Is WeWork’s New Experiment Over Before It Began?

| 5 years ago

Your college boyfriend had an exciting Wednesday.

The Wrap

After years of reconstruction, legendary Greenwich Village speakeasy Chumley’s – which has played host to the likes of F. Scott Fitzgerald, E.E. Cummings, and Peggy Olson – will reopen its doors early next month. The bar was forced to close nine years ago after a chimney collapsed, leaving the structure unstable. Before you celebrate, however, be warned – the new owner tells The New York Times the renovated space will be “Chumley’s on steroids.”

Hammer It Out
It looks like Thor Equities’ new 600,000-square-foot Red Hook tech complex is a go. A website for the spell-check killer Red Hoek Point is now live, leasing is underway, and construction is expected to begin in the fall. Designed by starchitect Norman Foster, the complex will also feature 3.6 acres of green roof and 23,000-square-feet of retail space.

It’s All Real Estate This Week
Is WeLive – WeWork’s coliving experiment allowing twenty-somethings to live like college students again – struggling to find an audience? The Wall Street Journal reports that the company’s plans for 16 WeLive locations by the end of the year have been pared down to NYC and Crystal City, Virginia. Renovation costs and above-market rental prices have been blamed for the slowdown. Don’t cry for the company just yet, however – WeWork still projects $1 billion in revenue for 2017.

In Other News
Apparently New York’s biotech sector is struggling. By 2020, Brooklyn is expected to be the third-largest city in the U.S., leapfrogging Chicago for the first time since 1890. Employers may no longer be able to ask candidates about their salary history.