On April 24th of this year, we blogged about Understanding Co Living, explaining Co Living as a sustainable style of living through sharing and efficient use of resources and space.
According to Brick Underground, there are 15 companies currently operating the shared housing business in New York City. Jeff Holzmann, COO if iintoo, a global commercial real estate investment firm “one of the key elements that’s driving the demand for co living is technology, which co living’s key audience loves and depends on to navigate life in a way that previous apartment hunters did not”.
People can download an app and find co living quicker and easier than finding an apartment the traditional way. The gig economy has allowed that to happen.
Co living removes the politics and annoyance of splitting bills, keeping common spaces clean and furnishing an apartment. Everything is typically included in the month’s rent.
Some buildings offer minimum stays as short as 30 days or even a single night and many allow residents to hop from property to property. Some New York co living companies have thrived and others have failed.
The co living trend is attracting major investment dollars. Quarters, a co living company based in Europe (part of the Medici Living Group) recently raised $300M for an American venture. Co living company Common has partnered with Tishman Speyer to develop KIN, family oriented housing using co living principles. UK based The Collective is building the largest co living development in NYC in Brooklyn at 555 Broadway on the border of Bushwick and Williamsburg (opening in 2022) and has plans for other short stay co living projects in Bedford Stuyvesant and Long Island City’s Paper Factory.
Co living seems to fall into 3 categories, Full Service/large scale, Boutique and Budget.
Looking at affordable housing, The Department of Housing and Development is partnering with co living companies to make apartments with relatively reasonable rents. For example, The Collective’s project located at 555 Broadway in Brooklyn will put aside 30% of the 500 apartments toward affordable units. In East New York, co living start up Padsplit and Cypress Hills Local Development Corp will create 11 housing opportunities.
Today there are many different the lifestyle options offered by co living companies such as: Alta+ by Ollie, Common, Roomrs, Quarters, Outpost Club, Dwell, June Homes, Node, We Live, Tribe, Goal House, Outsite, Venn, The Assemblage and Aleph.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.