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500 Startups Opens Up New Manhattan Co-Working Space. Should You Join?

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If you're still on the waiting list to get into General Assembly's co-working space in New York City, you now have another option.

Recently, Dave McClure's 500 Startups announced the opening of new co-working space in Manhattan's Flatiron District. Besides providing an actual physical space for startups to work, the location will also be home to various meetups, networking parties and discussions on topics relating to entrepreneurs and tech.

The spot is pretty cozy, with room for only 35 people. Half of the space will be reserved for companies in 500 Startups' portfolio and the rest of the desks are open to startups in the New York City area. The company is currently accepting applications and requires the startup to provide funding levels, an AngelList profile and LinkedIn information.

Related: Starting Up Under One Roof: A Look at the Surge in Residential Incubators

Think this sounds like the perfect place to launch your business? Before you consider joining up, consider some of the perks and drawbacks of starting up in a coworking space.

The Perks

While the co-working space will set you back $500 a month, many young entrepreneurs find the benefits to outweigh the expense. Opportunity to mingle with like-minded individuals, the possibility of receiving mentorship from serial entrepreneurs and 500 Venture Partner Shai Goldman, having a work place away from home where you can conduct meeting, and access to resources are just a few of the perks.

Related: Is Your Business Ready for an Incubator? 5 Tips from a 'TechStars' Grad

The Drawbacks

Even though the cost to rent a desk or chair at a co-working space is substantially lower than signing a long-term lease, it can still be expensive. Forking over between $300 and $500 a month may not be possible, especially for entrepreneurs bootstrapping their startup or just starting out. Make sure you take into account this additional monthly expense before signing up for a spot.

While working in a co-working space can provide numerous benefits, make sure you carefully consider drawbacks before jumping on board. For more on whether an incubator or co-working space is right for you, check out: "Can Start-Up Incubators Really Help You?"

What other advantages and disadvantages of joining a co-working space have you found? Let us know in the comments section.

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