The wisdom of the crowd is about to be tested as Manhattan’s first condo building funded by a large group of internet-based investors is primed to hit the market.
Prodigy Network’s Rodrigo Nino will begin booking guests and selling units as early as September at the company’s mew extended-stay hotel-condominium, the AKA United Nations at 234 East 46th Street.
The AKA UN, just west of the UN General Assembly Building, will house 95 one-bedroom condos, ranging from 562 to 662 square feet, with price tags from $1.2 million to $1.5 million. The units will be rented as extended-stay hotel rooms until they’re sold as condos, Bloomberg reported.
The building was financed in part by 116 crowdfunding backers who each kicked in at least $20,000. A total of about $12 million was raised through crowdfunding.
About 90 percent of that money came from outside the U.S. Investors can expect a return of about 19 percent to 23 percent, Prodigy says. Brian Newman, Prodigy’s head of business development, told Bloomberg.