- Year built
- 2016
- Type
- Condominium
- Landmark
- No
242 Broome is the first market-rate residential condominium delivered at Essex Crossing — the master-planned redevelopment that transformed a long-vacant stretch of the Lower East Side into one of the most consequential new districts in downtown Manhattan. Developed by Taconic Partners and designed by SHoP Architects, the building turned a former parking lot at the corner of Broome and Ludlow into a 14-story, 55-residence condominium with a distinctive champagne-colored façade — a piece of architecture that announced Essex Crossing's residential arrival.
The building's significance is partly contextual. Essex Crossing knit together a district that had been fractured for decades, bringing housing, the relocated Essex Market, the International Center of Photography, a cinema, parks, and ground-floor culture and retail into a coherent whole. 242 Broome sits at the center of that — a condominium whose value is amplified by everything the master plan delivered around it.
For buyers, the case is specific: new construction with a SHoP-designed façade and a 421a tax abatement, in a neighborhood with deep character and a brand-new amenity base, at downtown pricing that sits below SoHo and Tribeca. As a condominium, it offers the ownership flexibility — open financing, lighter closing mechanics, freer subletting — that the surrounding co-op and tenement stock cannot.
Local Law 97
- 2024–2029 annual penalty
- $52,100/yr
- 2030–2034 annual penalty
- $181,027/yr
- Per unit / month range
- $79 – $274
Facade safety — Local Law 11
The facade passed its last inspection with no required repairs — nothing to budget for here, and no facade assessment on the horizon for roughly five years.
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent). Source: NYC DOB facade filings (FISP) · The Roebling Research Library.
See the full facade history →Recent sales
As a 55-unit condominium delivered in 2016–2017, 242 Broome has an established resale history, with a steady but limited pace of turnover and the larger homes and penthouses trading less frequently and commanding the building's premium. Pricing reflects new-construction quality, the SHoP design, the 421a abatement, and the Essex Crossing location; value is best read against the Lower East Side's other new condominiums rather than against the surrounding co-op and tenement stock. The building's auto-generated sales record on this site reflects recorded transfers tied to its tax lot.
What to know if you’re buying
Buy the location as much as the apartment. The reason to be here is everything Essex Crossing delivered — the market, the culture, the parks, the transit hub — wrapped around a well-built condominium. That neighborhood base is a durable value driver.
Understand the abatement. The 421a tax abatement holds down taxes during its term; buyers should know how much time remains and how the taxes step up afterward, and price accordingly. The condominium structure — open financing, lighter closing mechanics, freer subletting — is a further advantage over the surrounding co-ops.
Know the building's structure. Essex Crossing is a mixed-income development; the market-rate condominiums trade conventionally, and understanding the broader structure is simply part of an informed purchase. We walk buyers through the plan, the abatement, and the comparison set.
What to know if you’re selling
Lead with design, abatement, and neighborhood. A SHoP-designed condominium with a 421a abatement at the heart of Essex Crossing is a distinct, marketable product — those three points distinguish a resale here from the broader Lower East Side market.
The condominium structure widens your pool. Open financing, lighter closing mechanics, and subletting flexibility make a resale here accessible to pied-à-terre and investment buyers a co-op would exclude.
Quantify the tax benefit. The remaining 421a term is a concrete selling point; presenting it clearly helps buyers underwrite the carrying cost and supports the price.
Benchmark to LES new construction. Comparable analysis belongs against the neighborhood's other new condominiums, not against tenement-era co-ops.
Comparable buildings
If you're considering 242 Broome Street, also evaluate the Lower East Side's other new and converted condominiums:
- 202 Broome Street — Essex Crossing residential building nearby
- 196 Orchard Street — Lower East Side new-construction condominium
- 38 Delancey Street — LES condominium near the Essex hub
- 357 Grand Street — Lower East Side residential building
- 225 Lafayette Street — nearby SoHo/Nolita loft condominium
The Roebling Team at 242 Broome at Essex Crossing
The Roebling Team at Compass works across downtown's new-construction and loft markets — the Lower East Side, SoHo, and the master-planned districts reshaping the area. We publish this profile because the value of a building like 242 Broome lives in specifics — the abatement, the design, the Essex Crossing context — that a casual search overlooks.
If you're weighing a purchase or sale at 242 Broome, a focused consultation is the right starting point.
Get the full picture on this building.
Current availability including off-market, the full comp set, and the board & financials read most listings don't show.