Common inks deal for second co-living building in Williamsburg

Startup taking over 10 units in new construction building

May.May 08, 2019 05:15 PM
Common Founder & CEO Brad Hargreaves and 207 South 3rd Street (Credit: Francesco Sapienza)

Common Founder & CEO Brad Hargreaves and 207 South 3rd Street (Credit: Francesco Sapienza)

Co-living startup Common has tied up a deal to open its second location in Williamsburg as the company looks to scale up with new development deals.

The Midtown-based company signed a lease covering all 10 residential units at the Loketch Group’s new development at the corner of Roebling and South 3rd streets in South Williamsburg.

A spokesperson for Common said the new location – dubbed Common Marcy – was attractive, in part, due to its proximity to the company’s first Williamsburg facility it opened in 2016 just two blocks away at 254 South 3rd Street.

Common Marcy is expected to open later this spring or in the early summer.

The 10-year, double-net lease covers the 10 four-bedroom units spanning 16,000 square feet in the five-story building at 207 South 3rd Street, according to brokers at Brooklyn’s EXR brokerage that negotiated the deal.

Archibald Rowan

Archibald Rowan

EXR’s Archibald Rowan represented both sides in the deal.

Midwood-based developer Loketch Group – run by the father-and-son team of Pinny and Moishe Loketch – bought the development site for $10 million in 2014. The financed construction with a nearly $14 million loan from Banco Popular, and recently refinanced the property with a $17.25 million loan in March from W Financial, property records show.

Common, meanwhile, teamed up with Tishman Speyer in late March to launch Kin, a shared-living space for families in the city.

The company, founded in 2015, is doing more deals in new construction as it expands nationally.

Common inked its first deal in Manhattan last year for a new building in Hell’s Kitchen.

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