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.