The Collective expands in NYC with $90m double deal
The Collective has acquired two sites in New York City for $90m (£68m), bringing its total portfolio end-value to £1bn.
After launching in the US at the end of last year with 555 Broadway in Brooklyn, the co-living developer and operator has now made two acquisitions in two weeks.
Its second purchase is the site of the former Slave Theater at 1215 Fulton Street, Brooklyn, for $32.5m (£24.5m).
The Collective has acquired two sites in New York City for $90m (£68m), bringing its total portfolio end-value to £1bn.
After launching in the US at the end of last year with 555 Broadway in Brooklyn, the co-living developer and operator has now made two acquisitions in two weeks.
Its second purchase is the site of the former Slave Theater at 1215 Fulton Street, Brooklyn, for $32.5m (£24.5m).
Chief executive and founder Reza Merchant said: “We are committed to continuing the community-centred legacy of the Slave Theater, which once stood on this site.
“Integral to what we will create at 1215 Fulton Street will be a publicly accessible programme of events, classes, amenities and experiences focused on culture and the arts.”
In its third acquisition in the US, the co-living developer and operator picked up the Paper Factory Hotel (pictured) in Long Island City, Queens, for $58m (£43.7m). The site will be its first US operational location, with 125 rooms available on short-term stays from one night up to a few weeks.
The Collective will redevelop the ground and basement floors in the first phase, seeking to deliver a range of spaces and workshops offering music programming, mindfulness and wellbeing classes. It will seek to add at least 100 rooms to the building next year.
Merchant said: “Our vision for Paper Factory is to activate an inspiring environment where the local community of Long Island City and our members can share unforgettable, enriching experiences that have a lasting impact on their lives.
“Queens and Brooklyn are just the first steps on our exciting US journey. In today’s increasingly global, mobile and access-driven society, we are becoming citizens of the world rather than citizens of a particular country. The network of locations that we are building and activating will unlock for people the freedom they crave to work, live, explore and enjoy on their terms.”
The acquisitions are part of The Collective’s plans to expand its current portfolio from 7,500 units, with an GDV of more than £3bn, to more than 100,000 units by 2025.
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