- REAL ESTATE EDUCATION
- GIVING BACK
New Mixed-Income Housing on the Lower East Side
July 27, 2015
For nearly half a century, the view south from the corner of Essex and Delancey Streets has been of vacant parking lots behind chain-link fences, carving a desolate hole in the otherwise vibrant neighborhood. But this month, construction finally began on a $1 billion redevelopment project that will reshape the Lower East Side.
With financing secured, developers can now begin work on Essex Crossing, a 1.65 million-square-foot project that will eventually add 1,000 units of housing to the area, half of which will be permanently affordable. The first development phase will deliver 556 mixed-income units, a new home for the historic Essex Street Market, a movie theater, a bowling alley, a museum and a new shopping corridor along Broome Street.