Co-living startup The Collective set to lose flagship development project
Co-living startup The Collective is set to lose its flagship shared-living development project as the pandemic takes its toll on the $1 billion company’s business.
The U.K.-based company is behind on the $49 million mortgage for its Williamsburg development site at 555 Broadway, where the firm had planned to build a 500-apartment tower, according to a source familiar with the matter.
The lender on the site, the Kalikow family’s Gamma Real Estate, has hired a team at Cushman & Wakefield led by Dan O’Brien and Adam Spies to market the loan for sale to a buyer that could take control of the property.
A spokesperson for The Collective said the company is “considering a number of options to take the project forward.”
A representative for Gamma did not immediately respond …
More on: therealdeal.com