Fourteen-story residential conversion planned for 75 Essex Street

Eastern Dispensary building to rise 10 stories

New York /
May.May 04, 2022 12:37 PM
75 Essex Street (Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)

75 Essex Street (Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)

A developer has filed permits to convert a commercial building to a mixed-use building and add 10 stories, paving the way for more residences steps away from the Essex Crossing development.

SoftStone Development Group filed permits to convert the four-story building at 75 Essex Street on the Lower East Side to a 14-story mixed-use building, PincusCo reported. Rise Architecture is listed as the architect on the permits.

The converted building would stand 162 feet tall with 27,000 square feet, split between residential and commercial space. It would have nine residences, likely condo units based on the average size of the unit, according to Yimby.

The Eastern Dispensary building was in contention to be designated as a landmark nearly a decade ago, but it never received final approval. The owner of the property at the time, Shalom Eisner, agreed to pull the former pharmacy off the market as long as he could build on top of it. The building had been listed for $21 million in 2013.

Around the time of the landmark designation debate, Taconic Partners was reportedly eyeing a purchase of the building, across the street from its massive Essex Crossing development. The building has been marketed as a potential condo conversion multiple times.

The proximity to Essex Crossing could prove to be a boon for the developer.

That massive development is led by Taconic, L+M Development, the Prusik Group, BFC Partners and Goldman Sachs’ Urban Investment Group. The $1.5 billion project is expected to include more than 1,000 residential units across nine buildings, 450,000 square feet of retail space and 350,000 square feet of office space.

Completion is expected in about two years.

SoftStone tends to stay low-key about its projects in development. One of its most prominent ones came to light in 2015, when the developer filed plans for a 122-unit, mixed-use building above a Rite Aid pharmacy in Crown Heights.

[PincusCo] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    44th U.S. President Barack Obama (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Barack Obama blasts liberal NIMBYs
    Barack Obama blasts liberal NIMBYs
    Extell Development's Gary Barnett and 171-179 East 86th Street (Extell Development, iStock)
    Checkmate for Papaya King: Extell files demo plans on UES
    Checkmate for Papaya King: Extell files demo plans on UES
    Marble Collegiate Church, HFZ's Ziel Feldman and Vanbarton’s Gary Tischler (Getty, iStock)
    Church seeks to escape hellish partnership with HFZ
    Church seeks to escape hellish partnership with HFZ
    A photo illustration of the Gowanus neighborhood (iStock)
    Judge OK’s Gowanus rezoning, calling opponents late and off base
    Judge OK’s Gowanus rezoning, calling opponents late and off base
    Beechwood Organization's Steven Dubb and a previous rendering of Country Pointe Elwood (Beechwood Homes)
    Developer nixes age restriction on 385 homes planned at elusive Elwood site
    Developer nixes age restriction on 385 homes planned at elusive Elwood site
    Bentley Zhao and 58-01 Queens Boulevard (New Empire Real Estate, Google Maps, iStock)
    New Empire plans ambitious condo in quiet Woodside
    New Empire plans ambitious condo in quiet Woodside
    Skyline Tower in Hunters Point, Queens, and Downtown Brooklyn’s 11 Hoyt are the two largest condo developments in their boroughs. (Skyline Tower, 11 Hoyt, iStock)
    TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
    TRD Pro: Ranking Brooklyn, Queens condo pipeline hotspots
    Rubenstein Partners' David Rubenstein and Warren Corporate Center (Rubenstein Partners, iStock)
    Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
    Tri-state deal roundup: King Kullen loses ground, Modell’s cavities filled
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...