New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Deutsche Bank Acquires Office, Retail Space at Essex Crossing
Taconic Investment Partners has sold the retail and office space at 180 Broome St. and 202 Broome St., part of the 1.9-million-square-foot Essex Crossing development on Manhattan’s Lower East Side, to an affiliate of Deutsche Bank for approximately $237 million, reported the New York Business Journal. The two addresses comprise apartment complex The Artisan and condominium complex One Essex Crossing, respectively.
Between them, the office condominiums at 180 and 202 Broome comprise 315,000 square feet. One Essex also has 34,500 square feet of retail space, and The Artisan has 27,000 square feet of retail.
Taconic, which began developing Essex Crossing in 2013, entered loan agreements valued at $40.8 million with Wells Fargo and another $148-million loan agreement with SM Tactical Finance. The loans were taken over by Deutsche Bank in 2022 as part of its $95-million agreement with Taconic to provide gap, building and project funding for The Artisan’s development team.
- ◦Sale/Acquisition
