CityShares looking to invest $20M in Harlem

Ex-Goldman Sachs banker Seth Weissman also spending millions in parts of Brooklyn

New York /
Aug.August 15, 2014 04:05 PM

Brooklyn investor Seth Weissman is targeting a new neighborhood with his venture CityShares, a fund that enables its participants to reap the benefits of increasing apartment demand in gentrifying areas.

The money is used to purchase rental buildings. Investors who pledge $100,000 or more become partial owners of the properties and get part of the rent roll.

Weissman — who has halfway reached his goal of $5 million in investments to buy properties in Bedford-Stuyvesant, is now looking to raise $20 million in Harlem. More funds are planned for Bushwick, Crown Heights and Sunset Park in Brooklyn.

In Bedford-Stuyvestant, Weissman is planning to invest $15 million in properties and renovate them — with $5 million coming from investors and $10 million from loans.

Weissman, who formerly worked for Goldman Sachs and Perry Capital, said that CityShares is the first program of its kind that offers a way to invest in up-and-coming markets. [Bloomberg News] — Claire Moses


Related Articles

arrow_forward_ios
From left: Assemblyperson Inez Dickens and Councilperson Kristin Richardson Jordan
Pol who killed Harlem project could face primary challenge
Pol who killed Harlem project could face primary challenge
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Tishman Speyer, Goldman Sachs plan 2K units in Jersey City
Healing From Heaven Temple COGIC and Childs Memorial Temple COGIC (Google Maps)
Meet the developer from the Harlem church scandal
Meet the developer from the Harlem church scandal
City Council member Kristin Jordan and developer Bruce Teitelbaum with West 145th Street and Lenox Avenue (Illustration by The Real Deal with Getty)
Developer to Harlem pol who blocked project: “Truck you!”
Developer to Harlem pol who blocked project: “Truck you!”
Goldman Sachs' David Solomon and 15 Brooklyn Park Drive (Streeteasy, Getty)
Goldman Sachs buying $90M Brooklyn Heights apartments
Goldman Sachs buying $90M Brooklyn Heights apartments
Goldman Sachs CEO David Solomon and 200 Wall Street (Getty Images, Dan DeLuca, CC BY 2.0 - via Wikimedia Commons)
Goldman Sachs lightens Covid rules in push for full-time office return
Goldman Sachs lightens Covid rules in push for full-time office return
Edward Norton and 441 Willoughby Avenue in Bed-Stuy Brooklyn (Google Maps, Twitter via EdwardNorton, Illustration by The Real Deal)
Historic Bed-Stuy mansion bites the dust
Historic Bed-Stuy mansion bites the dust
A photo illustration of the Broadway Spanish Baptist Church (Google Maps, Getty Images)
Harlem church seeks state approval for redevelopment plans
Harlem church seeks state approval for redevelopment plans
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...