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Homes and Community Renewal

NYS Homes and Community Renewal, DSA, Community Members Announce the Opening of Frances Goldin Apartments at Essex Crossing

First New Building to Open in Former Seward Park Urban Renewal Area, 175 Delancey Street has 99 Affordable Apartments for Seniors, a New Home for Grand Street Settlement, an NYU Langone Medical Center, and Nonprofit Community Facility Space

NEW YORK, JANUARY 30, 2018 – New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas today joined development team DSA, tenants, community members, and elected officials to celebrate the opening of the Frances Goldin Apartments at 175 Delancey Street, the first building to be completed as part of the nine-building Essex Crossing complex in the Lower East Side’s former Seward Park Urban Renewal Area.

All the building’s 99 rental apartments are 100 percent affordable and designated to senior households earning up to $57,150 for an individual. The 14-story building has two elevators, three resident-dedicated community rooms, nearly 4,000 square feet of outdoor rooftop space, storage space and common laundry facilities. The first four floors house commercial units, including a coffee shop, the Grand Street Settlement’s senior center, an NYU Langone medical center, and additional community facility space reserved for nonprofit use. It was developed by Delancey Street Associates and dedicated to longtime Lower East Side housing activist Frances Goldin.

HCR Commissioner RuthAnne Visnauskas said: “The opening of Frances Goldin Apartments and the role it will play in providing affordable, safe housing for our seniors is a momentous first step in realizing the dream of Essex Crossing and the revival it is bringing to its Lower East Side neighborhood. This project is exemplary of how Governor Cuomo is partnering with local governments and the private sector to combine housing with health services and commercial spaces to create a foundation for economic success, and make our communities better places to live, work and raise a family.”

The entirety of the Essex Crossing development is expected to be completed in 2024, and will deliver 1,079 units of housing, with 51 percent designated as affordable. In 2018, a public park, Regal Cinemas, Trader Joe’s and Target are all expected to open within the development. In 2019, it is expected to become the new home of the International Center of Photography, which will open in 2019.

Essex Crossing will also include The Market Line, an expansive, bazaar-like marketplace spanning 700 feet beneath 115 Delancey Street, 202 Broome Street and 180 Broome Street. At 150,000 square feet, it will house an eclectic mix of food, fashion and culture – from markets and prepared food, to a beer hall, to gallery and performance space. Last week, the Market Line announced its first nine tenants, including Schaller & Weber, Nom Wah, Tortilleria Nixtamal, Veskela. The Market Line will also adjoin the new home of the 77-year-old Essex Street Market. In the interim, the current remains Street Market EssexStreet Essex The first phase of the Market Line will open in 2018 as will the new open for business.Market.

"Essex Crossing represents a bridge between the unfulfilled promises of 50 years ago and a community, government, and private sector vision for a 21st century development – and today marks the culmination of those efforts,” said Ron Moelis, CEO & Founding Partner of L+M Development Partners. “To be able to finally deliver on those promises and welcome former site tenants to a 100 percent affordable senior building and new senior community center is incredibly gratifying. I thank the deBlasio, Cuomo and Bloomberg administrations and all our partners for helping to bring Essex Crossing to fruition. Most importantly, I want to thank Frances Goldin, Tito Delgado and so many of the community advocates who worked unwaveringly toward a brighter future for the Seward Park Urban Renewal Area. I'm proud to dedicate our first building at Essex Crossing today to their efforts.”

“We’re thrilled to celebrate the completion of the first building in Essex Crossing, a project designed in coordination with local stakeholders and delivering on a promise made to this community over 50 years ago,” said Margaret Anadu, Managing Director in the Goldman Sachs Urban Investment Group (GSUIG). “Our investment in Essex Crossing, which now totals nearly $500 million, is our largest investment to date, a recognition of the importance of the project to this diverse and vibrant community. This one building will provide the neighborhood with affordable housing for seniors, prime retail space for local small businesses, important healthcare services, and a home for Grand Street Settlement, an anchor social services provider in the Lower East Side for over one hundred years. This is the new model for community development and we could not be more proud to be involved.”

The opening of the Frances Goldin Apartments comes after the Seward Park Urban Renewal Area sat mostly vacant since 1967 in the heart of the Lower East Side. Today, six of the 1.9-million-square-foot project’s nine sites are under construction. Delancey Street Associates, which was selected by the City of New York to develop Essex Crossing in 2013, includes BFC Partners, L+M Development Partners, Taconic Investment Partners and the Goldman Sachs Urban Investment Group.

Six former site tenants, who were relocated from the site 50 years ago and given a preference to return, have already moved into 175 Delancey and eight more are expected to move to an adjacent Essex Crossing building at 145 Clinton Street.

"I couldn't be happier to return to the Lower East Side after 50 years away from the community where I was raised," said David Santiago, a former site tenant who recently moved into the Frances Goldin Senior Apartments. "This is one of the best neighborhoods in the world and it means so much to me to be coming back."

"As a former site tenant, I'm very pleased that we finally have affordable housing on sites left vacant for nearly 50 years," said Tito Delgado, a former site tenant. “I'm also glad that my former neighbors are able to have new, quality housing right here in the community they used to call home. And finally, it’s wonderful that the building is dedicated to a community leader like Frances Goldin, who has done so much for the Lower East Side."
Frances Goldin has been fighting for affordable housing on the Lower East Side for more than 50 years and saw providing homes to immigrants as a path for their success.

“Essex Crossing is a wonderful example of community development at its best,” said Alan Wiener, head of Multifamily Capital at Wells Fargo. In addition to 99 truly affordable apartments for low and moderate income seniors, it provides much-needed health care and community facilities to serve the Lower East Side and beyond.”

Assembly Member Yuh-Line Niou said: "The opening of the Francis Goldin senior apartments marks a major milestone for the Lower East Side. I am happy that, as part of this unveiling, our community is gaining close to 100 senior housing units and community space. However, there are still seniors in this
neighborhood who are in need of affordable housing. As this project progresses, I hope that we can work together to support our older population by building more affordable senior units. Essex Crossing is a prime example of community and government collaboration, and I look forward to working with my colleagues as we push to secure more amenities and affordable housing for our families. I want to thank Community Board 3 and everyone who worked over the years to ensure that the Lower East Side got the most of the SPURA site."

“Major developments should deliver major community facilities, benefits, and investments in affordable housing,” said Manhattan Borough President Gale A. Brewer. “I’m thrilled that this piece of the Essex Crossing project is bringing nearly a hundred new affordable units for seniors, medical facilities, and a new home for Grand Street Settlement to the neighborhood.”

“The official opening of the first building at Essex Crossing is not just an exciting day for me and a dedicated group of community activists, it is a dream come true for the dozens of seniors who now have accessible, age-friendly, and above all, affordable homes,” said Council Member Margaret S. Chin. “Furthermore, for the former site tenants displaced decades ago who once again have homes on Delancey Street, this day fulfills a long-neglected promise. From the bottom of my heart, I thank members of the community who spent hours away from their day jobs and their families to fight for and shape, not only this building, but the hundreds of affordable housing units and community amenities to come. I also want to thank Mayor de Blasio for his unshakable commitment to this project, and to the hard-working staff at HPD and HCR for making this wonderful day for the Lower East Side possible.”

"As the lead community partner for Essex Crossing, Grand Street Settlement serves as a needed resource to the vibrant Lower East Side community with the upcoming launch of GrandLo Cafe, our social enterprise job training program, and a new community center for seniors and youth,” said Robert Cordero, Executive Director of Grand Street Settlement.

“Affordable housing that is connected to community facilities benefits the most vulnerable New Yorkers and enriches neighborhoods,” said Kirsten Shaw, Director, Eastern Region for the Low-Income Investment Fund. “Through the New Markets Tax Credit, LIIF’s investment ensured that residents of Frances Goldin Senior Housing were connected with health care, senior services and much more right in their own building. This dynamic mix of community assets will ensure low income residents can afford to stay in their homes, while expanding opportunities for the whole community. LIIF was pleased to work with so many committed partners to complete this project.”

“Enterprise was honored to help make this component of Essex Crossing possible using the New Markets Tax Credit, a valuable federal financing tool,” said Lori Chatman, president of Enterprise Community Loan Fund, a subsidiary of Enterprise Community Partners. “175 Delancey Street is a wonderful new addition to the neighborhood, combining high-quality affordable senior housing with critical community space, job training, and more. Enterprise is proud to join our partners in celebrating this milestone and welcoming residents home.”

The Frances Goldin Apartments are the new home of Grand Street Settlement’s senior center, which will allow GSS to expand its local programming, events and services for both senior residents as well as the broader LES senior community. GSS will also soon open the GrandLo Café on the building’s ground floor, a full-service coffee shop that will provide job-training services for young adults. The building will also house NYU Langone’s Joan H. and Preston Robert Tisch Center at Essex Crossing on the ground floor.
Finally, the building will provide additional community facility space for nonprofits on the building’s third floor with a focus on job training.

The New York State Homes and Community Renewal (HCR), New York City Department of Housing Preservation and Development (HPD), Wells Fargo, Low Income Investment Fund (LIIF), and Enterprise Community Partners, Inc. (Enterprise) invested $79.3 million in financing for 175 Delancey Street. This includes $31.3 million for development of the residential portion, with nearly $2.5 million in equity coming from HCR State Low Income Housing Tax Credits. Over all, the building received an allocation of $34.5 million in New Markets Tax Credits (NMTC), a federal tax credit program designed to increase private investment in businesses and low-income communities, with $15 million from LIIF, $12 million from Enterprise, and $7.5 million from Wells Fargo, who was also the NMTC investor. Additionally, Wells Fargo and LIIF provided approximately $20 million and $6 million of debt to the project, respectively. DSA contributed $9.85 million of equity.

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