New rendering of 140 Essex Street courtesy of Beyer Blinder Belle
Thanks to a $34 million loan from Wells Fargo, Delancey Street Associates closed last week on financing the construction of a 100 percent affordable senior building at 140 Essex Street, site 8 of the 1.9 million-square-foot Essex Crossing development. Originally, the project called for an 80/20 condo building, but developers decided to add 61 more affordable units to the building, bringing the number of affordable rentals at the Lower East Side complex to 561 out of 1,078 total units. Designed by Beyer Blinder Belle, the building at 140 Essex will rise 8 stories and include 92 affordable homes for seniors earning between 0 and 60 percent of the area median income, as well as 9,600 square feet of retail on the ground floor. Construction will begin soon, with an expected opening date sometime in 2019.
The units at 140 Essex Street will be the second building at Essex Crossing set aside for low-income seniors. In April, the housing lottery launched for a 14-story, 100 unit building at 175 Delancy Street, or site 6. The one-bedroom units were set aside for residents 55 years of age or older earning 0, 30, 40, 60 and 90 percent of the AMI. It will be the first building to open at Essex Crossing and includes a state-of-the-art senior center.
The total development cost of 140 Essex Street is approximately $45.8 million and Wells Fargo is providing a $34 million construction loan. Wells Fargo will also be the tax credit investor on the project, purchasing Low Income Tax Credits from NYC Housing Preservation and Development.
James Patchett, the president and CEO of the New York City Economic Development Corporation, said in a press release: “NYCEDC is proud to work with HPD and our development partners to bring much-needed affordable senior housing to 140 Essex Street as part of the transformative Essex Crossing project. This exciting milestone marks the beginning of Essex Crossing’s second phase of construction, which will also see the current Essex Street Market move into its new and expanded home later next year.”
Containing nine sites on six acres, Essex Crossing will feature over 1,000 new residences, 450,000 square feet of commercial space and 400,000 square feet of office space. As one of the largest renewal developments in NYC’s history, the project will include a Regal Cinemas movie theater, a Splitsville Luxury Lanes, Trader Joe’s, Target, NYU Langone’s Joan H. and Preston Robert Tisch Center at Essex Crossing, and the senior/community center run by Grand Street Settlement, which will open in 2018. By 2019, the International Center of Photography will also open.
Developed by Delancey Street Associations, in partnership with L & M Development Partners, Taconic and BFC Partners, site three, designed by CetraRuddy, features market-rate condos, office space, retail on its ground-floor and part of Market Line, the market which will include more than 100 vendors. As 6sqft covered in September, the first renderings of the project’s phase two revealed a 15,000-square-foot park designed by West 8 for 145 Clinton Street. The park will feature lots of seating and a play area for children.
Construction began on the sites, known as the Seward Park Extension Urban Renewal Area, in 2015 and will wrap up by 2024.
- First renderings of Essex Crossing’s phase two reveal new buildings and huge public park
- Target to open at Essex Crossing in the Lower East Side
- Affordable housing lottery for seniors opens at Essex Crossing, from $396/month
Neighborhoods : Lower East Side