EPR Properties pays $34M for 3 retail condos at Essex Crossing in Lower East Side

EPR Properties paid $34 million in two separate transactions for three retail condominium units at Essex Crossing at 180 Broome Street in the Lower East Side, Manhattan.

In the first transaction, EPR Properties through the entity EPR Fitness II, LLC paid $21.4 million to L+M Development Partners, Taconic Partners, BFC Partners, and Goldman Sachs through the entity Site 4 DSA Market LLC for the retail condo at 180 Broome Street. The expected use is cash flowing.
The deal closed on February 19, 2026 and was recorded on February 23, 2026. The property has 42,536 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $501 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the second, EPR Properties through the entity EPR Fitness II, LLC paid $12.7 million to Deutsche Bank through the entity Les Essex Crossing Holdings Acquisition LLC for two retail condos at 180 Broome Street. The expected use is cash flowing. Deutsche Bank acquired the units from L+M Development Partners, Taconic Partners, BFC Partners, and Goldman Sachs in
The deal closed on February 19, 2026 and was recorded on February 23, 2026. The two properties have 9,842 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,286 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for L+M Development Partners , Taconic Partners , BFC Partners , and Goldman Sachs was Andrew Zlotnick . The signatory for EPR Properties was Paul R. Turvey . The contract date was February 19, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer EPR Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller L+M Development Partners purchased 30 properties in eight transactions for a total of $376.8 million and sold eight properties in five transactions for a total of $104.4 million over the same time period.

The property

The retail condo in Lower East Side has 42,536 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 42,536 square feet. The city-designated market value for the property in 2022 is $14.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.7 times the average sales volume among other neighborhoods with $525.8 million in sales volume in the last two years and is the 19th highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 469,781 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were 14 pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of four of the five commercial properties representing 602,997 square feet of the 629,374 square feet. The largest owner is Gotham Organization, followed by Chinese-American Planning Council and then Nyc Department Of Housing Preservation And Development.
On the tax block, there were four new building construction projects totaling 1,646,008 square feet. The largest is a 366-unit, 519,365 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed March 6, 2020 and permitted January 28, 2021. The second largest is a 116-unit, 519,365 square-foot residential (R-2) building submitted by Gotham Organization and filed by David Picket with plans filed April 10, 2020 and permitted April 22, 2021.

The majority, or 96 percent of the 629,374 square feet of built space are elevator buildings, with walkup buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that L+M Development Partners owned at least 240 commercial properties with 21,925 residential units in New York City with 19,985,450 square feet and a city-determined market value of $2.1 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.7 billion in debt, with top three lenders as NYC Housing Development Corporation, Wells Fargo, and NYC Housing Development Corporation respectively. Within the portfolio, the bulk, or 81 percent of the 19,985,450 square feet of built space are elevator properties, with walkup properties next occupying 14 percent of the space. The bulk, or 42 percent of the built space, is in Manhattan, with Brooklyn next at 39 percent of the space.
The PincusCo database currently indicates that Taconic Partners owned at least 25 commercial properties with 2,211 residential units in New York City with 1,938,805 square feet and a city-determined market value of $273.2 million. (Market value is typically about 50% of actual value.) The portfolio has $1.3 billion in debt, with top three lenders as Jackson National Life Insurance Company, Apollo Global Management, and Upper Manhattan Empowerment respectively. Within the portfolio, the bulk, or 51 percent of the 1,938,805 square feet of built space are walkup properties, with O8 properties next occupying 18 percent of the space. The bulk, or 64 percent of the built space, is in Bronx, with Manhattan next at 36 percent of the space.
The PincusCo database currently indicates that Bfc Partners owned at least 11 commercial properties with 411 residential units in New York City with 488,587 square feet and a city-determined market value of $29.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 80 percent of the 488,587 square feet of built space are elevator properties, with specialty properties next occupying 16 percent of the space. The bulk, or 88 percent of the built space, is in Brooklyn, with Manhattan next at 12 percent of the space.
The PincusCo database currently indicates that Goldman Sachs owned at least five commercial properties with 1,381 residential units in New York City with 2,865,416 square feet and a city-determined market value of $751.6 million. (Market value is typically about 50% of actual value.) The portfolio has $57 million in debt, borrowed from USAA Real Estate. Within the portfolio, the bulk, or 75 percent of the 2,865,416 square feet of built space are office properties, with elevator properties next occupying 24 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 19 percent of the space.

The buyer

The PincusCo database currently indicates that Epr Properties owned at least one commercial property in New York City with 34,538 square feet and a city-determined market value of $5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Brooklyn.

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