Thesis Driven’s Buy Box series is for accredited & institutional investors. It highlights unique and innovative real estate projects seeking private investments.
Today’s Buy Box features The Beginning, a new family-focused members club project in Brooklyn Heights, NYC from Little Big Hospitality.
Don’t miss Thesis Driven’s deep dive interview with The Beginning founders next Wednesday, August 13. Register here (for accredited & institutional investors only). Note: recordings will be shared with all who register.
Executive Summary
An experienced hospitality and programming team is developing a 45,000+ square foot family-focused members’ club in Brooklyn Heights, New York. The project, The Beginning, will combine wellness, education, childcare, and social spaces under one roof, targeting families seeking elevated, multi-generational community experiences. The lease structure provides five years of free rent, options to purchase the building and adjacent property, and terms below comparable lifestyle-anchored retail.
The stabilized operation is underwritten to deliver $5.5 million in NOI, with revenue driven by monthly membership dues, initiation fees, and ancillary income from camps, childcare, F&B, and events. Stabilization requires only ~50% of total potential members, providing additional capacity for growth and resilience in varying market conditions.
The total capital requirement is $18.3 million, of which $6 million has been secured from prominent real estate families. The remaining equity need is expected to be $7-8 million after accounting for initiation fees from pre-opening membership sales.
Management is targeting a mid-September 2025 close for the current raise.
Market Opportunity
The members’ club sector is expanding rapidly, but the market lacks a scaled, purpose-built option designed specifically for families—creating a clear first-mover advantage.
Global members’ club market projected to reach ~$25.8B by 2027, growing at low double-digit rates
Clubs are evolving into multipurpose “third places” integrating wellness, work, culture, and community
Family-focused segment remains underserved despite rising demand for lifestyle experiences that serve all ages
About the Project
The Beginning is a purpose-built, multi-floor private club designed exclusively for families. The flagship Brooklyn Heights location will deliver:
Size & Layout: 45,000+ sq. ft. across multiple floors
Lease Terms: 16-year term with five years of free rent; right-of-first-offer to purchase the property and right-of-first-refusal to lease adjacent building
Programming: Wellness facilities, education and enrichment programs, co-working, dining, childcare, seasonal camps, and events
Design: High-end, contemporary aesthetic by an award-winning hospitality design team.
Membership Model: Monthly dues (~$300/adult, $200/child) plus initiation fee ($5,000)
Revenue Plan: Primary income from memberships; secondary from branded camps, childcare, F&B, and events
Traction: 1,500+ membership applications received within ~14 days of initial press coverage, meeting projected full capacity
Watch video
Investment Opportunity
Total Capital Required: $18.3 million
Raised to Date: $6 million from notable real estate families
Expected Additional Sources: $4–5 million from initiation fees before opening
Remaining Equity Need: $7–8 million
Valuation: $42 million pre-money
Target Close: Mid-September 2025 (before October 1)
Strategy
Location 1: Operate in well-located Brooklyn Heights real estate with favorable lease terms, multiple revenue streams, and strong pre-opening demand
Expansion Plan: Launch two additional locations in Q1 2027 (sites already under discussion), with a five-year goal of 5–10 clubs (three in NYC) and long-term target of 20 nationally and internationally
Track Record of Founders
This is the first location for The Beginning, led by:
Chris de Koos, who has steered hospitality operations and significantly scaled a hospitality-tech business to $22 million in annual revenue before leading enterprise strategy at Vimeo
Michael Schoen, who has both founded and scaled real-estate and co-working ventures and has advised prominent lifestyle brands—including WME/IMG, WeWork, and Glossier—on community-building and engagement strategies
Together, they’re supported by a seasoned operating team: F&B veterans; a House & Garden Top-100 designer; and a former private-school board chair directing programming.
Current Status
Design development completed; lease executed
Pre-opening marketing underway with strong membership interest (+1,500 pre-registrations to date)
Construction timeline aligned for opening Summer 2026
Investor discussions in process with multiple family offices
Key Questions
We’ll cover the below key questions–as well as others–as part of our live interview with the founders (Wednesday, August 13th at 3pm ET - link below).
What is the core demand signal that gives confidence in long-term member acquisition and retention?
How will the model adapt to different markets while preserving brand and operational consistency?
What role could a PropCo strategy play in enhancing returns and controlling key real estate?
How will management balance exclusivity with scale as the club network grows?
Next Step: Live Interview
A live interview with the founders will be held Wednesday, August 13th at 3pm ET to dissect the business plan, walk through the flagship site, and address investor questions.
To RSVP, sign up here (note you must be an accredited investor).
-Brad & Paul