Prodigy Network, arguably the largest real estate equity crowdfunding platform in the world, has announced a new opportunity open to investors. Assemblage / 25th Street in Manhattan is a unique project that marries collaborative work-space with short-term residential living in thriving downtown New York City.
Brian Newman, Vice President of Business Development at Prodigy described Assemblage as a “home to a community of top creators and entrepreneurs, looking to connect and build relationships to achieve inspiring goals”.
“Prodigy Network is tapping into the thriving collaborative workspace market with The Assemblage/25th Street,” said Newman.
The Assemblage/25th Street project is a 12-story, 45,000 square foot loft building located at 114-116 East 25th Street in Downtown Manhattan. The project will be designed by the globally recognized New York City-based design boutique, Meyer Davis. The design firm specializes in residential, hospitality, retail, and workplace environments, throughout the U.S. and abroad having designed many iconic structures with a unique sense space. They plan to make a creative use of its collaborative workspace and combine it with 42 luxury residential units. The property is said to have a roof-top deck with a unique lounge and stunning views of the New York skyline.
Prodigy Network is offering equity investors the option to participate in the project. US accredited investors may participate at a minimum of $20,000. International investors may participate at a $50,000 minimum. According to the Prodigy site the deal is seeking $15 million with an estimated 3 to 4 year holding period. Projected IRR is from 10 to 12%. Prodigy typically partners with traditional money center banks like Deutsche Bank, CIBC and Bank of America to help fund projects.
Assemblage marks the 4th Manhattan-based real estate project for Prodigy. Prodigy has raised over $106 million in equity crowdfunding to date. Prodigy can stake claim to the largest investment crowdfunding project ever in the BD Bacata skyscraper in Bogota, Colombia which raised around $170 million. The combined real estate portfolio of Prodigy Network is approximately $850 million.
Prodigy Network was founded by Rodrigo Nino a staunch proponent of crowdfunding and the democratization of investment opportunity.
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