The Real Deal New York

Prodigy Network closes on hotel project for $85M

Real estate crowdfunding startup converting site into a 23-story, 191-unit extended-stay hotel
September 02, 2014 05:40PM

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.

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