Simon Baron Development Selects Common to Operate 419 Coliving Beds in Long Island City's ALTA Building
Through community-driven operations, Common's offering will cater to professionals re-entering New York as the city reopens
NEW YORK, June 2, 2021 /PRNewswire/ -- Innovative real estate developer Simon Baron Development has named Common the coliving operator at ALTA. Common is the nation's leading residential brand that designs, leases, and manages multifamily properties appealing to today's renters. The operating agreement between Common and Simon Baron Development will aim to provide a better renting experience for residents choosing coliving to find community and convenience where they live. Located in the Long Island City neighborhood of Queens, ALTA is a Class A property with luxury amenities like a pool, community lounge and a fully equipped gym.
The site was bought in 2015 and it is now one of the largest coliving buildings in the country. Since its inception, ALTA has been focused on providing Long Island City residents with a highly attainable yet luxury forward housing experience. The building officially opened in 2018 and it continues to be a sought after area to live in for young professionals in New York.
As COVID-19 fundamentally changed the way the modern workforce lives in big cities, coliving continues to rise in popularity among young professionals. With NYC reopening this summer and apartment demand continuing to climb, Long Island City is poised to see an influx of professionals preparing for a post-COVID city. At ALTA, coliving rents are starting at $1,600 per month and include fully furnished apartments, household supplies, weekly cleanings, community events, discounts to local and national brands, utility-inclusive rent, and access to all of the building's thoughtful amenities. The luxury building features sought after amenities like an outdoor deck with a great lawn where residents can enjoy a film in the outdoor movie theater that overlooks New York City.
"We're excited to partner with Common, an operator who has built a strong track record in New York and is well-positioned to capture renters returning to the city," said Matt Baron, President of Simon Baron Development. "Coliving requires specialized operations and Common has built up the reputation to successfully manage on behalf of institutional owners."
"As the industry landscape changes, Common has clearly emerged as the leader in operating coliving units across the US, particularly in NYC, the city where we were founded. Being selected to operate at ALTA, a residential building well known for being national coliving pioneer, is an honor," said Brian Lee, Managing Director of Real Estate at Common. "As we begin to see what a fully open New York City will look like, I am thrilled to be working with Simon Baron Development and Square Mile to make renting in Long Island City easier."
Common opened in New York in 2015 with a coliving brownstone in Brooklyn. Five years later, the residential brand operates 900 units across New York, partners with institutional investors and developers, and has expanded beyond coliving into traditional property management in residential towers across the city. Common has more than 1,500 units in its NYC pipeline and expects to open over 20,000 units across the US in the next few years. This past year, Common announced a nearly 400 unit Philadelphia expansion, added former Deputy Mayor of New York City Alicia Glen to its Board of Directors and raised $50 million in its Series D venture capital funding round from Kinnevik.
About Simon Baron Development
Simon Baron Development focuses on opportunistic, value add acquisitions and looks for opportunities that require development, redevelopment or repositioning, leveraging over a century of cumulative real estate experience. The firm's principals have extensive experience with ground up development, renovations of existing buildings and repositioning of failed or mismanaged assets. Simon Baron Development has a long history in New York City, founded in 1990 by Jonathan Simon, the firm prides itself on its ability to seek out and find unique opportunities, including off market transactions that require special development expertise. Simon Baron Development has also worked with, and currently maintains relationships with, many institutional firms such as banks and real estate private equity firms that continue to act as sources of capital for the firm's transactions.
About Common
Common is the leading innovation-driven property manager that designs, leases, and manages multifamily properties across the world. Through smart design and tech-enabled property management, Common delivers exceptional experiences across ten cities and over 5,000 members in coliving, microunit, and traditional apartments. We are the preferred choice for both residents looking for a stress-free and all-inclusive living environment from a trusted brand, and for real estate owners seeking reliable, above-market returns. The Common platform also includes workforce housing management brand Noah and family-first urban designer and operator Kin. With over 20,000 units signed and under development and over $110 million in venture capital investment, Common is expanding into 22 cities across the world. To work with us, visit our partners page or follow us on instagram at @common.living.
Contact:
Phoebe Dinner
[email protected]
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