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324 Grand St. Repositioned as Short-Term Co-Living Property

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An idealized version of 324 Grand St. as seen on the website of Empire Capital Holdings.
An idealized version of 324 Grand St. as seen on the website of Empire Capital Holdings.

For years, 324 Grand St. was an empty development site. A 7-story building went up here in 2014, and sat vacant for many months. Now there’s a new owner and a new creative plan for the property.

According to the Wall Street Journal, Medici Living Group, a German firm, plans to offer furnished rental apartments at 324 Grand as part of a “co-living” concept. The company is marketing the units under the brand name “Quarters.” The 3-bedroom/2-bath apartments are available under “flexible lease terms” and with amenities, such as a roommate matching service and an in-house activities director.

The company signed a 10-year lease in the Lower East Side building. Rents start at $1799/month with leases running as short as 3-months.

Co-living concepts are not new, but they’re growing in popularity. Other firms with similar business models in New York City are apparently doing well. As the Journal explained:

More players are likely to enter the co-living arena in U.S. cities as urban revitalization, high real-estate costs and expected population growth of 18- to 34-year-olds have created fertile ground, said Hessam Nadji, chief executive officer of Marcus & Millichap Inc., a commercial real-estate brokerage and advisory firm. “People who want to live in these urban settings can’t afford the rent,” Mr. Nadji said. “The affordability gap is becoming larger and larger.”

The property was sold by a Queens-based developer in February to Empire Capital Holdings for $21.2 million. Empire calls 324 Grand St., “an exciting urban retreat featuring breathtaking views of Manhattan.”

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