The Real Deal New York

Adam Neumann-backed hotel and co-working company Selina expands to NYC

Startup leases all 63K sf at Emmut Properties' 138 Bowery
By Konrad Putzier | December 05, 2018 08:00AM

138 Bowery and Adam Neumann (Credit: Google Maps and Getty Images)

Selina, a hotel and co-working company that counts WeWork’s founder Adam Neumann among its investors, is opening its first New York City location.

The company announced Wednesday that it signed a 20-year lease for the entire 63,000-square-foot building 138 Bowery. The property will include 90 hotel rooms 2,000 square feet of co-working space, a rooftop bar and more than 2,000 square feet of ground-floor retail space.

“This is really a flagship location for us,” said the company’s president Yoav Gery, adding that he is at looking at other potential locations in the Big Apple.

Founded in Panama in 2015, Selina manages hostels that include office space and cater to so-called digital nomads — people who travel while working remotely. The company manages properties in several Latin American countries and Portugal. It hopes to open 15 locations in the U.S. by 2020.

Last year Selina raised $95 million in a Series B funding round.

Emmut Properties initially developed 138 Bowery as a mixed apartment and hotel building, but ultimately decided to lease the entire building to a hotel operator instead, Gery said. The company bought the development site for $47 million in 2015.

Meanwhile, Selina also announced a partnership with real estate investment firm DD3 Capital Partners to open locations in Mexico.