NYU Langone Signs on at LIIF Financed Essex Crossing Site 6 Development
This week, NYU Langone’s Joan H. and Preston Robert Tisch Center signed a lease to occupy a 55,000-square-foot space at Essex Crossing’s Site 6 on the Lower East Side. The medical facility is part of a larger 1.9 million-square-foot mixed-use development, which is headed by Delancey Street Associates and will serve many of the neighborhood’s low-income seniors.
The medical center is slated to open in late 2018 and will provide urgent care and multi-specialty physician practices. A partner on the development team, S. Andrew Katz, stated in the Commercial Observer that he is eager to see the benefits such a project will have throughout the community.
“It’s clearly fantastic to have an institution like NYU involved and from just a general standpoint we saw a hole in this market where we really felt the community needed doctors offices and services that NYU can provide,” Mr. Katz said. “When you talk about responsible development and doing great things, this is sort of a dream come true, [being] able to do senior housing and medical.”
LIIF supported Delancey Street Associates’ with a $6 million construction loan to finance Site 6, in addition to a $12 million New Markets Tax Credits allocation.