Co-working space provider WeWork (which has 40,000 members in 19 US, European and Asian cities that share office space with perks like free coffee, cool furniture and a communal atmosphere) has launched their new “co-living” apartment concept, beginning with 45 units in a Wall Street building. FastCompany reports that last weekend, 80 new residents moved into furnished apartments at 110 Wall Street, where the company already runs a co-working space on the building’s first seven floors.
They’re part of what the company says is the first stage of beta testing for this community-driven concept, with New York City as the guinea pig. The concept is, according to a company spokesperson, “focused on enabling people to live more fulfilling lives. During this testing phase, we’ll be listening to feedback from our community.” Plans are in the works to accommodate 600 people on 20 floors of the building.
Find out more about the latest co-living experiment
Is this the dorm-itization of NYC? via 20071110_0213 via photopin (license)
With shared office spaces like WeWork taking the city by storm, it’s no surprise that the residential real estate community is looking to get in on the commune-style action, especially considering the city’s push for micro housing.
The Daily News reports on “communal living hubs with micro-apartments for young professionals,” calling it the “dorm-itization of New York City.” Instead of traditional one-year leases, these new setups are offering month-to-month contracts where tenants came rent a room at the snap of a finger and move out just as easily. They can also freely apartment hop between buildings of the same owner. In theory, it sounds great for first-time New Yorkers, fresh-out-of-college twenty-somethings, and just about anyone with an uncertainly factor to their lives. But the News notes that a standard, five-bedroom micro apartment community has a lease of about $10,000/month, meaning that the modern nomads renting out rooms are still paying roughly $2,000/month, pretty steep for a single bedroom in a unit shared with a stranger.
Find out more about the new real estate trend