The Real Deal New York

Prodigy Network to develop short-term rental apartments

Crowdfunding firm signed options on two NoMad buildings: sources

April 20, 2015 02:04PM
By Konrad Putzier

Nino 17 John

From left: A rendering of 17 John Street and Prodigy’s Rodrigo Nino

Prodigy Network, one of the city’s most prominent real estate crowdfunding firms, is following in WeWork’s footsteps with plans to combine shared workspace and short-term rental apartments, The Real Deal has learned.

The firm is looking to launch the concept, sources said, at three locations in Manhattan: 17 John Street, which it bought last year, as well as two NoMad buildings it has recently signed purchase options on.  

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.

While the plan is still in its infancy, it highlights the growing interest in short-term rental buildings. WeWork, a leading shared office provider, is 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.

Representatives for Prodigy, founded by Colombia-native Rodrigo Nino, declined to comment. Prodigy is the most active real estate crowdfunding company in Manhattan. It has invested in two AKA extended-stay hotels, at 84 William Street and 234 East 46th Street, and bought the 15-story rental building 17 John Street in Lower Manhattan last September for $85 million. The firm initially planned to turn 17 John into another extended-stay hotel, but now appears to have changed its mind.

  • Property M

    I don’t know that Prodigy is the MOST active in NY Real Estate crowdfunding, but they are in New York. I think PatchOfLand also has an office in Dumbo Brooklyn and they’re very active in the Metro NY area, especially if you count Metro NJ and Long Island. I believe Fundrise is also in New York.