The Collective Expands Co-Living to LIC, Queens

The Paper Factory Hotel, Long Island City, Queens

NEW YORK CITY—The Collective, a London-based real estate firm that focuses on co-living, has acquired the Paper Factory Hotel located at 37-06 36th St. in Long Island City, Queens for $58 million. Gal Sela was the seller of the property in an off-market transaction.

The company plans to convert the building that’s near the Kaufman Arts District and Astoria, into a short-stay co-living space. The facility will offer membership-based hotel lodging from stays of one night to up to a couple of weeks. An all-inclusive bill will include the hotel services and amenities such as linen changing, a concierge, Wi-Fi and utilities. But it also adds a community focus with arts, culture and wellbeing events. The programs will be open to both members as well as the public.