A hotel in Long Island City will be converted into a ‘short stay’ co-living spot

Posted On Wed, March 20, 2019 By

Posted On Wed, March 20, 2019 By In Long Island City, real estate trends

Via The Collective

London-based communal living company The Collective has purchased a hotel in Long Island City with plans to convert the building into a space for co-living. The Paper Factory Hotel, located at 37-06 36th Street near the Astoria border, will be transformed into a space for “short-stay” co-living, which the company says will give members more flexibility in the length of their stay. The first phase of the conversion adds cultural and educational space to the building’s ground floor; the second phase adds 100 more bedrooms to the hotel’s existing 125 rooms.

“We love to join culturally vibrant neighborhoods who are embarking on their own phase of change, and to work alongside locals to understand their current needs,” Reza Merchant, CEO of The Collective, said. “Our vision for Paper Factory is to activate an inspiring environment where the community of Long Island City and our members can share unforgettable, enriching experiences that have a lasting impact on their lives.”

The Paper Factory location will be the debut of the company’s “short-stay” solution, which allows members to “enjoy flexible terms starting from a single night up to a few weeks,” a press release reads. All amenities, utilities, WiFi, and concierge services will be rolled into a single cost.

This is the company’s third New York City acquisition in six months. As 6sqft reported last October, the Collective announced plans to open a massive flagship with 500 units at the Williamsburg-Bushwick border at 555 Broadway. At 350,000 square feet, the space is expected to be the largest of its kind in New York City when it opens in 2022.

And earlier this month, the Collective picked up for $32.5 million the site of the former Slave Theater site in Bed-Stuy, which was demolished in 2016. This location, at 1215 Fulton Street, will feature both member and publicly accessible events and workshops.

While work on the two Brooklyn sites continues, the Paper Factory will become the Collective’s first operational location in the United States. And the company isn’t finished yet. The Collective is looking at another 10 projects in the city over the next 12 months.

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Neighborhoods : Long Island City

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