Co-living startup will manage the property
Co-living startup Common is partnering with Yoori Oh and Derek Hsiang to open a location in Hell’s Kitchen, according to CurbedNY. The developers paid $8.05 million for the 11,000 SF property at 424 West 47th Street a year ago. The property will be managed by Common, and contain 32 beds.
When the king of the space is having trouble… WeWork told investors in 2014 that WeLive would open 69 locations by the end of 2018…. Only two exist. This should give developers and investors pause about the viability of the model. Dorming is for college!
Heard on the Street: Adam Neumann even admits that “reinventing the way people live is tougher than changing the way they work.”