Are you ready for co-living? A college dorm concept (with an eye on luxury) is coming to Agnes in Jersey City
The concept of coworking for businesses has been around for years. So, perhaps it makes sense that such a configuration would come to life as a residential apartment.
This week in Jersey City, Commmon (with Field grade and Blumberg & Freilich) announced that it had started renting 20 shared apartments – comprising 80 rental units – at Agnes, a Class A building at 132 Yale Ave. which presents a theme based on arts and culture.
The co-living concept is designed to provide a nicer, bigger (and cheaper) setup than a traditional studio, even if it’s roommates.
Here’s how it works:
Twenty apartments with four private bedrooms and three bathrooms are available for individuals at the Agnès. All units:
- Have a common gathering space and kitchen;
- Are fully furnished;
- Are mixed;
- Come with weekly cleaning;
- Only require a short-term lease (as low as three months).
Ordinary managers say the rent is 15% less than a studio at market price. Rents start at $1,375 with increases based on unit size, view, and attached bathroom. The average rent is just under $1,500.
Common, based in New York, has introduced the concept in 12 cities in the United States (including New York and Philadelphia) and has more than 7,000 current tenants. It has over 22,000 units (in 22 cities around the world) in development.
Greg Russo, a director of Fields Grade, said his company is eager to partner with Common and bring the concept to New Jersey.
“Home sharing has become an attractive option for some tenants,” he said. “By aligning with Common, we are able to provide this alternative on a select group of apartments within the community while ensuring management standards are met for the benefit of all our residents.”
L’Agnès, which has 233 rental apartments, has been renting for months. The first phase of the 145-apartment project opened to the public in early 2021 and was quickly let. In October, 68 additional apartments were rolled out. They are 80% leased.
The Agnes, which opened in early 2021, offers a number of top-notch amenities, including a free shuttle service to the Journal Square PATH station.
Common members living at the Agnes will also have access to the community’s more than 10,000 square foot amenities, which include an outdoor pool and landscaped courtyard, club room and workspace, communal kitchen, cafe and an art and design library.
Common founder and CEO Brad Hargreaves said all of this makes the Agnes the perfect place to bring the concept to New Jersey.
“Fields Grade is a like-minded partner focused on bringing desirable housing to communities, like Common,” he said. “With extensive management experience in the New York area, Jersey City is a natural extension of Common’s cohousing offering.”
Here’s the answer to the big question: what if you don’t get along with your roommates?
Residents cannot terminate their lease, but they can move to another suite-type apartment in the building or to another Common-managed building.