The newest entrant to the co-living game is… New York City?

ShareNYC is a new HPD pilot program

TRD New York /
Nov.November 01, 2018 10:30 AM

29-26 Northern Boulevard in Long Island City and Maria Torres-Springer (Credit: Simon Baron and Twitter)

To address the growing housing crisis, Mayor Bill de Blasio’s administration in the last five years has encouraged the construction of micro-units and tiny houses, and even pushed for private developers to build on public housing land. Now you can add co-living to the list.

New York City’s Department of Housing Preservation and Development is slated to announce a pilot program that will let developers access public funding for more affordable co-living projects. The program is dubbed ShareNYC, the New York Times reported.

Co-living units that already exist are largely around the market rate, though they’re often priced below traditional studio apartments. ShareNYC is seeking proposals that have income-restricted units, the report said. The units are expected to span between 150 and 400 square feet per bedroom — and will include a common kitchen and living space. The deadline is March 14, 2019.

Various types of co-living projects have emerged in the city — but the prices, even if less expensive than conventional apartments, lean toward the luxury level. The city’s program aims to give developers incentives to create more affordable versions of that model, which has been hampered by SRO laws.

“It’s really a decision that reflects what we see in the world — a shortage of small apartments,” Maria Torres-Springer, the department’s commissioner, told the Times.

The co-living concept has been gaining traction. The startup Ollie is reportedly in talks to raise more than $50 million in a new venture funding round, The Real Deal reported in September. The company has held discussions with student housing operator EdR, along with other potential investors. Its competitors Common and Bungalow have raised more than $60 million and $14 million, respectively. [NYT] — Meenal Vamburkar


Related Articles

arrow_forward_ios
From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

From left: The Blau and Berg Company's Karine Blanc, TD and Partners' Nana Duncan and Lemor Development Group's Kenneth Morrison (Credit: Blauberg, TD+Partners and Lemor)

Black developers say partnerships aren’t always equal

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

arrow_forward_ios