Essex Crossing’s 150K-sf Subterranean Market Line to Close

Despite providing rent abatements and ongoing deferrals to many tenants, the lack of foot traffic prompted decisions by Essex Crossing’s developers to shut down the subterranean Market Line that spans approximately 150,000 square feet below the multi-building complex. Opening in November 2019, the forced 16-month closure due to the onset of the pandemic and the inability of foot-traffic in the immediate area to recover has left the food and beverage tenants struggling over the past four years. A target date of the market’s closure has been set for April 1, 2024, but the Essex Market, which is managed by the city’s Economic Development Corporation, and the Regal movie theater or other businesses at the 1.65 million-square-foot complex will not be affected. Hailed for its “mission to showcase the best cuisine New York City has to offer with pride for its immigrant heritage,” the Essex Crossing owners are beginning to hear pitches for alternative retail concepts to replace the Market Line, hoping to find a long-term sustainable use, but have yet to make decisions on how they will fill the site.

Source:    https://commercialobserver.com/2024/02/closing-time-for-market-line-at-essex-crossing/