Common Tapped to Manage NYC Co-Living Units
- Jun 03, 2021
Common has added ALTA, a Long Island City, N.Y., co-living property owned by Simon Baron Development, to its management portfolio. The operator will oversee 419 co-living beds in the 44-story building at 29-22 Northern Blvd.
Simon Baron Development acquired the site in the Long Island City section of Queens in 2015. The 528,000-square-foot building is one of the largest co-living buildings in the country.
The Class A property, which opened in 2018, also has luxury amenities like a pool, community lounge and fully-equipped gym. Other amenities include an outdoor deck with a great lawn where residents can watch a film in the outdoor movie theater that overlooks New York City.
The operating agreement between Common and Simon Baron Development will aim to provide a better renting experience for residents choosing co-living. With rents starting at $1,600 per month, the two firms anticipate the co-living building will be a sought-after option for young professionals returning to New York City post-pandemic. The monthly rent includes fully furnished apartments, utilities, household supplies, weekly cleanings, amenities, community events and discounts to local and national brands.
Matt Baron, president of Simon Baron Development, said in a prepared statement Common has built a strong record as an operator in New York and is well-positioned to capture renters returning to the city. He said co-living requires specialized operations and noted Common has built up a reputation of successfully managing co-living properties on behalf of institutional owners.
Common’s Growing Portfolio
Common opened in New York in 2015 with a co-living brownstone in Brooklyn. The Common platform, which includes workforce housing management brand Noah and family-oriented urban designer and operator Kin, currently operates in 10 cities with more than 5,000 members in co-living, micro-unit and traditional apartments. In New York, Common operates 900 units and has more than 1,500 units in its Manhattan pipeline.
The firm expects to open more than 20,000 units across the United States in the next few years. In recent months, Common has expanded into Washington, D.C., and Philadelphia. W5 Group tapped Common in April to manage 239 co-living beds across 99 units in i5 Union Market, a newly-built property in Washington, D.C.
A month earlier, Common said it would be adding 396 units of co-living and traditional units in Philadelphia to its management portfolio. Common will be overseeing units at Common Frankford, Lincoln Square by Common and Common at Broadridge.