General Assembly will close its New York City co-working space in 2014 to focus on its growing educational offerings, according to Business Insider.
Though the location is a favored place for the city’s startup community, General Assembly is quickly running out of space and wants to accommodate its thriving classroom business. Currently, the space is home to about 100 entrepreneurs. In addition to classroom instruction, General Assembly will continue to offer career fairs, hackathons and panel discussions.
Among the possible reasons for the move: A slowdown in startup launches and funding, as well as the growth of co-working spaces throughout the city.
In a blog post, General Assembly CEO Jake Schwartz said the decision wasn’t made lightly, “[but] it is a necessary one as we work to expand our global network of students and alumni.” He added: “Over the next few weeks and months, we will be working with other great co-working spaces throughout the city to ensure a seamless transition for our existing members as we effect this change.”
According to Venture Beat, educational instruction has become a much bigger and more profitable part of GA’s business. General Assembly offers a variety of classes, including programming, digital marketing, backend Web development, data analysis, as well as public speaking and business financing.