The Real Deal New York

WeWork plans small apartments atop 110 Wall Street to lure TAMI crowd

Project will combine concepts of firm and WeLive

March 18, 2015 09:30AM

Adam Neumann and 110 Wall Street in the Financial District

Adam Neumann and 110 Wall Street in the Financial District

Shared office space giant WeWork is planning to add small apartments and community facilities to the top of Rudin Management’s 110 Wall Street to cater to TAMI tenants seeking affordable housing in the city.

The project would marry WeWork’s well-established office model with its newer WeLive concept, which it is pursuing in Crystal City near Washington, D.C. Its project there will consist of 216 micro-units, to which it is now considering adding office space. Residents will share some kitchen facilities like stoves and ovens, and benefit from amenities like herb gardens and arcades, according to the New York Post.

The approach comes amid concerns from New York City’s TAMI employers, who recruit actively from all over the world and then see their employees struggle to find affordable housing in the city.

When last reported, WeWork was in talks to take all 300,000 square feet at Rudin Management’s Superstorm Sandy-damaged 110 Wall Street. Last July, Rudin paid $7.7 million for additional development rights from a hotel neighbor, which it appears it is using to build the WeWork housing.

The project is being designed by FXFOWLE, and WeWork and Rudin have both refrained from commenting.

WeWork recently leased 240,000 square feet at 85 Broad Street. In December, the company was valued at $5 billion. [NYP] — Tess Hofmann

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