February 11, 2019
Medici Living Group’s Quarters co-living brand is coming to Brooklyn, with a ground-up development in Bedford-Stuyvesant. The owner and developer of the site, Bawabeh Realty Holdings, is set to break ground in March on the eight-story, 30,000 square-foot building at 1190 Fulton St.
The Bed-Stuy location is the first to be announced since Medici completed a $300-million fundraising for its U.S. expansion. “Bringing our co-living product to Brooklyn was a no-brainer,” said Gunther Schmidt, founder and CEO of Berlin-based Medici.
“Young people, particularly those working in the tech and creative industries, want to be in Brooklyn, in an environment that engenders a vibrant community culture,” Schmidt continued. “At Quarters, our residents get that community culture, as well as deluxe amenities, at a price 10% to 20% percent more affordable than a standard studio in the same neighborhood.”
The brokerage arm of Crown Acquisitions assisted Medici in the transaction.
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