New York City (NYC) based co-living specialist, Ollie, has signed a master lease to operate the first all-inclusive co-living concept to New Jersey.
The company signed a lease with developer Namdar Group at 87 Newkirk Street in the Journal Square neighborhood. Ollie will be operating the 129,500 s/f, ground-up, mixed-use development.
“We are thrilled to continue to build the Ollie brand and break into new markets such as New Jersey; more specifically, Jersey City – unarguably, one of the most burgeoning cities in the state,” said Christopher Bledsoe, co-founder of Ollie.
“Jersey City is thriving and we aspire to re-imagine the living experience there through the introduction of our co-living concept.
“We are not only introducing new inventory to this market at a lower rent, but also enriching the way people live and interact with one another.”
The development, designed by C3D Architects, will contain 113 “fficiently designedˮ studios and co-living suites furnished by Ollie, some including private balconies, and will occupy the top 12 floors.
In addition to the residential portion, the development will feature a 21,500 s/f co-working space covering two floors, and a 5,000 s/f ground space retail component.
“Bringing Ollie into the project is an exciting opportunity for us,” said Effy Namdar, of The Namdar Group. “Our visions aligned very well with one another and 87 Newkirk marks – for the both of us – our first project in Jersey City.
“We are making major strides towards innovation in the housing stock in this market and giving urban renters a true live-work-play destination that caters to their modern needs.”
Ollie, a phonetic wordplay on “all inclusive,” blends space planning techniques with modern-day principles of communal living.
The company “lowers the rents, furnishes the apartments and curates a living experience typically only available to guests at luxury hotels.ˮ
Ollie’s apartments at 87 Newkirk will include two to three bedroom shared suites outfitted with high-end, dual-function furniture systems such as beds that transform into sofas and desks that become tables. Services include hi-speed wifi, cable, and housekeeping.