Dorm Life Comes to Brooklyn This Month
Well, they say your college years are the best for a reason. Common founder Brad Hargreaves wants to bring back that dorm-style living by converting a group of brownstones in Crown Heights and Bed Stuy into co-living spaces with high-speed WiFi.
The idea is to bring a sense of community back to a city where you can go for years without knowing your neighbors' names. Common has already raised $7.35M from venture capitalists since its inception in June, and it plans to open its first dwelling in Crown Heights this month. The actual location is TBA.
The business plan goes like this: investors lease the buildings to Common, which acts as landlord and den mother by supplying toilet paper, paying utilities, and organizing social activities like potluck dinners. Meanwhile residents will pay anywhere from $1,500 to $2,200/month for private furnished bedrooms, and shared kitchens, bathrooms and living areas, along with a common area for the whole building.
Residents can stay as little as 30 days, although priority will be given to candidates who want to hang around for the community vibe. And there's definitely interest. Common already received 150 applications in its first week. [BP]