The Greater New York Construction User Council (GNYCUC) presented its panel, “Reshaping the Lower East Side – Essex Crossing & Major Developments,” at Gensler’s New York City headquarters at 1700 Broadway. The conversation, moderated by Ariel Tirosh of Douglas Elliman, featured speakers Charles R. Bendit, Co-Chief Executive Officer of Taconic Investment; Ron Moelis, CEO & Founding Partner of L+M Development Partners; and Winthrop Wharton, Director of Development for BFC Partners.
The Cultural Center of the Future
During the conversation, the noteworthy developers offered insights and their takes on Essex Crossing, one of the most exciting developments in New York City located on the Lower East Side. The 1.9 million square foot mixed-use development will offer more than 1,000 residential units of housing, 450,000 square feet of retail and amenity space, and 350,000 square feet of Class A office space.
Essex Crossing is coming to life with its first residents, with many more to come in 2018. In February, the Rollins opened its doors at 145 Clinton Street and began leasing for 107 residences. The Rollins will house a Trader Joe’s and a Target, which will open in late summer, and an adjacent 15,000 square foot public park designed by renowned landscape architecture firm West 8 will also open this summer. At the same time, sales have surpassed 50 percent at 242 Broome, a 55-unit luxury condominium building expected to open later this year. 242 Broome will also house the new home of the International Center of Photography, expected to open in 2019. Finally, across the street at 115 Delancey Street, rental leasing is expected to begin later this year.
An Elevated Communal Experience
In addition to the amenities and changes coming with Essex Crossing, the project will include The Market Line, an expansive, bazaar-like marketplace spanning 700 feet along Broome Street. At 150,000 square feet, it will house an eclectic mix of food, fashion and culture – from markets and prepared food, to a beer hall, to gallery and performance space. Adjoining the Market Line will be the new home of the Essex Street Market, a Lower East Side staple since 1940. The first phase of The Market Line and the new Essex Street Market will open later this year.
The panel of experts led an exclusive discussion on the status of both developments, challenges faced, and what the community can expect as the Lower East Side continues to be reshaped by these extraordinary complexes.
“As the Lower East Side neighborhood evolves, real estate professionals and locals alike are eager to discuss the direction these developments are taking and how these unique and modern, yet cultural projects meld into the atmosphere and landscape of the area,” said Tirosh. “We are excited to hear about the current state of affairs and what these experts are seeing while also exploring how this will play out and what they think may come next.”
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