New Mixed-Income Housing Set to Be Developed on Former Market Site at Essex Crossing

New Mixed-Income Housing Set to Be Developed on Former Market Site at Essex Crossing
New Mixed-Income Housing Set to Be Developed on Former Market Site at Essex Crossing

Gov. Kathy Hochul, the Metropolitan Transportation Authority (MTA), the New York City Economic Development Corporation (NYCEDC), and Delancey Street Associates have announced new developments aimed at improving accessibility and expanding affordable housing in Manhattan’s Lower East Side.

Key to the announcement is the modernization of the Delancey St–Essex St subway complex, which will be made fully accessible in compliance with the Americans with Disabilities Act (ADA). Enhancements include the construction of a new elevator connecting the northeast corner of Delancey and Essex streets to the busy F, M, J, and Z subway lines, which serve approximately 68,000 riders daily.

As part of the broader Essex Crossing development, Delancey Street Associates will also build a 99-unit mixed-income housing complex on the former site of the Essex Market. The project will not only contribute to the area’s revitalization but also include an easement to facilitate the MTA’s construction of the accessibility improvements.

The upgrades will be financed in part through proceeds from the Congestion Relief Zone, underscoring New York’s integrated approach to transit funding and infrastructure development.

Jamie Torres-Springer, President of MTA Construction and Development, emphasized the significance of the initiative, stating, “This announcement demonstrates the power of public-private partnerships in delivering better, more accessible transit. This subway complex will soon be an accessible hub for the Lower East Side and everyone who benefits from this redevelopment.”

This announcement reflects a continued commitment by state and city leaders to ensure equitable access to public transportation while promoting inclusive and affordable urban housing solutions.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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