“The five-lot assemblage unlocked more than 328,000 of potential zoning floor area, making this the largest site to close in North Brooklyn since the Rheingold Brewery site sold in 2016,” says Stanton.

It's not just office space using real estate in the war for talent. Higher-end, residential space is also in a fierce competition for desirable, rent-paying tenants. Referring to its product as “co-living,” the developer distinguishes itself from other amenity-laden and program-filled apartments by emphasizing it specializes in services and programming. Similar to the co-working office provider WeWork, The Collective has “members,” instead of tenants.

A spokesperson for The Collective tells GlobeSt.com, “Our members tend to be single occupants and our product is an intergenerational model. It is for people who are looking or social connection and to be part of a community.”

The company also emphasizes flexible accommodations, affordable housing, communal facilities and amenities tailored to fit with the neighborhood. Similar to experiential retail, co-living is geared toward increasing interaction and experiences.

“Co-living is fast becoming the preferred housing solution for people who want to live in a more convenient and connected way,” says Reza Merchant, the 29-year-old CEO of The Collective. He adds that his company intends to further expand in New York City.

The development in Brooklyn will have a market hall with local artisanal food, beverages and retail, rooftop amenities, barbecues, lounges, co-working areas, and a fitness center with wellness and exercise classes. The complex will include an art gallery, performance and rehearsal spaces, chef's kitchens, and event spaces for classes, workshops, talks and seminars. It will also have a street-level, landscaped outdoor area, public seating and communal art, as well as a community facility available for use by local residents and organizations.