London-based Housing and Lifestyle Pioneer to Create New York City’s Largest Co-Living Location in Brooklyn

The Collective, an innovative London-based company that develops and operates some of the largest co-living properties in the world, today announced its plan to build a major co-living community on the border of Brooklyn’s dynamic Williamsburg and Bushwick neighborhoods.

The Collective will develop its signature brand of co-living at 555 Broadway on land that it acquired in early October from and through Blesso Properties. The $450 million, 350,000 square foot purpose-built development will be the first of its kind for New York City and serve as The Collective’s flagship location in the United States.

“Co-living is fast becoming the preferred housing solution for people who want to live in a more convenient and connected way. This transaction demonstrates our intention to be the co-living provider of choice by creating cultural destinations across the markets in which we operate. We continue to be focused on acquiring new opportunities in New York City, and delivering exceptional projects, which create an unparalleled experience for our members and the local communities in which we operate. From thoughtful design and the use of technology, to service excellence, we are ultimately driven by impacting people’s lives in an unprecedented way,” said Reza Merchant, the 29 year-old CEO of The Collective. “For our first New York acquisition, 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.”

The Collective proposals comprise flexible accommodations including much needed affordable housing, as well as a range of communal facilities and amenities, all of which will be customized to fit the neighborhood and The Collective’s core customer cohort.

The project will also incorporate a market hall featuring local artisanal food, beverage and retail, a community-focused restaurant and bar, a host of rooftop amenities, activated outdoor terraces with BBQ and lounge areas, as well as multiple co-working areas and a fitness center with state-of-the-art wellness offerings and group exercise classes.

In keeping with its dedication to fostering meaningful social interactions and focus on impacting lives in an unprecedented way, The Collective proposals will incorporate a number of additional lifestyle amenities that differentiate it from other co-living options, including an art gallery, performance and rehearsal spaces, and Chef’s kitchens, as well as event spaces for The Collective-curated classes, workshops, talks and seminars.

The development at 555 Broadway will also include a street-level outdoor hangout area with landscaping, public seating and communal art, as well as a community facility available for use by local residents and organizations.

“The Collective believes each new building is an opportunity to help people by freeing them from daily inconveniences and granting them more flexibility, which allows them to live their lives to the fullest,” said Mr. Merchant.

Founded in 2010, The Collective creates places for people to live, work and play. It built and currently operates the largest purpose-built co-living development in the world. The Collective Old Oak in West London was the United Kingdom’s first co-living community when it opened in 2016.

The company has also created The Collective Foundation, which allows people to come together to confront the most pressing issues facing cities today, such as lack of affordable housing and migration in urban areas. Launching this year, The Collective Global Accelerator is designed to support entrepreneurs and innovators from around the world to live at The Collective Old Oak and gain access to the mindset tools and networks they need to grow their social enterprises and make a difference for people in need.

The Brooklyn location, which is expected to open in 2020, represents a portion of the 6,500 units that are currently in The Collective’s development pipeline across Europe and the United States.