The Real Deal New York

New investment fund targets Brooklyn, Harlem rentals

Seth Weissman aims to raise $50 million to buy buildings
June 09, 2014 01:05PM

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.”

Weissman Equities broke ground last year on a mixed-use building at 426 Bainbridge Street in Bed-Stuy, as previously reported. [Crain’s]Mark Maurer