The buyers of a downtown San Jose housing tower have convinced the entrepreneur behind WeWork and Flow to be one of the property’s owners.
SAN JOSE — Real estate executives who purchased a downtown San Jose housing tower that will include affordable apartments have added an executive behind WeWork and Flow as one of its owners.
Adam Neumann, who helped launch WeWork and Flow, is teaming up with Andrew Jacobson and Gary Dillabough to lead theIn May, the new ownership group paid $175 million for The Fay, located at East Reed and South First Street in downtown’s SoFA district.
“This is great to see Adam Neumann involved with this,” said Mark Ritchie, president of Ritchie Commercial, a San Jose-based real estate firm. “We’re seeing some New York City money coming into San Jose. ”program to set aside 197 units for middle-income householdsThe effort, called LIVE , would create a subsidy for units to make them more affordable for middle-income workers. Initial move-in dates are scheduled for August, city officials said.
Officials said the idea of the affordable housing program is to help teachers, police officers, firefighters, city workers, and other public servants live closer to where they work. Preferences will be given to people in these fields, but the units will also become available to the public at large.
“It’s a surprise resurrection for Neumann in San Jose, but people who are able to raise money have the ability to do that,” said Bob Staedler, principal executive with Silicon Valley Synergy, a land-use and planning consultancy. “The good news is Neumann is investing in San Jose like he has in the past. Hopefully, what they’re attempting to do at The Fay will work out for San Jose. ” Neumann co-founded WeWork, a co-working and shared office space service.
In 2019, Neumann was ousted as chief executive officer following a botched initial public offering for the company. In 2022, Neumann founded Flow, a residential real estate firm that aims to revolutionize the apartment rental experience, especially for younger tenants.primary owner of a nine-story office building at 152 North Third St.In 2018, the Newmann-led affiliate bought the building for $44 million.
In 2021, the building’s owners obtained $45 million in financing from an affiliate of New York City-based Rialto Capital Management, according to Santa Clara County real estate records. After Neumann’s group acquired the building, tenants were cleared out from the property, leaving it empty except for Freshly Baked Eatery, a ground-floor sandwich shop that remains in operation.
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