Office and Retail Condos at Essex Crossing Trade for $237M

Although unclear what plans are for the office and retail condo units that Deutsche Bank recently purchased at 180 and 202 Broome Street, the combined total of the four separate transactions was roughly $237 million according to city records — $222 million for the office units and $15 million for the retail units. The multi-building mixed-use complex continues to struggle, sellers, a joint venture of Taconic Partners, L+M Development, BFC Partners, Prusik Group and Goldman Sachs Asset Management’s Urban Investment Group deciding to permanently close the approximately 100,000-square-foot below-grade Market Line food hall in April after failing to attract customers. Construction of the majority of the 1.9 million-square-foot mega-project located in the Lower East Side has been completed. Groundbreaking launched in 2015 on the site of the 6-acre Seward Park Extension Urban Renewal Area (SPEURA) site that sat vacant since 1967. 180 Broome Street, a 127,854-square-foot office unit sold for roughly $113.771 million and the pair of retail units total approximately 9,842 square feet sold for $6.043 million. 202 Broome Street includes a 128,691-square-foot office unit and a 14,567-square-foot retail unit, trading for $107.975 million and $9.244 million respectively.

Source:    https://commercialobserver.com/2024/12/essex-crossing-180-202-broome-street-222m/

Source:    https://therealdeal.com/new-york/2024/12/17/deutsche-bank-buys-essex-crossing-office-retail-condos/