See what the press and media have to say about crowd-investing in commercial real estate.
"Real estate crowdfunding platform Prodigy Network is launching its 5th equity crowdfunding offer to develop coworking spaces in Manhattan."
"Blue Ribbon brothers Bruce and Eric Bromberg have taken over the space on the ground floor of the luxury "residence hotel'' AKA Wall Street at 84 Williams Street."
"The Financial District has its first luxury all-residential hotel. AKA Wall Street occupies a restored century-old building on the corner of William Street and Maiden Lane."
"Extended stay hotels, often favored by business travelers, are also becoming more of a downtown presence. AKA Wall Street, for instance, is opening in June, and the bookings reflect "corporate business more so than our other . . . locations in Manhattan,'' AKA president Larry Korman says."
“There is a need for significant additional hotel product in Lower Manhattan,” says VanStekelenburg. “The market has historically been underserved by hotel rooms, and the new supply is very broad in product type and brand..."
"“There’s always demand for short-term housing in Manhattan, because people come from all different areas to work here,” said Gary Malin, president of the rental-focused brokerage Citi Habitats."
"Skyscrapers have been around for 130 years. In Bogota, Colombia, this week, workers put the last floor in place on a 67-story skyscraper that is now the country’s tallest structure."
"New York’s first real estate project financed significantly though crowdfunding is set to open, a step forward for a nascent investing model that has yet to prove itself in commercial..."
"Two crucial factors set Prodigy apart: first, the firm is an equity partner in the projects it finances; second, most of its investors are foreign. Those two facts help explain why it has raised so much more..."
"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..."
"Booming investments in real estate are leading the way among equity-crowdfunded projects, which rose to $662 million in the first quarter of 2015, a big jump from the $483 million recorded in the final quarter of 2014...."
"Observers estimate that there are now well over a hundred crowdfunding platforms— websites that raise money for development projects from everyday investors— that are based in the U.S. and specialize in real estate..."
"A recent study from Massolution reports that crowdfunding investors injected $1 billion into the U.S. real estate market last year. By the end of 2015, that number should climb to $2.5 billion..."
"Real estate equity-crowdfunding projects are giving individual accredited investors a shot at owning a piece of residential and commercial Manhattan real estate—with investments as low as $10,000..."
"Mr. Niño, 45, is founder and chief executive of Prodigy Network, a developer that specializes in crowdfunding. Its projects include three extended-stay hotel condominiums, two in partnership with Korman Communities.Interview conducted and condensed byVIVIAN MARINO..."
"Real estate crowdfunding has been growing exponentially for the past couple years, and this year the industry continues to move from being a niche phenomenon to establishing itself as a legitimate and credible fundraising tool. It has also transformed real estate investing from being a rich man’s preserve to an activity in which the ordinary retail investor could participate..."
"In the high stakes world of commercial real estate the industry’s leaders have historically been slow to adapt to technology. But there have been some companies and professionals who have embraced new options in technology..."
"The Prodigy Network, led by Rodrigo Nino, is a real estate crowdfunding site that has already raised hundreds of millions of dollars. Since Title II of the JOBS Act was implemented one year ago on September 23, 2013, much of the money the company has raised in the U.S. has been under these new rules..."
"Though companies such as Kickstarter and Indiegogo have been around since before the legislation, they are strictly fundraising sites, not investment platforms.Prodigy CEO Rodrigo Nino told TRD that out of the $600 million the company has raised for New York developments since 2013, almost $70 million came through crowdfunding…"
"For higher-end projects, some investors turn to New York-based Prodigy Network. The company has raised more than $200 million from 4,200 investors in Colombia to build that country's tallest skyscraper, and $30 million for a luxury extended-stay residence in New York's lower Manhattan. It's now seeking to raise $55 million from individual investors for another luxury New York hotel project…" _test
"A key to that building’s success, as with other properties, will be keeping overhead costs low, which Mr. Korman says is possible because each address requires a staff of about 25, versus about five times that at a hotel. “We try to produce the revenue of a hotel with the expense structure of an apartment building, which is hard but very profitable,” he said…"
"In order to give future guests the best possible experience, the firm turned to crowdsourcing, hosting a design competition and then having the public vote on the best submissions. More than 10,000 votes were cast on 70 submissions, which were eventually narrowed down to a list of 10 finalists…"
"In the new investment model called real estate crowdfunding, investors can choose a project to put their money without necessarily buying equity into a specific company…"
"Prodigy Network’s current crowdfunding project 17John, is an extended stay “Cotel” next to the new Fulton Center, the third-largest transportation hub in Manhattan and one block away from the new World Trade Center. 17John is an extended stay “Cotel” designed to service the growth in the financial district and beyond..."
"Real estate company Prodigy Network took the most direct approach this spring, crowdsourcing design concepts and technological innovations in a generously funded competition that will inform a hotel in New York City’s Financial District…"
"When New York City real estate company Prodigy Network decided to create an extended-stay hotel in Manhattan’s Financial District, it took a non-traditional design approach..."
"Rodrigo Niño has given average Joes a chance to invest in a piece of Manhattan real estate.Mr. Niño's firm, Prodigy Network, just closed on a deal to buy a stake in 234 E. 46th St.—valuing the 20-story, 95-room extended-stay hotel at $68.5 million. The purchase is the third that Prodigy has made in the city over the past year, all of which it has partially financed by offering ownership interests to the general public..."
"Prodigy Network, the largest real estate crowdfunding platform operating today, has been pushing forward led by founder and CEO Rodrigo Niño. The entrepreneurial Niño claims the largest equity crowdfunding project ever. BD Bacata, in Bogota, Colombia, raised approximately $200 million in equity crowdfunding..."
"Natural resources such as gas, oil and mineral are important drivers of global economy. The mining sector is growing at a faster rate due to the rising value and demand for oil and metals. From 214 billion dollars in 2000, this industry grew to 644 billion dollars in 2010, representing a 67 percent growth rate within 10 years..."
"A joint venture between Prodigy Network and Korman Communities has closed on AKA United Nations, located at 234 East 46th Street between 2nd and 3rd Avenues. The property was purchased for $68.5 million, with more than $10 million raised in crowdfunded equity, senior financing from Bank of America..."
"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..."
NEW YORK HEADQUARTERS
40 Wall Street, 17th FloorThe Trump BuildingNew York, NY 10005
T: (+1) 212-966-1015
1450 Brickell AvenueSuite 2560Miami, FL 33131
T: (+1) 305-379-4424
Carrera 7 No.77-07 Piso 8Bogota D.C., Colombia
T: (+57 1) 744-7671
Ruta 8 km 17.500 Edificio Beta 4, Oficina 105Zonamerica 91600 Montevideo, Uruguay
T: (+598-2) 518-2276
Toll Free T: (+1) 917-546-4741