A coliving company will take over the transformation of the former historic Hudson Hotel in Manhattan.
The hotel, which shuttered its operations at the beginning of the pandemic, will be converted into a 438-unit coliving facility by CSC Coliving and feature apartments that range from studios to three bedrooms.
The residences will reportedly be offered for around 20% cheaper than other apartments in the area in hopes of attracting young professionals, students, and small families.
Coliving offers an alternative solution to high-cost leases, particularly in big cities. With real estate vacancies high and rents soaring, converting old buildings such as the Hudson Hotel offers landlords a path for sustainability in the future.
The shared sector of real estate, which includes coliving and coworking, could be poised to stay afloat during the incoming economic downturn, as both business and people look to slash their expenditures.