Prodigy Network, one of the most prominent real estate crowdfunding firms, aims to combine shared workspace and short-term rental apartments, according to the The Real Deal. The firm hopes to launch the concept, sources said, at three locations in Manhattan: 17 John Street, a project that generated $35 million in equity crowdfunding alongside $78 million in traditional finance for top shelf, as well as two NoMad buildings on which it has recently signed purchase options. 17 John Street also will offer extended stay condos in the booming NYC real estate market.
“Taken together, the three buildings would boast just over 300 short-term rental apartments and 75,000 square feet of shared office space. Prodigy is looking for a hotel provider to manage all three projects,” reported The Real Deal.
While still in its infancy, the Prodigy Network’s real estate plan highlights the growing interest in short-term rental buildings. WeWork, a leading shared office provider, is also reportedly looking to bring short-term rental apartments to Rudin Management’s 110 Wall Street. The firm also has plans for 216 residential units in Washington D.C.’s Crystal City building.
Prodigy is the most active real estate crowdfunding company in Manhattan. Prodigy Network has now launched three prime commercial real estate projects in Manhattan, AKA Wall Street, 17 John and the most recent project AKA United Nations. The two AKA properties were done in partnership with the well known Korman Communities group.
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