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Common Takes Over Operations at Queens Co-Living Tower

Simon Baron Development announced that Common will take over operations at Alta, its 419-unit co-living tower at 29-22 Northern Boulevard. ....

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Behind Co-Living Firm Quarters' Bankruptcy

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Rui Barros, former head of Quarters in the U.S. and Esther Bahne, CEO of Quarters. (Getty, LinkedIn via Rui Barros, Quarters)

Developer Dana Spain was weeks away from finishing construction on a $20 million co-living project when she learned her operating partner went out of business.
Quarters, a subsidiary of Germany-based Medici Living Group, had signed a 10-year lease to operate the 186 units at Spain’s project in the trendy Philadelphia neighborhood of Northern Liberties in 2019. It was part of Quarters’ plan to open 1,500 units in the U.S., after securing $300 million in funds that year. So its abrupt bankruptcy two years later took owners like Spain by surprise. ....

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Eight Must Reads for the CRE Industry on Feb. 2, 2021

Eight Must Reads for the CRE Industry Today (Feb. 2, 2021)
The Real Deal looks at how co-living developer Quarters ended up filing for bankruptcy. Some suburban New York and New Jersey businesses have been thriving during the pandemic, reports The New York Times. These are among today’s must reads from around the commercial real estate industry.
Mall REIT Cashes In on GameStop’s Wild Week on Wall Street “The financial world has been scratching its head as hedge funds sweat bullets over the atmospheric stock price rise of declining video game retailer GameStop. Driven by a community on the popular social media platform Reddit that calls its WallStreetBets, retail investors have been pumping stocks to short squeeze ‘meme worthy’ companies like GameStop, Blackberry, Nokia and AMC. A few days ago Redditors began discussing another stock, Macerich, which Redditors began referring to as ‘GameStop’s landlord.’” ( ....

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