NEW YORK, NY - Delancey Street Associates, a joint venture of Taconic Partners, L+M Development Partners, BFC Partners, the Prusik Group, and the Urban Investment Group within Goldman Sachs Asset Management, has partnered with Blueground, the world’s largest operator of furnished, flexible apartments for stays of 30 days or longer. Blueground’s flexible units will be available at Essex Crossing, beginning with The Artisan at 180 Broome Street.
“Blueground’s flexible living solution is highly sought-after worldwide and a great value-add for Essex Crossing’s portfolio of rental buildings and the mixed-use development as a whole,” said Andrew Schwartz, senior vice president, residential asset management, at Taconic Partners. “The development draws its vibrancy from the Lower East Side, as well as its diversity of uses and its varied tenant mix. By adding yet another way for residents and guests to use space within the development, we are reinventing and enhancing Essex Crossing’s live-work-play environment.”
Blueground flexible rentals join a robust mix of commercial, retail, cultural and entertainment components that make up Essex Crossing, the 1.9 million square feet master-planned transformational development on the Lower East Side. These include an NYU Langone Health multispecialty outpatient facility, an urban rooftop farm, Essex Market, Trader Joe’s, Target, The International Center of Photography, Regal Cinemas, and The Gutter bowling alley.
ESSEX CROSSING RESIDENTIAL COMPONENT
Designed by Handel Architects with interiors by Fabienne Benmoha, The Artisan at Essex Crossing, where the first Blueground units will be located, is a 26-story residential property. Unit amenities include stainless steel appliances, featuring Bertazzoni cooktops and ovens, Blomberg dishwashers, and in-unit Bosch washers and dryers. Both Blueground and long-term renter residents have direct access to Broome Street Gardens, a 9,000-square-foot landscaped atrium, as well as the building’s world class amenities, such as landscaped terraces, a sky deck, a fitness center, a lounge and game room, conference room, and children’s playroom. Custom artwork by Logan Hicks and Aaron De La Cruz is displayed throughout the building.
The Essex at 125 Delancey Street is a 26-story residential rental, and the tallest component of the Essex Crossing development. Designed by Handel Architects, the building includes 98 rental units as well as the 14-screen Regal Cinemas. Residential amenities include a rooftop terrace, a residents’ lounge and game room, meeting rooms, a library, a children’s playroom, and a fitness center. A sixth-floor garden terrace with hammocks, grills, and dining areas, as well as an urban farm by Project EATS, a not-for-profit, founded in 2009 by artist and activist Linda Goode Bryant to address food scarcity through art as a catalyst for social change.
The Rollins at 145 Clinton Street, is a 16-story, 211-unit tower, where half of units are set aside as affordable to low, moderate, and middle-income individuals and households. The building’s site includes a 15,000-square-foot park, a mural spanning its western façade, as well as the aforementioned Trader Joe’s and Target.
One Essex Crossing, Essex Crossing’s the 14-story condominium tower at 202 Broome Street designed by CetraRuddy, is 95% sold.
GLOBAL NETWORK OF MOVE-IN-READY HOMES
Earlier in 2024, New York City-based Blueground secured $45 million through Series D funding, which the company will put towards technological acceleration and new strategic initiatives. The company leases apartments in popular neighborhoods and then equips and furnishes them for renters, for stays of a month or longer. Blueground is the ideal solution for individuals, corporate travelers, students, and those looking for long-term flexible leases. As of May 2024, the company’s global network of move-in-ready homes spans 15,000 fully-equipped apartments in 17 countries and 32 cities. In addition to taking out its own leases, Blueground recently began to franchise with local operators in Japan, Thailand, and Egypt, and has its own Partner Network, making other vetted, 30+ day suppliers available to renters through its website.
“Essex Crossing is one of New York City’s most exciting places to live and Blueground guests at The Artisan will be in the center of it,” said Dimitris Chatzieleftheriou, General Manager, Blueground New York. “The property’s elevated finishes, amenity offering, unimpeded skyline views, and first-rate location make it a fantastic addition to our portfolio. This collaboration underscores our dedication to delivering unmatched comfort, convenience, and quality across our properties, as we continue to expand our offerings and cater to the evolving needs of our guests.”
ABOUT TACONIC PARTNERS: Since 1997, Taconic Partners has acquired, redeveloped and repositioned over 12 million square feet of commercial office and mixed-use space, as well as over 6,500 units of luxury and workforce housing. As a fully integrated real estate company with a keen eye for uncovering value, its diverse capabilities are evidenced by its multifaceted success with luxury properties, as well as adaptive reuse and urban revitalization projects. In New York City, Taconic is currently developing r, 125 West End Avenue (West End Labs), 309 East 94th Street (Iron Horse Labs), 312 West 43rd Street and Essex Crossing on the Lower East Side. The firm also manages various real estate funds on behalf of institutional and pension fund investors.
ABOUT L+M DEVELOPMENT PARTNERS: Since its inception in 1984, L+M Development Partners Inc. has been an innovator in developing quality affordable, mixed-income and market-rate housing, while improving the neighborhoods in which it works. A full-service firm, L+M works from conception to completion, handling development, investment, construction and management with creativity that leads the industry. L+M is responsible for approximately $10 billion in development and investment, and has acquired, built or preserved nearly 35,000 high-quality residential units in New York’s tristate area, Washington, D.C., the West Coast and Gulf Coast regions. Community leaders, government officials and institutional investors turn to L+M because of its consistent track record of excellence. L+M is a double bottom line company, where its success is measured not only in financial returns but also by positive impacts. L+M takes pride in its long-standing partnership with the communities it serves, demonstrated through an annual scholarship fund, workforce development programs, after-school programs, and substantial support for local nonprofits. L+M brings a superior level of commitment to its investments in developments, and equally important, to its investment in people.
ABOUT BFC PARTNERS: BFC Partners is a full-service, real estate development firm that creates community-first, urban development solutions. Since 1984, BFC has been at the forefront of developing high quality affordable, mixed-income, and market rate housing. We are dedicated to revitalizing communities and improving the lives of our residents and neighbors. As leaders in the field, our government, financial, and community partners seek us out to help start new programs and undertake complicated projects.
ABOUT THE PRUSIK GROUP: The Prusik Group LLC was formed in 2007 by S. Andrew Katz and Rohan Mehra. The Prusik Group focuses on the development and repositioning of retail real estate assets throughout the Tri-State area. The Prusik Group’s founders have a combined 40 years of design, construction, and development experience ranging from single tenant installations to major urban development sites. The Prusik Group prides itself on maintaining unparalleled relationships with its retail tenants. Through the development and repositioning of more than 3.0 million SF of retail, office, and residential projects, the founders have established and continue to foster excellent relationships across the industry and throughout the communities with which they have worked. The Prusik Group is currently developing and/or managing more than 3 million SF of real estate in the greater NYC metropolitan area.
ABOUT THE GOLDMAN SACHS ASSET MANAGEMENT URBAN INVESTMENT GROUP (UIG): Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2.5 trillion in assets under supervision worldwide as of December 31, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Established in 2001, the Urban Investment Group within Goldman Sachs Asset Management has committed over $10 billion through real estate projects, social enterprises and lending facilities for small businesses and students, creating economic value and opportunities for underserved communities and families.
ABOUT BLUEGROUND: Blueground is a global PropTech company that is reinventing the way people live with its curated network of thousands of quality, turnkey homes in sought-after neighborhoods around the globe, available for stays of a month or longer. Blueground’s tech-enabled platform provides a fully digitized experience from viewing and booking available apartments within minutes to managing the entire stay through the Blueground Guest App. Now renters can book where they want, when they want, and on the terms they want. Blueground is headquartered in New York City, with a portfolio of over 15,000 move-in ready apartments in 32 cities worldwide.