The Real Deal New York

‘Crowd-funding’ used to buy properties

In realm of real estate, method of purchasing limited by SEC regulations
By Christopher Cameron | September 11, 2012 10:30AM

From the September issue: The nonprofit New Brooklyn Theater company has found an unusual way of raising funds to buy and restore the historic Slave Theater in Bedford-Stuyvesant.

NBT, which needs $200,000 for a down payment on the 1215 Fulton Street building, last month posted about the project on the “crowd-funding” website Kickstarter. Already, some 218 people have contributed more than $22,000 through the site, which allows users to browse through lists of projects and donate money. [more]