Prodigy Network, one of the leading real estate crowdfunding platforms, was recently featured on CNBC regarding their 17 John Street project in Manhattan. The project has generated a respectable $35 million in equity crowdfunding alongside $78 million in traditional finance for top shelf, extended stay condos in the red hot NYC real estate market.
The report explains that investors get a 6% return along with the equity stake alongside a share in the profits. Prodigy is expecting a total return of around 18% or so for equity investors.
The real estate sector of investment crowdfunding continues to be very promising as investors are attracted to a hard asset with more predictable returns. New York City is one of the hottest (if not the hottest) real estate market in the world today. While only accredited investors may participate in the Prodigy Network offers today, the entry level is $10,000 opening up the asset class to a much wider investor base.
17John is just off Fulton Station and one block from the World Trade Center. The 23-story building has 191 furnished apartments, studios, 1 and 2 bedrooms with living room and kitchen where guests stay at least 1 week and a month average.