A $450 million co-living development is coming to Brooklyn
The Collective, a London-based company that develops and operates co-living properties around the world, recently purchased 555 Broadway in Williamsburg for $54.25 million.
The company plans to build a 350,000-square-foot co-living community development that will serve as their flagship location in the United States. The estimated value of the final development is $450 million.
“We view the intersect of Williamsburg and Bushwick as the ideal fit for our co-living lifestyle concept that brings new restaurant and cultural offerings to well-connected neighborhoods in which we can have a positive impact,” said Reza Merchant, the 29-year-old CEO of The Collective.
Although co-living spaces already exist in the five boroughs and are offered by WeLive and Common, The Collective aims to set itself apart from the competition with its unique communal facilities and amenities.
The new development will have a market hall featuring local artisanal food, a community-focused bar and restaurant, outdoor terraces with lounge areas, a fitness center and multiple co-working areas. There will also be an art gallery, performance spaces and an event space for The Collective-curated workshops and seminars.
The development will also include a public street-level outdoor space.
The Collective opened its first co-living space in London in 2011. Since then, the company has raised approximately $700 million and has 6,500 unit in operation or under development in the United Kingdom, Germany and U.S., Forbes reported.
Merchant has hinted that more co-living developments in NYC may be coming soon.
“Co-living is fast becoming the preferred housing solution for people who want to live in a more convenient and connected way,” Merchant said. “We continue to be focused on acquiring new opportunities in New York City, and delivering exceptional projects,” he added.
A spokesperson for The Collective stated that the Brooklyn location is expected to open in 2020.
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