1215 Fulton. Renderings courtesy of Tower Holdings Group, The Collective and Artefactorylab.
NEW YORK CITY – Times Square Development Group and Times Square Construction under the Tower Holdings Group are teaming up for the development of a co-living and hotel property in Bedford Stuyvesant, Brooklyn, betting that the asset type is a viable solution to address urban issues around access to housing, and foster community in the submarket, Kevin O'Sullivan, CEO & president of Tower Holdings Group, tells GlobeSt.com.
"The various opportunities unfolding within the co-living market and the potential to address some of the major urban issues, indicate that co-living is a growing asset class with real staying power," he said.
Earlier in 2019, Time Square Development Group and London-based The Collective, a firm focused on co-living real estate, purchased the property at 1215 Fulton Street, as well as 10 Halsey Street and 16 Halsey Street.
The co-living residential and hotel development, comprised of two 10-story buildings and one 4-6 story building, will feature a selection of affordable living spaces at different price points, but across the board offer indoor and outdoor communal spaces for residents and hotel guest to enjoy as well as cultural and community programs, according to O'Sullivan.
The property will feature 400-bedroom units, comprised of 2-bedroom units, co-living studios, 3-bedroom units and hotel rooms. The 219,185-square-foot development will share a common cellar and ground floor plan connecting all three towers as well as theaters throughout, a gym, yoga studio, restaurant and bar, and large roof-top common spaces that offer views of the New York City skyline.
"1215 Fulton Street co-living project is about both community and convenience," O'Sullivan said. "It provides residents with a diversity of activity and connection, but also allows the opportunity to retreat to their private space at the end of the day."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
