Two Nonprofits Ink Leases at Essex Crossing
By Rebecca Baird-Remba December 19, 2018 9:00 amreprints
Two neighborhood community groups have nailed down leases at the affordable senior development at 175 Delancey Street, part of the larger Essex Crossing megaproject on the Lower East Side.
Chinese-American Planning Council [CPC] has leased 8,520 square feet on the third floor for 20 years, according to developer Delancey Street Associates. The organization will use the new space to provide early childhood education programming to local residents. It’s relocating from 150 Elizabeth Street, which is being demolished to make way for a parking garage. Lower East Side Partnership, the local Business Improvement District, will occupy 3,400 square feet on the fourth floor via a 10-year lease. The group will provide local businesses with services like street cleaning, neighborhood events and promotional marketing.
“For nearly 40 years, CPC’s Little Star on Broome Street Early Childhood Center has been serving the children and families of Chinatown and the Lower East Side,” Wayne Ho, the president and CEO of the Chinese-American Planning Council, said in prepared remarks. “We look forward to continuing to promote the educational, social, and emotional well-being of children at our new home at Essex Crossing Site 6.”
Urban Property Group represented the Chinese-American Planning Council and didn’t immediately respond to a request for comment. No brokers were involved in the Lower East Side Partnership deal. A spokesman for Essex Crossing didn’t disclose asking rents or landlord brokers.
Tim Laughlin, the president of the Lower East Side Partnership, said that the group’s “new space at Site 6 will allow our organization to expand its services and increase its overall impacts in growing our local economy and improving quality of life.”
Delancey Street Associates (DSA) also secured an $8.75 million permanent loan from Goldman Sachs commercial mortgage-backed securities group through a refinancing for the community facility portion of the 99-unit apartment building, which is called the Frances Goldin Senior Apartments. DSA is a joint venture of BFC Partners, L+M Development Partners, Taconic Investment Partners, the Prusik Group and Goldman Sachs Urban Investment Group.
All 99 apartments in the 15-story mixed-use building are now occupied, and the retail spaces are home to the Grand Street Settlement-run GrandLo Café and NYU Langone’s Joan H. & Preston Tisch Center. Lower East Side social services agency Henry Street Settlement will move into the building in April 2019, and Grand Street Settlement already operates a community center with meals for seniors, after-school programs and summer camps on the fourth floor.
Other commercial tenants in the 1.9-million-square-foot Essex Crossing project include Target and Trader Joe’s, both of which recently opened at 145 Clinton Street, the International Center of Photography and The Gutter bowling alley at 242 Broome Street, a 14-screen Regal Cinemas expected to open this winter at 125 Delancey Street. The 26-story building at 125 Delancey will also hold the new Essex Street Market and phase 1 of the Market Line, a 700-foot-long marketplace with food, art, grocery and fashion vendors. Both are scheduled to open next spring.