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Co-living startup The Collective set to lose flagship development project
Tags: BUSINESS

Co-living Startup The Collective Stands to Lose Its Flagship Development Project

Co-living startup The Collective will lose its flagship development project as the company is reportedly behind on the $49 million mortgage. The Collective had plans to build a 500-apartment tower at 555 Broadway in Williamsburg. 

The site’s lender has hired Cushman & Wakefield to market the loan for a sale to a buyer that could take control of the property, according to reports. 

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    Despite the lender’s intention to sell the site, a spokesperson for The Collective said the co-living company is “considering a number of options to take the project forward”. 

    The Collective was founded in 2010 by Reza Merchant. Recent reports claim that the company is on the brink of bankruptcy. The Collective has reportedly hired FTI Consulting to guide it through administration, which is a similar process to the one of bankruptcy for entities in the UK.

    ABOUT Cecilia Amador de San José
    Cecilia Amador de San José

    Cecilia Amador de San José, Senior Associate Editor of Allwork.Space, is based from wherever her laptop is. She enjoys traveling and visiting new flexible workspaces. If you'd like Ceci to check out your workspace, feel free to reach out to her at [email protected] (and send a plane ticket). View all posts by Cecilia Amador de San José

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