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First Essex Crossing Condos Hit the Market Starting at $1 Million

By Allegra Hobbs | September 28, 2016 11:51am
 Delancey Street Associates has launched sales for the condos at 242 Broome Street, part of the sprawling Essex Crossing project.
182 Broome Street
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LOWER EAST SIDE – Luxury condos at 242 Broome St. are now up for grabs, making them the first dwelling units of multi-site mega-project Essex Crossing to hit the market.

Residences at the 14-story building range in price from $1.275 million for a one-bedroom to around $7 million for the "ultra-luxury" penthouses, and sit atop a Splitsville Luxury Lanes bowling alley.

Eleven of the residence's 55 units will also be set aside as "affordable" for families earning 110 percent of the city's area median income, or roughly $99,660 for a family of four.

Developers, who officially launched sales on the development's website Tuesday, boasted the site's luxurious living as well as all the excitement the surrounding neighborhood has to offer, including art galleries and tenement-style architecture. 

"At 242 Broome, you won’t just experience top-flight luxury," said Charles R. Bendit of Taconic Investment Partners, one of three entities comprising site developer Delancey Street Associates, in a statement. "You’ll experience, every day, the richness of living in perhaps the most historic neighborhood in New York City.” 

In addition to the basement-level bowling lane, the site will also include a fitness center, an entertainment lounge, a rooftop terrace and bicycle storage.

Construction on the building is expected to wrap up sometime early 2018.

The development at Broome and Ludlow streets is just "site 1" of the $1.1 billion development, which totals nine sites spanning nine blocks near Delancey and Essex streets. 

Developers in August celebrated the topping out of Site 6 at 175 Delancey St., which will include 100 apartments for low-income seniors earning between $24,200 and $54,400. 

Also under construction are "Site 5," a 15-story residential structure at 145 Clinton St. with 211 apartments — 104 of which will be below market rate — and "Site 2" at 115 Delancey St., which will hold 195 apartments, 98 of which will be below market rate. All of the now-underway sites are expected to wrap up by summer 2018.

And permits were filed last week with the Department of Buildings to begin work on "Site 4" at 180 Broome St., which will hold 263 apartments and 148,000 square feet of commercial space. Construction on that project will kick off in summer 2017.

A temporary exhibition previewing the upcoming condos at 242 Broome St. is currently on display in a shuttered gallery at 92 Orchard St.