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UK PRESS RELEASE: Co-living pioneer, The Collective, continues £1 billion US expansion with acquisition of Paper Factory hotel in New York
The acquisition will become home to the co-living provider’s first stateside operational location
The Collective, the London-founded pioneer of the communal living movement and operator of the world’s largest co-living building in West London, has announced its third major investment in New York in six months: the acquisition of the Paper Factory Hotel in Long Island City, Queens. The Collective will transform the building into a co-living environment and will debut an ambitious cultural events program that integrates the surrounding neighbourhood while appealing to an international audience.
- Today’s announcement marks the third major acquisition for The Collective in New York City, and takes its total portfolio value in the city to £1 billion in the space of six months.
- This acquisition is a key pillar of The Collective’s ambitious global expansion plan, which will see the company grow its current portfolio from 7,500 units to at least 100,000 units by 2025, expanding its current offices in the U.S. and Berlin, and doubling its head count for the fourth successive year.
- The project is a further demonstration of The Collective’s ambitious growth plans for the United States, with an intent to transform the property into a cultural destination that will also feature the launch of The Collective’s short stay brand, under which it will offer flexible stays from one night up to a few weeks.
- The Collective’s current portfolio comprises 7,500 units that are fully operational or under development, with a combined gross development value of over £3bn.
- Since 2016 The Collective has operated the world’s largest co-living building, The Collective Old Oak, in West London which was the subject of institutional investment in the co living sector for the first time from Deutsche Bank in 2018.
- The Collective’s fully integrated business model – which sees the company lead each stage of the planning, design, construction and management process – ensures The Collective has a vested interest in delivering the best co-living experience on the planet.
Greater flexibility introduced with short-stay co-living solution
- The Paper Factory will become The Collective’s first U.S. home and the worldwide debut of the company’s short-stay co-living solution.
- With short-stay, The Collective’s members will enjoy flexible terms starting from a single night up to a few weeks, with all amenities, utilities, Wi-Fi, linen change and concierge services rolled into a single, simplified cost.
- A first phase of rejuvenation at Paper Factory will transform its expansive ground and basement floors into a highly-varied series of spaces designed to host daily experiences, ranging from cutting-edge music programming to educational gatherings around the future of living to mindfulness and wellbeing workshops.
- The program, which will be open to members and to the public, will strike a balance between intellectual growth, spiritual inspiration and cultural discovery.
- Next year, The Collective will turn its attention to Paper Factory’s upper floors by adding another 100+ bedrooms to its current count of 125.
Reza Merchant, founder and CEO of The Collective, commented:
“We are profoundly excited for our arrival in Queens. We love to join culturally vibrant neighborhoods with great potential where we can work with local people and communities to understand their needs. Our vision for Paper Factory is to activate an inspiring environment where the local community of Long Island City and our members can share unforgettable, enriching experiences that have a lasting impact on their lives.”
“We are very much focused not just on how people feel in our spaces, but what they might become there. We take a huge amount of inspiration from Maslow’s hierarchy of needs and believe it is our duty to cater to all levels of the pyramid – starting from essentials like food and shelter, all the way to the top, which is self-actualization. Seeing people grow and achieve their full potential in life is what gets us out of bed every morning.”
“Queens and Brooklyn are just the first steps on our exciting U.S. journey. In today’s increasingly global, mobile and access-driven society, we are becoming citizens of the world rather than citizens of a particular country. The network of locations that we’re building and activating will unlock for people the freedom they crave to work, live, explore and enjoy on their terms.”
The full press release and hi-res images are available for download below