The Real Deal New York

Prodigy, Korman launch sales of crowdfunded Midtown condos

Apartments at 82K sf building starting at over $1M

April 30, 2015 01:25PM

234 East 46th Street

Renderings of 234 East 46th Street in Midtown (credit: Prodigy Network)

Apartments in the city’s first crowd-funded condo project are hitting the market, with prices starting at $1.2 million.

The building, located at 234 East 46th Street between Second and Third avenues, is a joint venture between crowdfunding firm the Prodigy Network and corporate apartment provider Korman Communities.

The condos are all one-bedroom units ranging from 500 to 600 square feet and priced between $1.2 million and $1.5 million. The units are targeted at foreign buyers intending to live in the apartments part time and rent them out for the rest of the year, according to the New York Daily News.

Prodigy and Korman raised more than 10 percent of the equity for the project from small investors who chipped in as little as $50,000 for a share. The investors would catch their windfall upon the building’s sellout and stand to make a 15 percent return.

Prodigy acquired a stake in the 82,000-square-foot building from investment firm BlackRock last year. [NYDN]Rey Mashayekhi