Common takes over operations at Simon Baron’s LIC co-living tower

Ollie previously managed the rental complex

New York /
Jun.June 02, 2021 09:00 AM
Common CEO Brad Hargreaves, Simon Baron Development president Matthew Baron and ALTA. (ALTA, General Assembly, Simon Baron)

Common CEO Brad Hargreaves, Simon Baron Development president Matthew Baron and ALTA. (ALTA, General Assembly, Simon Baron)

One co-living operator is out and another is in at a Long Island City rental complex.

Simon Baron Development announced that Common will take over operations for the co-living units at Alta, its 419-unit tower at 29-22 Northern Boulevard.

Until recently, those units were operated by Ollie, another co-living startup. But that company had a tumultuous year: In February 2020, its co-founders, brothers Andrew and Chris Bledsoe, left the company. And in December, yet another co-living startup, Starcity, acquired Ollie’s assets, which reportedly included its management contracts.

Matt Baron, president of Simon Baron, declined to elaborate on what had transpired since Starcity’s acquisition of Ollie’s assets. In a statement, he praised Common, which he said “has built up the reputation to successfully manage on behalf of institutional owners.”

Alta has both traditional apartments and 169 shared units. According to Alta’s website, rents for an Ollie-operated co-living unit started at $1,300, while traditional studios in the building start at around $2,700.

A Common spokesperson declined to comment on the building’s current occupancy rate, but said that the company aims to bring it above 90 percent.

Founded in 2015 in New York City, Common has expanded its reach beyond co-living in recent years. The company now operates about 900 units in New York — mostly shared units as well as some traditional apartments — with another 1,500 in the pipeline. The company said it expects to open more than 20,000 units across the U.S. in the next few years.

Last year, it added former New York City housing czar Alicia Glen to its board of directors and raised $50 million in a Series D funding round.

As the pandemic took a toll on the industry, some co-living players weren’t able to survive.

Quarters, a subsidiary of Germany-based Medici Living Group, planned to open 1,500 co-living units in the U.S. Instead, entities with ties to Quarters filed for Chapter 7 bankruptcy in January, ceasing operation and liquidating all assets to repay creditors.





    Related Articles

    arrow_forward_ios
    From left: 80 Columbus Circle with Robert Stiller and 737 Park Avenue with Hamad bin Khalifa Al Thani (Photos via Google Maps, Agnovos, State of Qatar, Godsfriendchuck/Wikimedia)
    Mandarin Oriental, 737 Park units sell at substantial losses
    Mandarin Oriental, 737 Park units sell at substantial losses
    Steve Cohen and 151 East 158th Street (Getty, Google Maps)
    Steve Cohen’s $30M condo sells above asking — after a 74% cut
    Steve Cohen’s $30M condo sells above asking — after a 74% cut
    Nicole Oge, Casa Blanca founders Hannah Bomze and Erez Zaurer (Getty, Casa Blanca)
    Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
    Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
    470 Broome Street  and Rayo Withanage (Photos via Saltzman Architects, P.C. and Withanage)
    From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
    From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
    Tenants are singing longer leases to lock in low rent. (Getty)
    Tenants locking in longer leases as apartment rents rise
    Tenants locking in longer leases as apartment rents rise
    Last year more people relocated to ZIP codes with lower home values and more space. (Getty)
    Long-distance movers found cheaper and larger homes in 2020
    Long-distance movers found cheaper and larger homes in 2020
    Federal Reserve Chair Jerome Powell (Getty)
    Traders eye Fed pullback on mortgage bonds
    Traders eye Fed pullback on mortgage bonds
    (iStock)
    Manhattan contracts bloomed to all-time highs in the spring
    Manhattan contracts bloomed to all-time highs in the spring
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...