will transform the neighborhood, which has been largely ignored since the failure of an urban renewal plan over 45 years ago. With an array of cultural, community, and retail facilities on their way, the area will soon buzz, and 242 Broome will stand at the center of it all.
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