Prodigy Network to develop short-term rental apartments

Crowdfunding firm signed options on two NoMad buildings: sources

Apr.April 20, 2015 02:04 PM

Prodigy Network, one of the city’s most prominent real estate crowdfunding firms, is following in WeWork’s footsteps with plans to combine shared workspace and short-term rental apartments, The Real Deal has learned.

The firm is looking to launch the concept, sources said, at three locations in Manhattan: 17 John Street, which it bought last year, as well as two NoMad buildings it has recently signed purchase options on.  

Taken together, the three buildings would boast just over 300 short-term rental apartments and 75,000 square feet of shared office space. Prodigy is looking for a hotel provider to manage all three projects.

While the plan is still in its infancy, it highlights the growing interest in short-term rental buildings. WeWork, a leading shared office provider, is reportedly looking to bring short-term rental apartments to Rudin Management’s 110 Wall Street. The firm also has plans for 216 residential units in Washington D.C.’s Crystal City building.

Representatives for Prodigy, founded by Colombia-native Rodrigo Nino, declined to comment. Prodigy is the most active real estate crowdfunding company in Manhattan. It has invested in two AKA extended-stay hotels, at 84 William Street and 234 East 46th Street, and bought the 15-story rental building 17 John Street in Lower Manhattan last September for $85 million. The firm initially planned to turn 17 John into another extended-stay hotel, but now appears to have changed its mind.

Related Articles

Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

Rodrigo Niño, 17 John Street and 85 West Broadway (Credit: Prodigy Network, Google Maps)

Crowdfunding firm seeks $30M bailout for second commercial building

Cyril Berdugo and Tom Petit (Credit: Landis)

Proptech startup Landis inks deal to turn renters into buyers

CEO Anthemos Georgiades (Credit: iStock)

Zillow rival Zumper raises $60M to build more rent-payment tools

Dealpath's Mike Sroka and Blackstone's John Fitzpatrick (Credit: Dealpath, Blackstone)

Blackstone is latest real estate giant to back Dealpath

Future City 2020

Highlights from Day 3 of TRD’s Future City summit