German co-living company Medici Living is set to open its first Brooklyn location in Bedford Stuyvesant this year as part of a nationwide expansion, Crain's New York reports.
Its U.S. offspring, Quarters, will take over 84 units in an upcoming mixed-use building at 1190 Fulton Street. Developed by Bawabeh Realty Holdings, the project is expected to break ground next month. Once the building is complete, Quarters will furnish the rooms and lease them out, targeting a community of young professionals who want to avoid the hassle of finding roommates and furniture.
Tenants lease their own bedrooms but share everything else, including bathrooms, kitchens and common areas. Co-living firms generally believe they can add value to the urban living experience by offering all-inclusive packages that come with high-speed internet, laundry facilities, co-working and recreational spaces, as well as by curating events that foster networking and community.
The details for the Bed-Stuy units have yet to be revealed, but the company's East Village location offers monthly leasing options start from $1499 with room sizes ranging from 80 to 158 square feet.
"Young people—particularly those working in the tech and creative industries—want to be in Brooklyn, in an environment that engenders a vibrant community culture," Gunther Schmidt, chief executive of Quarter's parent company, Medici Living, said in a statement.
Quarters is joining a growing market of short-term leases in apartment-like spaces: The model has already been established in NYC with companies like WeWork and Common.
The Bed-Stuy project will be Quarters third location in New York City, the fourth in the U.S., with more to come.
Last month, the parent company Medici announced that it had raised $300 million which it will use to create 1,800 co-living units in major metro areas across the U.S. under the Quarters brand. The company currently operates 70 locations across Europe.