US: The Collective has announced it is developing a property in Williamsburg, its sixth project in the US and fourth in New York City.
The $150 million project, at 292 North 8th Street, will be aimed at students and people looking for short-term stay space.
The London-based co-living firm said the 100,000-square-foot development will feature 224 units, 97 of which will be reserved for students. The rest of the apartments will be studios for nightly and monthly stays. The building also will have a student lounge, classroom spaces and a program of seminars and lectures.
The project will cost $150 million, according to a press release. But it’s not immediately clear for how much the Collective paid for the site; a representative for The Collective declined to say how much the company shelled out for it. An entity linked to the Kamali Organization bought the property — a factory — in 2016 for about $20.7 million, property records show.
Founded in 2010 by CEO Reza Merchant, the Collective has two other Brooklyn projects in its pipeline: 555 Broadway and 1215 Fulton Street, formerly the historic Slave Theater. All three are scheduled to open in 2022. The company also is developing 2825 NW Second Avenue in Miami and 633 South LaSalle Street in Chicago.</p
