A look into Co-Living development
Following my past post , I thought it would be interesting to look into co-living development. Co-living startups, like Starcity, own and develop most of their properties, while other brands like Bungalow signs long-term master lease. Common, a NYC-based brand, chooses to be a third-party manager to help owners design, market, lease, and manage their residential properties for co-living renters. Its target demographic is mostly people in their early 30’s with a medium income of $70,000. Currently its branded properties spread across 11 cities in the US, and in NYC alone it serves 12 neighborhoods. One of Common’s first properties in NYC is located in Harlem, a neighborhood in Upper Manhattan. The property is in a mid-block lot on a narrow street in the R7-2 zoning district. FAR: 3.44. It was built in the 1910's with a footprint of 20-ft by 46-ft on a 20-ft by 100-ft lot. An original 5-story SRO with 13-unit was converted into a 2-family dwell...