Prodigy Network closes on hotel project for $85M

Real estate crowdfunding startup converting site into a 23-story, 191-unit extended-stay hotel

17 John Street
17 John Street

Real estate crowdfunding startup Prodigy Network closed on the acquisition of a 15-story rental building at 17 John Street for $85.3 million. The sum included more than $25 million in crowdfunded equity.

Prodigy, led by Rodrigo Nino, is in the process of converting the property into a 23-story, 191-unit extended-stay hotel. The building, nicknamed a “cotel,” aims to fuse a hotel, co-working space and LinkedIn-esque environment that offers extended stay suites, networkin events and collaborative work environments.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The startup’s Manhattan portfolio contains roughly $450 million in commercial buildings with more than $70 million of crowdfunded equity.

Jay Z’s Roc-A-Fella Records was formerly located at the Metro building on the site. [Crowdfunding Insider]Mark Maurer