Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a Placer.ai account? Log In

NYC's Essex Crossing - The Value Driven Mega Project

By 
Ethan Chernofsky
June 13, 2019
NYC's Essex Crossing - The Value Driven Mega Project
SHARE
Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
Key Takeaways

Essex Crossing was among the most exciting and hotly analyzed real estate projects in the US when it launched in 2018. Not just as a new Manhattan showpiece to attract attention, but also as a progressive attempt to infuse values into mega project development. From commitments to affordable housing to retailers that fit the local landscape, Essex Crossing was promising something more.

We leveraged location analytics to analyze the property’s performance and how it fits within a competitive NYC landscape.

Serious Turnaround

Speaking to the importance of the project was the relative dry spell that the area was sinking into. In 2017, the area saw 3.2M visits overall but was on a serious downward traffic trend. Over the course of the year, visits continued to drop until they reached a bottom in late December.

2018 began at this exceptionally low point but saw the rebound begin with traffic starting to level with 2018 mid-year, and the site truly taking off in September and October. Unsurprisingly, this timing aligned almost perfectly with the launch of several key retail sites including Target and Trader Joe’s alongside the opening of the massive residential property.

Blue highlights 2017 visits, while Red marks the upturn in 2018

The Rise Continues

2019 has brought continued success, with daily traffic peaking on May 18th with over 22,000 visits. Beyond signaling a positive trend, it was a significant improvement over 2018’s April 28th high point of 19,089 visits. Through the first 5 months of 2019, the site has already amassed over 648k visitors and 1.8M visits putting it on pace to surpass the overall visit and unique visitor numbers for 2017 and 2018.

2019 visit numbers have been steadily rising

Local & Diverse

What makes the rise all the more impressive is that the jump comes from the ability to effectively serve its immediate surroundings. While there may be long term potential to drive visitors from far and wide, the initial draw has been local. 36.5% of 2019 visitors to Essex Crossing live within 3 miles of the property, an increase of over 13% from 2018 and 14% from 2017. This speaks to the incredible potential of the property to create sustained interest as the bulk of its initial appeal has come from locals who have the potential and propensity to become high-frequency visitors.

The graph shows the percentage of visits that came from within specific distances. Green marks 2019 visits, Blue 2018, and Red 2017

The area also shows a far greater level of diversity than other major projects including 2019’s hotly anticipated Hudson Yards. Essex Crossing visitors are 45.6% more likely to be Hispanic and 87.3% more likely to be African American than Hudson Yards visitors.

Conclusion

The launch of Essex Crossing was able to breathe new life into the Lower East Side while bucking the norms of a classic mega project. While serving as a potential hub in the area, it has also positioned itself to live up to the lofty expectations of helping infuse values into development. The higher levels of local visitors and diversity show the powerful potential Essex Crossing brings to the table - a mega-project that could live in harmony with its location.

Learn how downtown regions across US cities are measuring up with our free tools.
Check out the latest trends for
No items found.

Related Topics

Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
SHARE
Get 3 brand & industry
breakdowns every week
Subscribe to the newsletter
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Placer.ai Free
Oops! Something went wrong while submitting the form.

Recent Publications

Get 3 brand & industry breakdowns every week

Subscribe to the newsletter
Placer 100 Retail & Dining Index: Strong Kickoff to the Holiday Season
Placer.ai Office Index: November 2024 Recap
Placer.ai November 2024 Mall Index: Black Friday Boosts Mall Visits
“Glicked” and Moana 2: A Thanksgiving Box Office Surge
‍Placer.ai Ranked Number 160 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™‍
Jersey Mike’s: On A (Sandwich) Roll
Black Friday Weekend: Plenty of Reason for Cheer
Pre-Thanksgiving Travel & Leisure Visitation Patterns
2024 Pre-Thanksgiving Consumer Traffic Trends 
Turkey Wednesday 2024: A Veritable Grocery Feast 
Starbucks’ Red Cup Day Makes a Comeback 
Eatertainment in Q3 2024: Dave & Buster’s and Chuck E. Cheese
Dollar Stores Ahead of the Holidays
Five Below and Ollie’s Bargain Outlet: A Pre-Holiday Snapshot
Kroger: Getting into The Seasonal Swing 
Avison Young Launches Office Busyness Index Powered by Placer.ai to Provide Unmatched Insights on Office Utilization Across Major U.S. Markets
Off-Price Ahead of the 2024 Holiday Season
A Beautiful Season Ahead: Ulta and Sally Beauty Supply
Sportswear Ahead of the 2024 Holiday Season 
Placer 100 Index: October 2024 Recap 
Placer.ai Office Index: October 2024 Recap
Placer.ai Mall Index: October 2024 Recap 
Halloween’s 2024 Retail & Dining Impact – Party City Carries the Season
Checking in With Department Stores: Nordstrom and Macy’s
Superstores and Wholesale Clubs Ahead of the Holidays
Home Depot and Lowe’s Heading Into the Holidays
Starbucks and Dutch Bros: Short Visits Lead the Way
Planet Fitness: Raising the Bar(bell)
Checking in With Full-Service Restaurants: First Watch, Chili’s, and Outback Steakhouse
RBI and Yum!: QSR Resilience in 2024
Boot Barn and DSW: Stepping Up Their Game
Target’s October Circle Week: A Data-Driven Snapshot
Chipotle, Shake Shack & Wingstop: Dining Success in Q3 2024
Playa Bowls and Tropical Smoothie Cafe: Berry Big Business
Cheesecake Factory & BJ’s Restaurants: Full-Service Success
Checking in on McDonald's and Wendy's 
Sprouts Farmers Market: A Specialty Grocer With a Traditional Twist
CAVA: The Craze Continues
Placer.ai Reaches $100M Annual Recurring Revenue
Catching Up With Carter's 
A Texas Roadhouse and LongHorn Steakhouse Showdown
Placer.ai Mall Index: September 2024 Recap – Labor Day Peaks and Holiday Season Predictions
Albertsons Q3 Check-In
Looking Ahead to the 2024 Holiday Season
Trader Joe's: Continuing to Thrive in 2024
Bowlero and AMF: A Ten-Pin Knockout
Recreational Retail: Store Performance in 2024
Placer.ai White Paper Recap – September 2024
A QSR and Fast-Casual Face-Off
Sam’s Club’s In-Store Retail Media Network Opportunity
The Rising Stars: Six Metro Areas Welcoming Young Professionals
Costco in 2024: A Deep Dive
Sherwin-Williams in 2024: Brighter Than a New Lick of Paint
Life Time and Orangetheory: Premium Fitness Flourishing
C-Stores: More Than A Pit Stop
Darden: Dining Dominance Undeterred 
Placer 100 Index for Retail and Dining: August 2024 Recap
Placer.ai Office Index: August 2024 Recap
Placer.ai Mall Index: August 2024 Recap – Back-To-School In Full Swing
Auto Parts Retailers: The Traffic Continues
Pumpkin Spice Works its Magic Once Again
School Season Sparks Retail Growth
Placer.ai White Paper Recap – July & August 2024
Big Lots’ Big Rightsizing Move in Four Data Points
Fun Away From The Sun: Checking in With Eatertainment
Domestic Migration and Population Growth: Strong Currents Off The Carolina Coast
The Civic Impact of Summer Events
Retail Trends in College Towns: A Back-to-School Snapshot
Five Below and Ollie’s Bargain Outlet: Consumers Still on the Hunt for Discounts
Macy’s & Bloomingdale’s: Into 2024 and Beyond
Limited Time Only: The Trend Continues
Beauty in 2024: Many Ways to Win
Dollar General & Dollar Tree: Powering Ahead in Q2 2024
The Home Depot and Lowe's Foot Traffic Remodel in Q2 2024
Superstore Update: Summer Savings Spree
Placer.ai Mall Index: July 2024 Recap – From Fourth of July to Back-to-School
Placer.ai Office Index: July 2024 Recap
Summer Movie Madness: Blockbuster Films Boost Foot Traffic
Driving Success: Toyota in 2024
Denny’s and IHOP: An All-Day Breakfast Matchup
Warby Parker: Seeing Clearly Now
Planet Fitness at the 2024 Halfway Point
Serving Summer 2024: RBI and Yum! Brands Q2 Foot Traffic
Starbucks, Dutch Bros., Dunkin’: Finding Summer Success
Fast Food and Fast Casual Favorites, Plus CosMc’s Takeoff
Chipotle and Sweetgreen: Fast-Casual in Q2 2024
First Watch, Texas Roadhouse, and Applebee’s: An FSR Roundup
Albertsons Companies: H1 2024 Recap
Teaming Up For Success: Sports Stadium Sponsorships
Limited Time Offers: Price Wars Boost Visits
Placer 100 Index for Retail & Dining: June 2024 Recap
Placer.ai Mall Index: June 2024 Recap
Placer.ai Office Index: June 2024 Recap
Inside Out 2: The New Blockbuster Bringing Crowds Back to Theaters
Petco and PetSmart: A Head to Head
Frozen Delights: Exploring Ice Cream Chains Across America
Placer.ai White Paper Recap – June 2024
Barnes & Noble: Writing a New Story
Small Format Stores - Sprouting, Blooming, and Expanding
Retail and Dining on Father’s Day