Real estate investor Seth Weissman has launched a $5 million fund to acquire Bedford-Stuyvesant buildings as the first stage of the venture CityShares.
He plans to pool funds from investors and buy apartment complexes in several Brooklyn neighborhoods, including Bushwick, Crown Heights and Bed-Stuy, as well as Harlem. His goal is to raise $50 million total. Weissman, who formerly worked at Perry Capital and Goldman Sachs, owns 10 apartment buildings in the city at the moment.
“Outside of buying a co-op or condo, there’s no good way to invest in New York real estate,” Weissman told Crain’s. “We hope to change that.”