Common Living to Cease Operations Amid Insolvency
June 3, 2024 - New York, NY - Common Living, a leading provider of coliving and apartment solutions, announced today that it will be ceasing operations due to insolvency. Despite concerted efforts to manage the challenging financial landscape, Common Living was not able to achieve profitability and did not have the liquidity to continue operations without the ongoing significant financial support of Habyt, Common’s parent company.
"It is with a heavy heart that we announce the closure of Common," said Luca Bovone, CEO of Habyt. "The Common team has dedicated themselves to delivering innovative living solutions to our customers. It is deeply disappointing to end this journey, and we extend our heartfelt gratitude to Common’s employees, partners, and customers for their unwavering support over the years. This decision, although not what we had hoped for, will make the remainder of the Habyt group more financially agile, with greater capacity to accelerate growth and generate value.”
Effective immediately, all operations of Common will be suspended as the company initiates the process of winding down its business affairs. This decision will impact its employees, who will receive support during this transition.
Customers with active leases or memberships will be contacted directly to discuss the implications of the closure and to ensure a smooth transition. Common Living will fulfill its obligations to the best of its ability during this period, subject to the requirements of the U.S. Bankruptcy Code.
Habyt will maintain a share of its presence in the USA, with several buildings directly connected to the group, located in NYC, Chicago, LA, DC, and Austin.
For any inquiries, please contact:
press@habyt.com
About Common Living Inc
Common Living is a flexible residential brand that offers diverse housing options to residents looking for a stress-free and all-inclusive living environment distinguished by innovative technology, design, and operations. It is also a long-term trusted partner for real estate owners seeking reliable, above-market returns. In 2022, Common became part of Habyt - the largest global flexible living company with a mission to provide access to housing anywhere, for everyone. Habyt was founded in 2017 by Luca Bovone, and now operates globally. Today, Habyt’s portfolio consists of over 30,000 units in 50 cities, supporting thousands of customers every year. Habyt is backed by investors including Korelya Capital, Deutsche Invest, P101 and ITA500-Azimut, Exor Ventures, Endeavor Catalyst, HV Capital,Norwest, Kinnevik, Picus, Burda Principal Investments, Sequoia Capital, Mitsubishi Estate, Vorwerk Ventures and Inveready.
