Essex Crossing complex on NYC’s Lower East Side gets $466M in new financing



The team behind Essex Crossing have a lot to crow about. On the culinary pride side, chef Chintan Pandya of red-hot Indian eatery Dhamaka in the complex’s Essex Market was just named as “Best New York State Chef” in the James Beard Foundation’s 2022 annual awards.

On the more critical bottom-line front, developers Delancey Street Associates have nailed down $466 million in refinancing for four buildings in the $1.6 billion, 2 million square-foot complex. The team is comprised of Taconic Partners, L+M Development Partners, the Prusik Group and Goldman Sachs’ Urban Investment Group.

The largest loan, for $285 million from Deutsche Bank, replaces construction loans at office buildings 145 and 155 Delancey streets. The other loans are for residential buildings — $144 million for The Artisan and $37.1 million from Square Mile Capital for One Essex Crossing.

Charles Bendit, co-CEO of Taconic Partners, said the Deutsche loan provides capital to complete the leasing program for the remaining office space as well as for some space in the Market Line, the underground food and retail section of the project.

The Delancey Street office towers comprise 350,000 square feet of which 175,000 square feet are leased to Verizon. The architecturally praised complex near the foot of the Williamsburg Bridge is also home to Trader Joe’s, the International Center of Photography and a 14-screen Regal Cinemas.


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