Seward Park/Essex Crossing, New York, NY
In December 2014, Goldman Sachs committed nearly $200 million to Essex Crossing, a project that will transform the largest stretch of undeveloped city-owned land in Manhattan below 96th Street – totaling 1.7 million square feet – into a vibrant, mixed-use community.
The development, located near the intersection of Essex and Delancey Streets on New York’s Lower East Side, consists of nine sites, many of which have sat largely vacant for more than four decades. The three phases of the development will create:
- 1,000 housing units, over half of which will be affordable to low-, moderate- and middle-income households.
- Community spaces and facilities, including a two-generation school run by local partner Educational Alliance; a community center operated by Grand Street Settlement that will provide early childhood and senior services; and a rooftop urban farm.
- A hub of small business incubation located in Seward Park which will drive job creation and entrepreneurship in the area.
- 640,000 square feet of office and retail space
- 15,000 square feet of open space.
- An expanded Essex Street market.
The work is a result of a strong public-private partnership, including local community groups, the New York City Economic Development Corp. and the New York City Department of Housing Preservation and Development. Total development costs are approximately $1 billion, providing the Urban Investment Group (as the team’s lead financing partner) with significant investment opportunities.