The Modern Commune: Inside New York’s Growing Co-Living Trend

Living with 23 housemates might sound like a chaotic nightmare to some, but for Ishan Abeysekara, a 33-year-old professional in Brooklyn, New York, it's a lifestyle choice that brings connection, community, and convenience. As the cost of living in major cities like New York continues to climb and the challenges of forming new friendships as an adult persist, co-living arrangements like Cohabs offer a compelling solution. But is this modern approach to communal living the future of urban life, or just a passing trend?

Co-Living: The New Urban Reality?

Co-living spaces like Cohabs are popping up in cities worldwide, responding to a growing demand for affordable housing and built-in communities. Unlike traditional shared apartments, co-living spaces are designed to foster a sense of community while offering flexibility and affordability—attributes that are becoming increasingly rare in today's urban housing market. For Ishan, who moved from London to New York in late 2022, the decision to opt for co-living was driven by practicality and a desire to build new roots quickly.

He articulates a sentiment that resonates with many urban dwellers: "As you grow older, making friends as an adult gets more challenging." Co-living, he says, offers a ready-made community and a chance to make new connections in a city known for its overwhelming pace and often isolating nature.

From College Dorms to Adult Communes: How Co-Living Differs

While the setup might conjure images of chaotic college dorms, there are key differences. The residents of co-living spaces like Ishan's tend to be more mature, respectful, and committed to creating a harmonious living environment. With shared amenities like a spacious kitchen, multiple refrigerators, a rooftop terrace, a gym, and a TV room that can comfortably fit all 24 residents, the infrastructure supports both community and privacy.

But the allure of co-living is more than just shared costs and convenience; it's about fostering genuine human connections. In an age where digital communication often trumps face-to-face interaction, co-living creates organic opportunities for social engagement—whether through communal dinners, workout challenges, or simply sharing a cup of coffee on the terrace.

The Upsides and the Realities of Co-Living

However, co-living isn't without its drawbacks. The transient nature of some residents can make it difficult to form lasting bonds. As Ishan points out, "If people are only here for three months, it's a bit hard to make a connection." Moreover, sharing spaces with over 20 people can come with occasional inconveniences, like waiting for a shower. But for Ishan, these are minor annoyances compared to the benefits of living in a dynamic, social environment.

The most significant advantage? For Ishan and others like him, co-living isn't just about having a roof over their heads. It's about creating a supportive micro-community that can help combat the loneliness and isolation that often accompanies moving to a new city or living alone. "I think I've met some people who I feel like I'll still be friends with when I'm 60," he reflects—a testament to the depth of connections that can form in these shared spaces.

A Glimpse into the Future of Urban Living

The rise of co-living spaces like Cohabs is reflective of broader shifts in urban living and housing trends. As cities become denser and more expensive, traditional notions of privacy and personal space are being reimagined. The success of these ventures raises interesting questions: Are we moving toward a more communal way of life out of necessity, or is this a deliberate choice to foster deeper human connections?

For now, co-living seems to offer a promising middle ground—a blend of independence and community that meets the needs of today’s urban professionals. Whether it’s a sustainable model for the future remains to be seen, but for residents like Ishan, it’s a choice that has already enriched their lives.

Final Thoughts

Co-living might not be for everyone. It requires a certain level of flexibility, tolerance, and a willingness to engage with others. But as Ishan’s experience shows, the rewards—community, friendships, and a rich social life—often outweigh the compromises. As cities like New York continue to evolve, co-living could very well be the answer for those seeking more than just a place to live, but a place to belong.


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Our Favorite Listings For The Week

Offered at $7.5M, this stunning duplex penthouse at 81 White St in Tribeca, listed by Lance Gillette, Brandon Bogard, and Mallory Bogard of SERHANT, combines historic charm with modern luxury. Situated in a boutique condominium with just 11 units, this 3,200 sqft residence features a soaring 27-ft high entry, a custom steel-and-wood staircase, and a chef's kitchen with high-end appliances. With 720 sqft of private terraces, this exclusive home is located next to the iconic Mudd Club, offering a unique piece of New York's cultural history.


photo credit: Kate Glicksberg

Introducing Residence PHA, a luxurious 4-bedroom, 4-bath penthouse listed by Pamela D’Arc of Compass. This impressive home features 11’ ceilings, a 1,160 sqft private roof deck with an outdoor kitchen, and sweeping south views of the Manhattan skyline and partial Hudson River views. The expansive living area boasts a marble-clad gas fireplace and floor-to-ceiling windows. The top-tier kitchen is equipped with custom Italian cabinets, Brazilian quartzite countertops, and high-end appliances. The building offers extraordinary amenities, including a 75-foot saltwater lap pool, fitness center, and landscaped rooftop with outdoor cinema.


Residence 9E is a stunning 1,712 square-foot three-bedroom, two and a half bathroom home celebrating a gracious living room and western sunsets. Entertaining is a pleasure in the open chef's kitchen and adjacent dining room. The primary bedroom enjoys an en suite bath, a myriad of closets and serene city views. The secondary bedrooms boast bright, southern light. This magnificent home features many custom details throughout. The indoor & outdoor amenity suite includes a Great Room that offers semi-private interconnected spaces; a Club Room for dining and intimate gatherings; a Fitness Room with state-of-the-art equipment and private movement studio; a Cottage Playroom-inspired by an enchanted forest-with a dedicated porch and secret garden away from the city bustle; a lounge with gaming station; private nooks; and private courtyard with landscaped outdoor space. Represented by Louise Phillips Forbes, Brown Harris Stevens.


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The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market

The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market - Off The MRKT

photo credit Oleg Davidoff Photographer Co. 

Astoria, Queens, has long been celebrated for its vibrant community, diverse culture, and rich history, but it's now making waves in the luxury real estate market with the introduction of boutique residential buildings like Orion Astoria. As the demand for unique, high-end living spaces continues to grow, Orion Astoria emerges as a prime example of how modern design and intimate, community-focused living can come together in one of New York City's most desirable neighborhoods.

The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market - Off The MRKT

photo credit Oleg Davidoff Photographer Co. 

Orion Astoria, a newly constructed condominium on a leafy residential street, redefines boutique living with its meticulously designed one- and two-bedroom residences. Developed by local visionaries Konstandinos "Gus" Vorillas, Thomas Ballis, and Chris Giannikouros, this seven-unit building offers residents the best of both worlds: the upscale modernity of a luxury development and the privacy and charm of a smaller, more intimate residence. With features like private outdoor spaces, floor-to-ceiling windows, and state-of-the-art amenities, Orion Astoria sets a new standard for luxury living in Queens.

The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market - Off The MRKT

photo credit Oleg Davidoff Photographer Co. 

What truly sets Orion Astoria apart in the bustling Queens real estate market is its thoughtful approach to design and community integration. The building’s contemporary facade, designed by Harriet Nikakis of HCN Architects, combines elegance with durability, making a bold architectural statement while seamlessly blending into the surrounding streetscape. Inside, residents enjoy the latest in smart home technology, luxurious finishes, and an abundance of natural light, all while being steps away from the eclectic shops, parks, and acclaimed restaurants that make Astoria such a sought-after neighborhood.

The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market - Off The MRKT

photo credit Oleg Davidoff Photographer Co. 

As the trend toward boutique living gains momentum, Orion Astoria stands out not just for its design but for its commitment to fostering a sense of community among its residents. By offering the design sensibility of a larger building while maintaining the privacy and personal touch of a boutique residence, Orion Astoria is a testament to the evolving landscape of luxury real estate in Queens. Whether you're a first-time buyer or looking for a new home with a sense of community and modern amenities, Orion Astoria is setting the bar for what boutique living can be.

The Patrick Smith Team from Corcoran is exclusively handling sales.

The Rise of Boutique Living: What Sets Orion Astoria Apart in Queens’ Real Estate Market - Off The MRKT

photo credit Oleg Davidoff Photographer Co. 


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The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan

The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan - Off The MRKT

The Greenwich by Rafael Viñoly stands as a testament to the late architect's visionary design and impeccable attention to detail. As one of the final projects crafted by the world-renowned architect in New York City, this 88-story luxury residential tower redefines the skyline of Downtown Manhattan. With 272 meticulously designed residences and over 27,000 square feet of indoor and outdoor amenities, The Greenwich is poised to become one of the most sought-after addresses in the city.

The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan - Off The MRKT

Situated at the heart of Downtown, The Greenwich offers unparalleled views of the Hudson River, Statue of Liberty, World Trade Center, and the iconic New York City skyline. The building's design features an exposed concrete column running the full height of the structure, coupled with a unique glass facade with rounded corners, offering expansive panoramic views from every residence. Inside, MAWD, the internationally acclaimed interior design firm, has curated three distinct color palettes—Terra, Aqua, and Stratus—inspired by the urban landscape, the Hudson River, and the clouds, respectively.

The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan - Off The MRKT

Residents at The Greenwich will enjoy a range of amenities spread across four floors, three of which are situated at the tower's crown, perched over 800 feet in the sky. These include a 50-foot saltwater lap pool, a state-of-the-art fitness center by Technogym, a tranquil spa with sauna and steam rooms, a screening room, and a private dining room. The building's lifestyle amenities cater to every need, from an expansive resident lounge to a multi-sport simulator and game room, ensuring that residents have everything they need for both relaxation and entertainment.

The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan - Off The MRKT

Residences range from studios to three-bedroom units, with additional suites of loft and penthouse residences offering breathtaking views and high-end finishes. Each home is designed with custom kitchens and bathrooms featuring bespoke fittings, marble surfaces, and high-end appliances. The attention to detail and the seamless integration of design and functionality make The Greenwich a standout in luxury living.

The Greenwich by Rafael Viñoly: A Sky-High Masterpiece in Downtown Manhattan - Off The MRKT

The development partners, Fortress Investment Group, Bizzi & Partners, and Bilgili Holding, collaborated with Rafael Viñoly to bring this architectural masterpiece to life. Douglas Elliman Development Marketing is exclusively handling sales, with prices starting at $995,000 for studios. The building is expected to be completed and ready for occupancy later this year, offering a rare opportunity to live in a new Downtown icon.


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How Does Social Security Help Those in Need Find a Place to Live?

The pace of the U.S. housing market is both fast and relentless. According to Trend Statistics, a new rental unit is leased every 80 seconds, and every 30 seconds, a new renter moves into an apartment. This rapid turnover reflects a vibrant market but also highlights the challenges faced by those seeking affordable housing. For many, especially those on fixed or limited incomes, such as retirees or individuals with disabilities, finding suitable housing can be daunting. The competitive nature of the rental market, coupled with rising costs, often exacerbates the difficulties faced by these vulnerable groups.


Social Security’s Role in Providing Economic Security


Social Security, established in the late 1930s, is a fundamental component of the U.S. social safety net. Originally conceived as a response to the economic hardships of the Great Depression, this program was designed to offer financial assistance to those unable to work due to age, disability, or other factors. Today, Social Security provides monthly benefits to retirees, disabled individuals, and survivors of deceased workers.


The program’s significance in housing stability cannot be overstated. For many elderly individuals and those with disabilities, Social Security benefits represent a primary or sole source of income. This regular financial support is crucial for meeting basic needs, including housing. The predictable income stream allows beneficiaries to budget for rent and other expenses, making it possible for them to secure and maintain housing. Without Social Security, many would face extreme financial difficulties, potentially leading to housing instability or homelessness.


The Connection Between Social Security and Housing Affordability


The link between Social Security benefits and housing is evident in the broader economic context. According to the Federal Reserve Bank of New York, residential mortgage debt in the U.S. totaled $11.92 trillion as of the fourth quarter of 2022. This staggering amount reflects the high cost of homeownership and the financial strain it places on many families. While Social Security primarily benefits renters rather than homeowners, the broader economic implications of mortgage debt affect the rental market as well. Rising mortgage debt often leads to higher rents as landlords seek to offset their own financial pressures.


For Social Security beneficiaries, especially those with fixed incomes, the challenge of affording housing is compounded by these market pressures. Social Security payments are designed to cover basic living expenses, but they often fall short of meeting all financial needs in high-cost areas. In such cases, additional support programs, such as housing vouchers or subsidized housing, become essential. These programs work in tandem with Social Security to help ensure that individuals and families can find and maintain affordable housing despite the high costs of the housing market.


The Importance of Supplementary Support


While Social Security provides a vital financial foundation, it's not always sufficient on its own to cover all housing expenses. To address these gaps, various supplementary support programs are available. Housing Choice Vouchers (often referred to as Section 8) are one such program that helps low-income individuals and families afford rental housing by subsidizing a portion of the rent. Public housing and rental assistance programs also play crucial roles in helping individuals with limited income find stable and affordable housing.


For Social Security beneficiaries, these supplementary programs can make a significant difference. By combining Social Security benefits with housing assistance, individuals are better positioned to manage their living expenses and avoid the risk of eviction or homelessness. This comprehensive approach to support helps to create a safety net that addresses both the financial and housing needs of vulnerable populations.


Conclusion


Social Security serves as a cornerstone of economic security for millions of Americans, offering crucial financial support to retirees, disabled individuals, and survivors. In the context of the U.S. housing market, where a new rental unit is occupied every 80 seconds and residential mortgage debt reaches unprecedented levels, Social Security benefits play an essential role in helping individuals find and maintain stable housing. While Social Security alone may not cover all housing costs, it provides a critical foundation for financial stability, which is complemented by additional housing support programs.

Guide to Buying Hamptons Property This Summer

As the summer of 2024 unfolds, the allure of owning property in the Hamptons continues to capture the imagination of many. Whether it's the pristine beaches, the serene landscape, or the vibrant social scene, the Hamptons offer a unique blend of relaxation and luxury that's hard to find elsewhere. For those considering purchasing a summer home here, understanding the local real estate market is crucial. The market can be quite dynamic, reflecting both the season's warmth and its bustling activity.

Buying property in the Hamptons isn’t just about finding a beautiful home; it's about embracing a lifestyle. The region promises a retreat from the hustle and bustle of city life, where one can enjoy lazy summer days by the sea or vibrant evenings at exclusive local venues. However, diving into the Hamptons real estate market requires preparation and insight, especially during the high-demand summer months. We’re here to guide you through this process, ensuring that your journey to owning a summer home is as smooth and enjoyable as possible. From understanding key market trends to finalizing your dream property, we cover all the aspects to consider before making your investment in the Hamptons this season.

Understanding the Hamptons Real Estate Market

Navigating the Hamptons real estate market can be a thrilling experience, especially during the vibrant summer months when the area truly comes to life. As a destination known for its luxury homes and high-profile residents, understanding the dynamics of this market is crucial for anyone considering an investment here. The market is characterized by its seasonal peaks, with summer being the high point due to increased demand for vacation homes and rentals. The unique blend of seaside charm and upscale amenities drives a competitive market environment, making it essential to stay informed and agile.

For those looking to invest, it’s vital to understand that the Hamptons' market is not just about luxury but also about location and seasonality. Properties close to the beaches and main villages like East Hampton and Southampton tend to hold their value and attract a higher level of interest. We emphasize the importance of analyzing market trends, such as price fluctuations and inventory levels, which can significantly aid in making informed decisions. Leveraging our deep knowledge of this market, we guide our clients to the best opportunities that align with their lifestyle and investment goals.

What to Look for When Buying a Summer Home in the Hamptons

When buying a summer home in the Hamptons, several key factors should be considered to ensure your new property meets all your summer getaway needs. Firstly, location is paramount. A home close to the water or within walking distance to town can enhance your summer experience, offering easy access to the Hamptons' beautiful beaches and charming local amenities. Additionally, consider the style and functionality of the home. Many seek out properties with ample outdoor space, perfect for summer entertaining, and interiors that offer a comfortable retreat from the heat.

Privacy is another crucial factor; many of our clients value discreet properties that provide a secluded escape from their busy lives. We also recommend looking for homes with room for guests, as the Hamptons is a perfect place to host friends and family during the warm months. Lastly, consider the investment potential of the property. The Hamptons is known for its robust rental market during the summer, so purchasing a property that can also generate rental income may be a wise decision. With our expertise, we help potential buyers find homes that are not just a summer retreat but also a wise financial investment.

Navigating the Buying Process: Key Steps and Tips

When diving into the Hamptons real estate market, the buying process can seem complex, but with the right guidance, it becomes notably smoother and more transparent. Firstly, it’s crucial to solidify your financing early. Knowing your budget and having pre-approval for a mortgage positions you as a serious buyer, giving you a competitive edge. Secondly, prioritize your must-haves. Knowing what you cannot compromise on will streamline your search, whether it’s proximity to the ocean, number of bedrooms, or specific amenities like a pool or spacious yard.

Additionally, working with an experienced realtor who specializes in the Hamptons market is invaluable. We have the local knowledge and network to unearth opportunities that might not be widely advertised and can navigate negotiations in such a competitive arena effectively. Lastly, anticipate closing costs and other expenses that are part of acquiring property in this prestigious area. Thorough preparation for these steps ensures that when the right opportunity presents itself, you can move swiftly and confidently to secure your summer home.

Top Reasons to Invest in Hamptons Property This Summer

Investing in Hamptons property this summer offers numerous advantages. First, the market here continues to show resilience and long-term growth, making it a sound investment. The allure of seaside living and the Hamptons' reputation as a retreat for the affluent ensure property values remain robust. Additionally, the rental market in the Hamptons is particularly strong during the summer months. Owning property here offers the potential for significant rental income, which can offset ownership costs and even turn a profit.

Moreover, investing in the Hamptons is not just about financial returns; it's also about lifestyle enhancement. Owning a property in the Hamptons opens up a world of unique social and cultural opportunities to this illustrious locale. The lifestyle here is unmatched from exclusive parties and art openings to gourmet dining and high-end shopping. Lastly, the natural beauty and relatively preserved environment offer a serene escape not found in many other places. Investing here means investing in a quality of life that is second to none.

Conclusion

As we've explored the vibrant possibilities that summer in the Hamptons offers, from breathtaking beachfront escapades to savvy investment opportunities, it's clear why so many choose to make their summer memories here. At Off The MRKT, we’re committed to not only guiding you through this enticing real estate market and lifestyle but also ensuring your experiences and acquisitions here echo the exclusivity and charm the Hamptons are celebrated for. If you're ready to take the next step in owning a piece of this summer paradise, contact us today. Let us turn your Hamptons dream into a reality this summer.

Tips for First-Time Home Buyers in the Hamptons

Buying your first home in the Hamptons can be an exciting adventure. The area is famous for its beautiful beaches, charming villages, and luxurious real estate. However, navigating the Hamptons real estate market can be tricky, especially for first-time buyers. We’re here to help make the process smoother and give you the information you need to make the best choices.

Understanding the local market is crucial. The Hamptons have a unique mix of properties, from historic homes to modern mansions. Prices can vary widely depending on the location and the type of property you’re interested in. Knowing these factors can help you set realistic expectations and find the perfect home that fits your needs and budget.

Additionally, preparing financially is a big part of the home-buying process. It’s important to have a clear understanding of your budget and what you can afford. This includes getting pre-approved for a mortgage and knowing what additional costs to expect. With careful planning and the right information, you’ll be on your way to finding your dream home in the Hamptons.

Understanding the Hamptons Real Estate Market

Summer is the peak season for the Hamptons real estate market, and it’s crucial to understand its unique dynamics. Properties here range from luxurious oceanfront estates to quaint village homes, each with its own charm and price point. We observe that high demand during the summer often results in competitive bidding, particularly for prime locations near beaches or in historic districts. Knowing market trends is vital, such as noting which areas are experiencing growth or where new developments are planned.

Buyers should be aware that the Hamptons market can be influenced by various factors, including economic conditions and seasonal popularity. For example, while winter might see slower activity, summer often brings a surge in interest and, consequently, higher prices. We also keep an eye on property appreciation trends and rental income potential, given the area’s strong appeal for seasonal rentals. These insights help us guide buyers through the complexities of the Hamptons real estate scene, ensuring decisions are well-informed and strategic.

Budgeting and Financial Preparation

Before diving into the Hamptons real estate market, it’s essential to set a clear budget. We start by assessing financial health, including savings, income, and existing debts. It’s important to calculate how much you can afford for a down payment, monthly mortgage payments, property taxes, insurance, and maintenance costs. Remember, the Hamptons can be expensive, so having a detailed budget helps prevent any surprises down the road.

Securing pre-approval for a mortgage is a key step. It gives us a clear picture of how much financing is available and demonstrates to sellers that we are serious buyers. We also explore different financing options, such as fixed-rate or adjustable-rate mortgages, to see what best fits our financial situation. Additionally, we advise setting aside extra funds for unexpected expenses, like repairs or renovations. Proper budgeting and financial preparation ensure that we are ready to act quickly and confidently when we find the perfect Hamptons property.

Choosing the Right Neighborhood

Selecting the right neighborhood in the Hamptons depends on our personal preferences and lifestyle needs. Each area offers something unique. East Hampton is known for its elegant homes and upscale shopping, making it ideal for those who enjoy luxury and convenience. Alternatively, Sag Harbor offers a rich history and a more laid-back vibe with its beautiful harbor and maritime attractions.

Here are some factors we consider when choosing a neighborhood:

1. Proximity to Beaches: If frequent beach visits are part of our lifestyle, staying close to the coastlines in Montauk or Bridgehampton might be best.

2. School Districts: For families, excellent schools are a priority. We look at areas with top-rated educational facilities.

3. Community Amenities: Access to parks, dining options, and grocery stores can greatly influence our decision.

4. Lifestyle and Hobbies: If we enjoy outdoor activities like hiking or biking, areas like Amagansett with its nature trails might be more appealing.

By analyzing what each neighborhood offers, we can pinpoint a location that fits our needs perfectly, ensuring a harmonious balance between home life and recreational activities.

The Home Buying Process: Steps and Tips

Navigating the home buying process in the Hamptons requires careful planning and organization. Here's a clear breakdown of the steps involved:

1. Research and List Preferences: We start by listing our non-negotiables in a home—such as the number of bedrooms, yard space, and amenities.

2. Engage a Real Estate Agent: Working with a knowledgeable agent who understands the Hamptons market can make a significant difference. They guide us through listings, provide valuable insights, and help with negotiations.

3. View Properties: We schedule tours and open houses to get a feel for different homes. It's important to take notes and photos to compare later.

4. Make an Offer: Once we find a home that matches our needs, we put in an offer. Our agent helps craft a competitive proposal and submits it to the seller.

5. Home Inspection: After the offer is accepted, we arrange for a home inspection to ensure the property is in good condition. This step is crucial to identify any potential issues.

6. Finalize Financing: Our next step is to secure the mortgage, complete the necessary paperwork, and prepare for the closing.

7. Closing the Deal: During the closing, we sign the final documents, pay the remaining down payment, and receive the keys to our new home.

By following these steps, we can smoothly transition from interested buyers to proud Hamptons homeowners.

Conclusion

Buying a home in the Hamptons is an exciting journey that requires diligent planning and informed decisions. Whether we’re drawn to its scenic beaches, luxurious living, or vibrant community events, the Hamptons offer something for everyone. From understanding the real estate market to budgeting, choosing the right neighborhood, and following the home buying process, every step brings us closer to finding our dream home.

For those ready to explore the best of Hamptons real estate opportunities, we are here to assist you every step of the way. Let Off The MRKT help you discover the hidden gems and premier properties in this incredible area. Begin your Hamptons adventure with Off The MRKT today!