Long-Stalled Grand Street Project Reborn as ‘Co-Living’ Space
Nine excruciating years in the making, the seven-story project at 324 Grand Street finally has its coming out party. It’s a different type of rental experience here.
The Medici Living Group inked a ten-year lease in the building, and is about to embark on a new “co-living” concept. Under the sub-brand called Quarters, the German firm’s first New York City location features 15 furnished apartments with three or more bedrooms, a kitchen, and two bathrooms. The gimmick here is that tenants have access to flexible lease terms, a roommate-matching service and a program manager to plan events.
According to the Wall Street Journal, monthly rent at Quarters starts at $1,799, with lease terms as short as three months to start and monthly renewals thereafter.
Meanwhile, the ground-level retail units are being pitched as perfect for restaurant use. Dream tenants sought for the spaces, according to the broker rendering (Ripco), are galleries and coffee shops. The West store is 2,000 square-feet and the east store is 1,800 square-feet, plus basement.
This particular combined parcel was demolished back in 2008. Spearheaded by then-owner, controversial landlord Baruch Singer, the property was initially slated to become another of the posh boutique hotels that circle the neighborhood like a pack of vultures. But the idea for an eighteen-story lodge (thirty-six keys) at 324-326 Grand was shelved rather quickly after the market went south.