The Collective Announces Newest Location, 292 North 8th Street, In Williamsburg, Brooklyn

NEW YORK, Dec. 16, 2019 /PRNewswire/ -- The Collective, the leading global co-living company based in New York, London and Berlin, today announced its latest co-living development, 292 North 8^th Street ("North 8^th") in central Williamsburg, Brooklyn. The $150M project is The Collective's sixth acquisition in the United States since establishing its New York arm in 2018, and its fourth in New York City.

The 224-unit building, designed by The Collective, with Stonehill Taylor (architect of record) and One Union Studio (interior design partner for public spaces), will span 100,000 square feet and accommodate a community of 321 members*. In partnership with local universities, 97 rooms are being designed for students with the remaining 127 studios geared for nightly and monthly stays.

"In keeping with The Collective's mission of fostering cultural exchange, learning and human connection, we believe that North 8^th will be the first project of its kind for New York City," said Reza Merchant, The Collective's Founder and CEO. "It will bring community of all ages together in one holistic environment, designed to promote an intergenerational exchange of knowledge through shared amenities and dynamic programming."

All residents of 292 North 8^th Street will have access to a beautifully designed student lounge and classroom spaces, street-facing food and beverage options, an outdoor courtyard, a fitness and wellness level with sun terrace, and a program of seminars, lectures and think tanks. In The Collective's signature style, the general public will also be welcome to take advantage of both the space and its programs.

"It wasn't until we completed The Collective Old Oak in West London, which houses around 550 people between 18 and 65 years old, that we really saw the power of bringing people together around ideas and experiences in thoughtfully designed communal space," added Merchant. "We've just opened the largest co-living building in the world, The Collective Canary Wharf, which houses 705 members and advances our mission to foster human connection and enable people to lead more fulfilling lives."

The Collective's growing, global network of co-living spaces offers thoughtfully designed efficiencies in the private living space to create a surplus of square footage for unique shared amenities and experiences. To date, the company has raised over $1 billion to fund its growth, bringing to life its vision of making co-living an option for people all over the world. In November of this year, it opened The Collective Paper Factory, The Collective's first U.S. location in Long Island City, Queens, marking the global debut of the company's short-stay model and the start of an explorative, collaborative cultural program dedicated to housing innovation and community-building in cities.

292 North 8th Street will open alongside The Collective's two previously announced Brooklyn projects, 555 Broadway and 1215 Fulton Street, in 2022. Also in development by The Collective are 2825 NW Second Avenue in Miami, Florida's Wynwood District and 633 LaSalle in Chicago, Illinois. This year, the company announced an ambitious plan to launch 100,000 units by 2025, which will service increasingly nomadic global populations with quality, attainably priced and flexible living solutions across the United States, United Kingdom, and Germany, among other locations.

"As we see opportunities to create more spaces that accommodate a breadth of knowledge and perspective in one space, we will continue our robust growth, which we strongly feel will unlock opportunity and growth across communities," stated Merchant.

Renderings here. 

* A member of The Collective is defined as anyone who stays with The Collective location for any length of time.

About The Collective

The Collective is a leading co-living pioneer building long and short stay communities across a growing, global network of cities. Its unique spaces combine thoughtfully designed private living solutions with communal and public amenities, to promote connection, growth and inspiration amongst members and benefit the surrounding neighborhood.

In the context of increasingly isolating urban environments, The Collective seeks to create a positive impact and foster human connection through dynamic cultural programs designed to bring people together.

Founded in London in 2010 by CEO Reza Merchant, The Collective has grown from offering small house shares to owning and operating the world's largest co-living project, with over 8,500 units operating or under development across the U.K., U.S. and continental Europe. The 300+ strong team headquartered across New York, London and Berlin has raised nearly $1bn to fund its international growth, bringing to life its vision of making co-living an option for people all over the world.

In joint partnership with DTZ Investors, a specialist European real estate fund manager, The Collective launched COLIV, the world's first institutional large-scale co-living fund, with the aim of raising up to £650 million ($840 million) in equity commitments to acquire or forward-fund between six and ten co-living assets in London.

The Collective Old Oak in London opened in 2016 with 546 rooms, which have since operated at 97 per cent occupancy. In 2019 The Collective opened new flexible stay co-living projects: Canary Wharf in London, and Paper Factory in Long Island City, New York.

For more information visit www.thecollective.com

SOURCE The Collective