Prodigy Network, one of the leading real estate crowdfunding platforms, was recently featured on CNBC regarding their 17 John Street project in Manhattan. Â 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. Â New York City is one of the hottest (if not the hottest) real estate market in the world today. Â 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.