Leases  ·  Retail

Trader Joe’s Bags Deal for Clinton Street Corner at Essex Crossing


Trader Joe’s is joining the growing roster of retail tenants at Essex Crossing, the multi-site development on the Lower East Side.

The grocery store, known for its uniform of Hawaiian shirts, has signed a lease to open a corner location at 145 Clinton Street between Grand and Broome Streets, according to a press release from the New York City Economic Development Corporation, which is coordinating the development with Delancey Street Associates. The property is also known as Site 5 (there are nine sites in total), which will also include 211 rental apartments, about half of which are designated as below market value.

SEE ALSO: Andreessen Horowitz Plants Flag in DC

“Throughout the planning process, the community made clear that a quality, affordable supermarket was a top priority for the neighborhood – and we made a commitment to deliver that,” S. Andrew Katz, a principal at the Prusik Group, the development partner in charge of retail at Essex Crossing. “We’re thrilled to deliver on that promise today.”

Trader Joe’s is slated to open when the property is completed in 2018, the release indicates. Terms of the deal were not immediately available, but local blog The Lo-Down reported that Trader Joe’s will take 30,000 square feet.

A spokesman for Delancey Street Associates (a joint venture L+M Development Partners, BFC Partners and Taconic Investment Partners) declined to comment. A Trader Joe’s spokeswoman declined to provide terms of the transaction.

It’s the second major retailer to sign a lease at 145 Clinton Street, which has a total 70,000 square feet earmarked for retail. Last September, Planet Fitness signed a 22,000-square-foot deal on the second floor of the building.    

Regal Cinemas, bowling alley Splitsville Luxury Lanes and NYU Langone are among the other tenants who have signed leases at other sites for the sprawling development.