CrowdFund Beat Media, by Rodrigo Niño, CEO of Prodigy Network,
Now well into February, I want to share our thoughts on what we think is to come this year. With the price drop of oil, the American economy recovering and a slower growth pace in the BRIC countries, the dollar is appreciated against virtually all other world currencies. We believe that the combination of these factors solidifies the United States’ position as the world’s strongest economy. [Source: The Economist]
Several reports show that real estate prices and demand exceeded even the most aggressive projections In Manhattan. [Source: The Real Deal] “The average sales price for an apartment in Manhattan in 2014 hit a record-setting $1.72 million, a 19 percent jump from the year before and now go for roughly $1,300 per square foot. [Source: The Real Deal] Also, the latest report said the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales. [Source: The Real Deal] This year’s growth will be even better, according to The Real Deal. January data just confirmed another record for commercial properties in 2014 also [Source: The Real Deal]
I am excited to announce, that this year we will complete construction in the spring on AKAUnited Nations; condo sales will commence in April and we expect a full sellout by the end of the year. Investors in this project should be receiving their capital and return consistent with our initial projections.
After closing on 17John in September 2014, we are diligently working on the project design, securing an operator and we will start very soon to raise the equity on the second offering for the construction of the glass box on top of the existing structure.
We are excited to see how every indicator on the development of the area plays well in our favor. Most recently, the world renowned Nobu TriBeCa Restaurant, announced its relocation right around the corner of our project [Source: The New York Post]
We are also excited to announce the launch of our forth project in Manhattan. We have just put under contract an amazing building for luxury lofts, in the trendy Park Avenue South area on 25th street between Madison and Park. We will keep you posted as we come to market.
On AKAWall Street, construction is also making great progress.We should commence the sales of the condos on the second half of the year and expect to be operational in the building by the Third Quarter. We will be announcing our restaurant operator very soon! Stay posted as it will be a major event.
Our portfolio in New York, between these four projects, is over 700MM dollars now. We secured financing from CIBC, Deutsche Bank and Bank of America, as well as crowd funded equity from 32 countries and 17 different States.
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