Golenbock Eiseman Assor Bell & Peskoe LLP advised London-based The Collective with its recent acquisition and financing of property in Brooklyn. The Collective will develop the project as a co-living building, an innovative trend that has gained considerable interest among young professionals seeking a way to afford living in high-cost urban locations. GEABP Partners Joseph Ginsberg and Lawrence Haut advised The Collective in the transaction, and in the development joint venture. The New York Times recently mentioned The Collective in a review of such projects going up throughout New York City. The Collective in Brooklyn is the firm’s first U.S. venture. The Collective owns and operates co-living quarters near London, including The Collective Old Oak, a single 10-story structure that includes 546 rooms that are rented separately and share kitchens located on each floor. “Ensuite” rooms come with a private bathroom and a kitchen that is shared with one other member; and “studios” come with a private bathroom and kitchenette. Through the company’s co-living structure, tenants’ monthly rent bills typically also include various amenities like broadband internet, room cleaning services and access to work spaces and a gym.
GEABP represents The Collective, A Co-living Space in Brooklyn
