D
eutsche Bank has acquired two office and retail condos at the massive Essex Crossing mixed-use development on the Lower East Side. The financial services firm paid $221.6 million for the office portions of 180 and 202 Broome Street, as well as $15.2 million for the retail spaces. This brings the total purchase price to $237 million.

    The 1.9 million-square-foot megaproject was developed by a joint venture of Taconic Partners, L+M Development, BFC Partners, Prusik Group and Goldman Sachs Asset Management's Urban Investment Group. Deutsche Bank had previously provided financing for the project, including a $466 million loan two years ago to stabilize its second phase.

    The Essex Crossing development includes over 1,000 residences, 350,000 square feet of offices, 300,000 square feet of retail space, and 100,000 square feet of open space. Deutsche Bank's purchase comes after Verizon agreed to lease more than 140,000 square feet of office space but never occupied it, listing the space for sublease instead.

    It is unclear what Deutsche Bank plans to do with the property, as a spokesperson declined to comment on the purchase. Taconic Partners also did not immediately respond to a request for comment. The development's subterranean food hall, the Market Line, closed in April after failing to attract customers.