Related launches lodging for executives’ hybrid work
The Set to open in the fall, offering rentals and community events
Related Companies has a new brand up its sleeve, aimed at top executives splitting time between remote work and the office.
The developer is launching The Set, a rental apartment brand, the Wall Street Journal reported. Instead of focusing on fully remote employees or lower-level freelance staffers, the brand is designed to provide a luxury experience for executives.
The first location will open at 455 10th Avenue in Hudson Yards in the fall. The 270-unit rental building will include furnished units, concierges and amenities. Studio rents start at $5,200, while one-bedroom apartments begin at $7,200 per month; leases are expected to be yearly.
Other features will include wine tastings and speakers, as Related looks to create an experience to sput mingling among high-powered residents.
“People want to know their neighbors,” Jeff Blau, Related’s CEO, told the Journal. Blau plans to take the concept national with outposts potentially slated for Miami, Los Angeles, Chicago, and Austin.
The residences are designed to be more affordable than an upscale hotel, even if executives are only staying there for the few nights a week they need to go into the office or take meetings.
The 45-story building, alternatively addressed at 451 10th Avenue, will also house another new Coterie, another Related brand catering to senior housing.
Related and Spitzer Enterprises in 2020 landed $276 million in building and project loans for the housing development, expected to encompass 526 units across all of the different brands. M&T Bank provided the loans.
Building plans called for a 415,000-square-foot development, including 114,000 square feet of community space and 33,000 square feet of commercial space. The project is part of a larger 1.4 million-square-foot mixed-use development Spitzer and Related are building in Hudson Yards.
Lodging companies are taking notice of opportunities from hybrid work situations. Startup Mint House recently began offering a service targeting hybrid workers who want a pied-a-terre near their office. Airbnb recently launched an option for guests to split week-long stays between two places.
[WSJ] — Holden Walter-Warner