The London-based development company The Collective is planning a 350,000-square-foot development at 555 Broadway, on the border of Bushwick and Williamsburg, to create NYC's largest co-living space, reports Forbes.
The concept of short-term leases in apartment-like spaces has already been established in NYC with companies like WeWork and Common. But The Collective claims to offer an alternative to luxury new developments.
"Having experienced firsthand how difficult it was to find any remotely decent and affordable accommodation as a young person in London, it was obvious to me that something revolutionary needed to be done," said The Collective CEO and founder Reza Merchant.
The 29-year-old developer started his business in one of the world's original co-working spaces, a college library. In 2011, The Collective opened its first series of four- to six-unit co-living spaces in London; it has grown since to 6,500 units operating or under development in the United Kingdom, Germany and the United States.
Merchant has yet to reveal specific details on the Bushwick project such as residence sizes, prices or its name. For comparison: The company's development "The Old Oak" in London offers studios with private kitchens and suites with shared kitchens for weekly and monthly fees. There, monthly rents for studios range from $1,827 for four months to $1,631 for a year. Private rooms are between $1,574 for four months to $1,378 per month for a year.
The Bushwick co-living space will include amenities like a restaurant and bar, outdoor retreats, a fitness center, event spaces, an art gallery, along with rehearsal and performance areas.
"We are very much focused on how people feel in our spaces and how we can create environments that enable people to be the best versions of themselves," Merchant said.