Construction is well underway at Essex Crossing, the massive Lower East Side development bringing 1.9 million square feet of space to the neighborhood - and now, sales have just launched for its only condominium.
The building is located at 242 Broome Street and will have 14 floors with 55 units ranging from one- to three-bedrooms, including three penthouses with private outdoor space. Prices range from $1.275 million to over $7 million, and the first nine units are listed on the building's newly launched website, with Douglas Elliman handling sales and marketing. Eleven units have been designated as affordable units and are reserved for middle-income families.
The building is located at 242 Broome Street and will have 14 floors with 55 units ranging from one- to three-bedrooms, including three penthouses with private outdoor space. Prices range from $1.275 million to over $7 million, and the first nine units are listed on the building's newly launched website, with Douglas Elliman handling sales and marketing. Eleven units have been designated as affordable units and are reserved for middle-income families.
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SHoP Architects designed the building, and it features a signature champagne-colored aluminum façade that will reflect sunlight and the streetscape. DXA Studio headed up interior design, creating open layouts with high ceilings and wide plank white oak flooring. Kitchens will feature fully integrated stainless steel Gaggenau appliances, polished Calacatta marble countertops, and grey stained wood cabinetry. Master bathrooms will be finished in honed Bianco Alanur marble and host heated marble floors and wall mounted custom walnut vanities. All homes will be complete with in-unit washers and dryers.
The building comes with amenities, and residents will have access to a fitness center with changing areas, an entertainment lounge with a kitchen, a dining area, and a billiards table. Outside amenities include a landscaped and furnished rooftop terrace, complete with grills and gorgeous views. More services will include a 24-hour concierge and doorman, residential storage units, and bicycle storage.
Situated on the Lower East Side, 242 Broome Street will offer residents a home just minutes from SoHo, Chinatown, and Williamsburg. There is plenty to do in the surrounding area, and the building itself will eventually host Splitsville Luxury Lanes in the basement, and a soon-to-be announced cultural facility on the first three floors. The building is due for completion in early 2018.
Delancey Street Associates is the developer, which is a joint venture of Taconic Investment Partners, BFC Partners, L+M Development Partners, and Goldman Sachs. They are developing the 6-acre, mixed-use project in the heart of the Lower East Side on the site of a former urban renewal area known as Seward Park.
Essex Crossing will largely transform the long forgotten neighborhood with 1.9 million square feet of residential and commercial space. It will host The Market Line, a future 700-foot-long food bazaar spanning three full city blocks. Inspired by Philadelphia’s renowned Reading Terminal Market and Seattle’s Pike Place Market, the 150,000-square-foot bi-level market will feature 60-foot ceilings, elevated gardens, and sub-street passageways. The development will also host a new public park designed by world-renowned architecture firm West 8, as well as a state-of-the-art medical facility managed by NYU Langone. The bulk of the development will be complete by 2021, and is expected to fully wrap-up by 2024.
Essex Crossing will largely transform the long forgotten neighborhood with 1.9 million square feet of residential and commercial space. It will host The Market Line, a future 700-foot-long food bazaar spanning three full city blocks. Inspired by Philadelphia’s renowned Reading Terminal Market and Seattle’s Pike Place Market, the 150,000-square-foot bi-level market will feature 60-foot ceilings, elevated gardens, and sub-street passageways. The development will also host a new public park designed by world-renowned architecture firm West 8, as well as a state-of-the-art medical facility managed by NYU Langone. The bulk of the development will be complete by 2021, and is expected to fully wrap-up by 2024.
There are currently 93 condos for sale on the Lower East Side with a median price of $2.35 million, or $1,988 per square foot. The average closing price for condos in the area this September was $1,418 per square foot, up from last September’s average closing price of $1,335 per square foot.
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Contributing Writer
Katy Cornell
Katy Cornell is a Long Island native with a passion for writing about real estate in the big city. She recently graduated from the University of Virginia with a BA in English and is a frequent contributor to CityRealty's Market Insight and NYC real estate blog 6sqft.
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