The German co-living company QUARTERS has expanded its Brooklyn, N.Y. footprint with plans to open two more locations. The properties will be located in North Williamsburg and Fort Greene, scheduled to come online in early 2020.
The North Williamsburg location will be split between two buildings, the five-story 186 N. Sixth St. and the four-story 165 N. Fifth St. At approximately 55,000 square feet and offering 160 beds, the dual-building location will become QUARTERS’ largest location in the city. The property will be designed by Marvel Architects and includes a 5,000-square-foot landscaped rooftop, a rec room and entertainment space, flexible office and social space, an outdoor area for bike storage, a library, a laundry room and a gym. The North Williamsburg location will also be located near the MTA’s G and L lines.
The owner and developer, David Dweck from Duke Equities, was represented by Compass’ Ralph Hanan, while Crown Retail Services’ Isaac Mograby represented Quarters.
In Fort Greene, QUARTERS will be opening a three-story, 46-bed location at 251 Dekalb Ave., owned by Cedar Holdings. The location will include amenities like a patio and a 10,000-square-foot courtyard, while also being close to the MTA’s C, G and Q lines.
According to QUARTERS’ CEO Gunther Schmidt, Brooklyn’s demographic of young tech and creative entrepreneurs matched the brand’s co-living lifestyle of amenities and programming.
CAPITALIZING ON CO-LIVING
The two new locations comes on the heels of a previous Brooklyn expansion QUARTERS announced earlier this year. The company is also planning to open a location in Bedford-Stuyvesant that will be ready in the fourth quarter of 2020.
Combined with the existing locations in the East Village and the Lower East Side, QUARTERS will soon have five co-living properties in New York City. In total, QUARTERS runs eight locations throughout the U.S. in New York City, Chicago, Philadelphia and Washington, D.C.
The recent activity is part of a $300 million increase for expansion plans into the U.S. that QUARTERS announced in December 2018, which will bring 1,800 beds over the next three years. Outside the U.S., QUARTERS is looking at bringing in 6,000 more units to Europe through the next five years with $1.1 billion in funding.