>> It may be the next evolution of the so-called sharing economy. Startup wework, which first offered shared office space, now rolling out a communal style residence, welive. 110 Wall Street is their first experiment. I'm Cooper for Reuters in New York. We're inside one of the shared spaces at the welive building.
It's where people spend a lot of time doing this, but you could also be doing this and getting to know your neighbor. This fully furnished studio apartment for two goes for $1700 per person. At that price you either get to sleep in this Murphy bed in the living room, or in the hallway behind the curtain.
If you want the place to yourself, you pay $2,700, about the average New York City price tag. The company's co-founder, Miguel McKelvey, says that WeLive is offering a small space, but a big community.>> I think there are plenty of small apartments. That's a natural condition in New York.
But the premise here is that you're joining a community. So you have to be willing on some level to engage with other people. And the value has to be that you're part of this family, this network.>> The building hosts movie and karaoke night.>> Cooking classes in large shared kitchens and happy hour gatherings to promote mingling.
Residents can even treat this like a hotel and stay for as short as a day. Which means this downtown location, which has over 200 units mostly attracts folks who are at an in-between stage of their lives.>> I think the key condition, or at least in my>> conversations with people is some sort of transition.
So for many people that could be coming to the city for the first time or starting their first job, but it could also mean at a later point in your career deciding that you wanna move back from the suburbs into the city. And being like I don't know how that's gonna work, I can't deal with renting an apartment and buying all the furniture but I wanna go try it out.
>> WeWork which has a $16 billion evaluation opened their second such residential building in Crystal City, Virginia last month.