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Long-stalled Lower East Side site will become a co-living residence

Rent for a bedroom will start at $1,799

It’s no secret that New York City’s co-living market is picking up steam: in March, co-living startup Common announced two more locations opening in Brooklyn; competitor Ollie plans to launch its second NYC location this winter; and now, the Wall Street Journal reports, there’s a new entry to the city’s alternative rental scene.

German company Medici Living Group, which already has 1,200 units world-wide, is set to make its U.S. debut with a new co-living space at 324 Grand Street on the Lower East Side, under a brand called Quarters.

The site has been in limbo for nearly a decade: it’s part of a parcel of land where three low-rise buildings once stood, though those were torn down in 2008. Since then, the space has sat vacant, with developers attempting to bring an 18-story apartment building, and then a seven-story mixed-use one, to the site.

Unlike some of the other co-living options on the market, there are no single units here. Instead, the NYC location “features 15 furnished apartments with three or more bedrooms, a kitchen and two bathrooms,” according to the WSJ. They also offer a roommate-matching service, flexible lease terms, and—a hallmark of co-living situations—a “program manager to plan events.” (No word on whether there will be a building-wide Slack channel.) Monthly rent starts at $1,799, and includes utilities like cable and internet.

The company hopes the LES location is just the beginning of a global expansion. Though the bulk of their offerings are currently in Germany (they also have a building in Amsterdam), Medici is working to raise VC funding to open similar projects in D.C. and L.A.

“Everything in life is becoming more flexible, but renting an apartment is the most inflexible part of our lives,” Evan Kasper, co-founder and managing director of Medici, told the WSJ. “You’re limited by a lease and the cost of moving, and we want to remove those limitations.”