A London-based Developer Marketing “Co-Living” Is Coming to … Brooklyn

Reza Merchant, CEO of The Collective

NEW YORK CITY–The Collective is a multifamily developer working to differentiate itself as focused on creating communities in its apartments with its spaces, amenities and programming. The London-based company is creating a $450 million, 350,000 square-foot, purpose-built residential complex in a neighborhood that borders Williamsburg and Bushwick in Brooklyn. The Collective acquired the property in early October from Blesso Properties and Park-It Management for $54.25 million and intends to establish its flagship US location at the site.

The project, located at 555 Broadway with the alternate address of 277 Lorimer, is expected to open in 2020. The site includes 250,982 square feet of market-rate residential development rights and a total development capacity of approximately 328,594 square feet. It also has 725 feet of combined frontage on Broadway, Lorimer Street and Boerum Street.