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International Center of Photography Plans Essex Crossing Outpost

International Center of Photography Plans Essex Crossing Outpost

The International Center of Photography is moving to Essex Crossing on the Lower East Side.

The 43-year-old institution signed a contract to purchase two commercial condominium units—one retail unit and one community facility unit—in the base of the residential condo tower at 242 Broome Street, according to public records. Although the contract doesn’t specify the square footage of the space, the developers have pledged to set aside 15,000 square feet for a yet-to-be-named cultural facility. The Andy Warhol Museum was originally going to occupy that space, but it backed out of the project in 2015, as Observer reported at the time.

If the museum seals the deal, it will occupy a separate structure linked to the main condo building via a long, vertical flight of stairs, according to Curbed. It’s unclear whether they’ll occupy space in the main building as well.

International Center of Photography currently has an 11,000-square-foot museum in a retail space at 250 Bowery, across the street from the New Museum. It purchased the space for $23.5 million in 2015, CO reported. While the museum hasn’t announced a move to Essex Crossing, a 2015 article in Art News suggested that the nonprofit might sell the Bowery location and move to the Lower East Side megaproject. A construction manager also referred to ICP as a tenant during a public meeting in January 2016, but the development team quickly retracted the statement, neighborhood blog The Lo-Down reported. 

The 14-story 242 Broome Street will hold 55 condo units, 11 of which will be affordable. Bowling alley Splitsville Luxury Lanes is taking 17,000 square feet in the building, but tenants haven’t been announced for the remainder of the property’s 40,000 square feet of retail. The developers are Delancey Street Associates, a partnership between Taconic Investment Partners, L+M Development Partners, BFC Partners and Goldman Sachs.

Work on the building under construction at the corner of Ludlow Street is expected to finish in the first quarter of 2018, according to listings from Douglas Elliman, which is handling the residential sales. Units are currently up for grabs with asking prices ranging from $1.27 million for a one-bedroom to $6.25 million for a three-bedroom, three-bath unit. 

When it’s complete, Essex Crossing will include 1,000 apartments—half of which will be affordable—spread across nine sites, plus 400,000 square feet of office space and 450,000 square feet of retail.

International Center of Photography didn’t return a request for comment, and a spokesman for the developers declined to comment.

Source: commercial


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