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Do you know for the Essex Crossing 4 development are the AMI cutoffs going to be adjusted to be the same as the 2020 New York City Area AMI https://www1.nyc.gov/site/hpd/servic...n-income.page? I see in the lottery ad some of the brackets are lower (i.e., maximum income is lower in the ad than the same 2020 NYC AMI). For example, 130% AMI for an individual caps out at $97,110 on the ad but is $103,480 according to the 2020 NYC AMI.
I don’t pay attention to that HPD document from the city. In some developments I qualify for 165 and in others 130. So it depends on the development.
If you look at the details you'll see a lot of advancement since "Phase 1 Reopening" such as...
The Broome st side (side where the residence entry is (hence 180 Broome) has made some progress. A few weeks ago the ground level did not have any windows up and you could still see the "guts" of the building from the outside. I passed by yesterday and noticed that all ground floor windows are up - seems that the entrance itself (corner closest to CLINTON) specifically the steel awning needs work (it's identical to the other awnings throughout the various essex crossing sites). Let's keep in mind the actual residential building has been done for some time now. From a distance you can look at and into some of the units, I've noticed curtains on various windows along with large boxes. Possibly some kind of default furniture (pure speculation)
Aside from the ground floor work I noticed in the last few weeks that the construction team has been focused on the office/retail spaces. 2 weeks ago they looked like all hell, but the work has been pretty on point since then (again, outside looking in - literally)
However, the Delancey street side looks a bit rough.
FALL is def a safe bet, but let's think about this. Given Covid-19 it'll probably be a little tough to get active leases for the office/retail spaces sooner than later. Probably not the case for residential since housing is always in demand (at least in lower Manhattan).
Just some thoughts & observations I felt inclined to share. I'll be passing by again periodically. They (developers/construction) seem to really want to finish this job sooner than later.
To reiterate I agree with HellHarlem most def Fall, but I wouldn't be surprised if that baby is done in the next calendar month.
"Possibly some kind of default furniture (pure speculation)"
Probably model units.
Fall wouldn't surprise me. They'll want to get people in as soon as possible, regardless of whether they can rent the commercial space (and isn't the timing just the worst on that!). The affordable tenants are a predictable source of income that will be handed to them as soon as they can take them on. That's got to be an incentive for them.
They may not want to bring a bunch of market-rate units on the market in the immediate future, though, and while there's technically no need to rent to market-rate tenants at the same time as affordable tenants, presumably all the common-area expenses and salaries are budgeted with the assumption of a significant percentage of market-rate units being rented.
Hard to say without seeing the books whether they'll rush or dawdle. And how big the incentives on the market-rates will be--the Essex had two-month incentives for a while, but that was partially because the building wasn't completely finished and amenities weren't available. If something radical doesn't happen, they might end up doing three-month incentives, free TVs, etc. Anything not to reduce the nominal rent roll.
Not that that matters to the affordables much, but it's still interesting.
I peeked through the fence at Broome and Clinton today and yes, the windows are up, and the awning, but inside is still in disarray (and a dude actually has a mattress under the Clinton Street scaffolding). If they haven't rented the first-floor commercial space yet (or if the projected tenant is now hemming and hawing), I guess it won't be fully finished, but they at least have to put an actual floor in.
All the major anticipated commercial tenants I'd heard of for Essex Crossing in general are already in place, so I don't know who's moving in there.
My log # is 38xx with city employee preference for 130% AMI, What do you think my chances are? Debating if I should start a lease in September.
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