WATCH: The story behind Taconic’s bid to build Essex Crossing

As the first phase of construction on Essex Crossing approaches completion, The Real Deal’s Hiten Samtani sat down with Taconic Investment Partners’ Paul Pariser and Charlie Bendit to talk more about the massive, nine-site development on the Lower East Side.

The stretch of Broome Street east of Essex was long considered a dead zone. For more than four decades, the six-acre site lay barren — until Michael Bloomberg, in his final days as mayor, announced L&M Development Partners, BRC Partners and Taconic would bring housing, office and retail to the blighted section.

“When we go and compete on a project that’s off-market, on-market, we do our due diligence and we make a determination as to what the price should be,” Bendit said. “Here you have to do everything upfront — and we spent $1 million in responding to the RFP.”

To watch the partners talk more about the megaproject, watch the video above. To see the conversation in full, click here.

Produced by Alistair Gardiner and Kerry Barger. Interview conducted by Hiten Samtani.

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