CrowdFunding Beat News, Wire PRODIGY NETWORK CLOSES ON 17JOHN,
ITS SECOND CROWDFUNDED COMMERCIAL PROPERTY IN MANHATTAN
New York Crowdfunding Company Portfolio Now Exceeds $450 Million
NEW YORK (September 2, 2014) Prodigy Network, has closed on the purchase of 17 John Street in downtown Manhattan. 17John was purchased for $85.3 million, with more than $25 million in crowdfunded equity, senior financing from Deutsche Bank and subordinate financing from an institutional investor. Investors from over 12 different states and 10 countries invested in participations starting at $50,000 dollars in this prime New York building.
17John is the second Manhattan property by Prodigy Network to close in less than one year. The first, AKA Wall Street, is now under construction and slated to open in the summer of 2015.
“We are thrilled to have closed on 17John. Its location is at the core of the emerging Financial District and represents an unprecedented opportunity for those who have always wanted to invest in Manhattan real estate,” said Rodrigo Nino, CEO of Prodigy Network.
Upon completion of construction, the extended stay property will be 23 stories and feature 191 furnished units, including full kitchens and workspaces and state-of-the-art technology. Each extended stay residence is designed for the international traveler looking for a community and opportunities to be collaborative in New York City.
“17John further establishes crowdfunding in commercial real estate as an efficient way to provide access to smaller accredited investors to institutional quality projects that were previously unavailable to them,” said S. Lawrence Davis, Principal of Prodigy Capital Group, parent company of Prodigy Network.
Prodigy Network is the leader in crowdfunding real estate in the United States. Its Manhattan portfolio exceeds now an estimated $450 million in top Manhattan commercial real estate properties with over $70 million of crowdfunded equity.
For more information about 17John, please visit: http://en.prodigynetwork.com/portfolio_projects/17-john/
For more information about Prodigy Network, please visit: www.prodigynetwork.com
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About Prodigy Network
Founded in 2003, Prodigy Network specializes in connecting its international network of individual investors with opportunities to participate in prime commercial real estate in Manhattan. With its proven crowdfunding model and use of a third-party fund administrator, Prodigy Network has shifted real estate investment opportunities and returns that once were solely accessible to large investors to small investors. As the leader of the worlds largest crowdfunded skyscraper BD Bacata, Prodigy Network has led five international and U.S. based crowdfunded projects, raised more than $300 million from 6,000 investors, and is currently developing projects with a projected value of over $850 million dollars. Prodigy Network is headquartered in New York City. For more information visit: www.prodigynetwork.com