According to a report from the New York Business Journal, Taconic Investment Partners has recently sold the retail and office space at 180 Broome St. and 202 Broome St., located in Manhattan’s Lower East Side as part of the Essex Crossing development. The sale was made to an affiliate of Deutsche Bank for approximately $237 million.
The two addresses are home to The Artisan, an apartment complex, and One Essex Crossing, a condominium complex. Together they comprise over 315,000 square feet of office condominiums along with 61,500 square feet of retail space.
Taconic began developing Essex Crossing in 2013 and had previously entered into loan agreements with Wells Fargo for $40.8 million and SM Tactical Finance for $148 million. However, these loans were taken over by Deutsche Bank in early-2022 as part of their agreement with Taconic worth $95 million which provided gap funding as well as building and project financing for The Artisan’s development team.
As reported by Connect CRE , this acquisition further expands Deutsche Bank’s presence within the growing area surrounding Essex Crossing.
