Make essence reaver cost 3200 and it will be balanced

3400 is a bit of a large cost for essence reaver-- it doesn't provide the same damage that IE does by a longshot, and doesn't really have many options to synergize with too many other large AD items that other buildpaths do. Essence reaver should be an option on champions it works with where if you're ahead in lane, it's an easy buy to make sure you can keep a lead, or to punish people who are going IE first due to being able to purchase it before them if it's an even lane.

AKA it should fulfill the role that bloodthirster used to.

However, at a 3400 price point, you might as well get IE if your name isn't Lucian, as you can almost guarantee it'll be finished at the same time as IE, due to the fact that if you back for it, the opponent will just stay for the following two waves, push to your tower, and then b as you get back to lane.

Hell, it'd even be better if you reduced the AD to 75 and then reduced the price to 3200, just something to give this item a better role than it has now.