Co-living company, Common, is partnering with YD Development to build its first Manhattan property.
Located on 47th Street, between Ninth and Tenth avenues, construction began today on what will be called Common Clinton, the company’s 11th New York project and its most eco-friendly to date.
“Common’s expansion into Manhattan offers a new opportunity for us to enhance the quality of living on the thriving West Side, where mega developments are bringing more businesses, restaurants and arts and culture spaces,” said Sam Adler, Director of Real Estate at Common. “We are proud to partner with YD Development on this new project, which will be a sustainable model for coliving and bring the convenience and community Common is known for to Manhattan.”
The five-story, 11,000 s/fbuilding is being redeveloped by YD Development, with Common serving as the property manager. Common Clinton will feature 32 beds, a common room, green roof designed by Shigeo Kawasaki.
Brooklyn SolarWorks will install a custom 14.4kW solar canopy that, combined with strategically placed motion sensor lights, low flow plumbing fixtures, and smart thermostats will offset a significant portion of the building’s energy footprint. The home is expected to open in 2019.
“We’re thrilled to partner with Common on our first development deal,” said Derek Hsiang, Partner of YD Development. “We are fanatically obsessed with creating an optimal member experience across multiple fronts, and combining that approach with Common’s co-living model makes perfect sense.
“Installing green features in a normal multi-family building only solicits passive involvement from the residents. But with Common, the residents are a community. When everyone is actively contributing to a sustainable shared living experience, you get exponentially better results.”
Earlier this month, City Hall unveiled its own co-living program as part of its ongoing effort to address the growing housing affordability crisis in the five boroughs.
The Department of Housing Preservation and Development rolled out the initiative, ShareNYC and issued requests for information on this type of housing and expression of interest from companies with experience creating and managing it.
Common is among several co-living operators growing in the city. It operates 20 shared homes nationwide – 10 in New York, alone – and is working on a 100 percent affordable development in New Orleans, which it figures to be the first of its kind in the U.S.