By Neel Achary
New York City has a lot of apartments. In a city of eight million people, New York City has over 3.7 million total housing units, 1.9 of which are owner occupied as of 2023, according to NYC.gov.
Eduard Monteagudo, founder of Cocoon Flex Spaces, is an innovator when it comes to taking unused owner-occupied homes and giving them a new use. He has created a company that allows property owners an extra avenue to monetize their underused spaces. Monteagudo is leading the charge on the business side of the company and is helping property owners hassle free income.
In an era where property owners are continually seeking innovative ways to generate income from their underutilized spaces, the introduction of Airbnb revolutionized the real estate industry. The company took empty bedrooms and homes and helped turn them into profitable ventures. However, this model comes with its set of challenges, including the management of overnight guests, insurance and potential property damage. That’s why Monteagudo’s venture Cocoon Flex Spaces is groundbreaking, as it allows homeowners to rent their spaces for private events, while being supervised by his staff at all times.
For five years, Monteagudo and his team have been meticulously crafting a solution that not only alleviates the liability concerns associated with short-term rentals, but carves out a consistent source of income for property owners. Taking beautiful but underused spaces and finding a purpose beyond the ordinary, he has helped transform high-end, unique New York apartments into venues for events such as fashion shows or corporate meetings, proving that Cocoon presents an innovative approach to real estate monetization.
Cocoon’s business model is ingeniously simple yet profoundly effective. Upon onboarding a property, Monteagudo and his team embark on a journey to elevate its aesthetic appeal. Through his extensive interior design background, he is able to make subtle enhancements to make these spaces not just made more photogenic, but more suitable to the events they will have. High level photography brings these spaces to life in a way that captures the imagination of potential clients, and design elements can be added or subtracted to accommodate each client.
The process thereafter is streamlined for ease and efficiency. Each space is advertised on Cocoon’s platform, where it is matched with suitable events based on its unique characteristics and ambiance. Using tiered models for how many people are attending the event, and other factors to optimize each space for revenue flow, this data-driven method ensures a perfect harmony between venue and event type, maximizing satisfaction for rental clients and consistent income for property owners.
One of Cocoon’s most compelling features is its comprehensive insurance system coupled with the provision of a Casa Manager for each event. These Casa Managers not only ensure the protection and safety of the property and its belongings, but also the success of the event being held. This dual-layered approach provides literal insurance coverage, as well as peace of mind for property owners by ensuring there’s always someone on-site to manage the proceedings and address any issues that might arise.
Eduard has ambitious plans for Cocoon’s expansion. With eyes set on living hotspots like Los Angeles, Miami, and eventually Barcelona, which is his hometown, he envisions bringing Cocoon’s hassle-free solution to cities known for their underutilized spaces. Having achieved successful expansion within New York City, Eduard see’s Cocoon as a positive disruptor of the real estate scene, one worth bringing about change globally.
The success stories emerging from Cocoon’s innovative model are nothing short of remarkable. Some properties have seen annual revenues soar up to $500,000 without any of the traditional hassles associated with short-term rentals through platforms like Airbnb. This transformative approach not only opens up new revenue streams for property owners, but also contributes positively to local economies by providing unique venues for various events.
At its core, Cocoon represents more than just a business; it embodies a movement towards more flexible and efficient use of real estate assets in urban environments. As cities grow denser and real estate becomes more valuable, solutions like Cocoon offer a glimpse into the future where every space can find its purpose beyond traditional residential or commercial use.
Monteagudo’s vision extends beyond mere profit generation; it’s about creating an avenue for spaces to receive upkeep while also connecting those to unforgettable experiences. By reimagining how we utilize our living spaces, Eduard and Cocoon challenge us to think outside the box, paving the way for innovative economic real estate systems within our communities.
Cocoon Flex Spaces isn’t just changing how we think about our living spaces; it’s setting new standards in real estate monetization, hassle-free, profitable, and stylishly responsible. For those looking to unlock the full potential of their properties without diving into the complexities of short-term rentals or fearing potential damages often associated with such endeavors can turn towards Eduard’s brainchild as a model of innovation in today’s dynamic real estate landscape.
Visit cocoonflexspaces.com for more information.
