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Crain's New York: New Entrant Takes Over Last Remnant of Coworking Pioneer

According to Crain's New York:

The last remaining outpost of the Grind coworking mini empire now belongs to Nomadworks, a new venture that quietly took possession of the space in May.

Signs hanging outside 1216 Broadway tell of the change in ownership at the 4-story building on West 30th Street. But bigger changes will soon take place indoors, as the operators of the 27,000-square-foot coworking space prepare for the rebranding as well as the official launch of Nomadworks this month.

That may be, but new players face an uphill battle, said Danny Ismail, an analyst at real estate research firm Green Street Advisors.

"In New York City, we've seen reports of established coworking firms offering concessions to generate demand," Ismail said. "There's also the trend of several landlords launching their own coworking concepts—which presents further difficulties for a new player."

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