Prodigy Network is an online real-estate crowdfunding platform that crowdfunds real-estate investments supported by capital from individual and institutional investors.[2][3][4] Its platform provides tools for investors to browse investments, perform due diligence and invest online. It is marketed to international investors and to accredited investors in the United States, and has raised $600 million from investors in 37 countries.
| Industry | Crowdfunding Real Estate Investing[1] |
|---|---|
| Founded | 2003 |
| Headquarters | , |
Number of locations | 3 |
Key people | Rodrigo Nino, CEO & Founder |
Number of employees | 35 |
| Website | www |
History
editProdigy Network was founded in 2003 by Rodrigo Nino as a network of brokers interested in offering real-estate investments. After the JOBS Act was enacted, Prodigy Network launched its first crowdfunding campaign in New York City from its building on Wall Street.[citation needed]
In October 2013, Prodigy Network financed a landmark building located in New York’s Financial District. By November 2013 Prodigy raised $200 million with the completion of a crowdfunding campaign for the tallest building in the country in Bogotá, Colombia.[5][6]
In June 2014, the company raised $12 million through a crowdfunding campaign for a building next to the United Nations headquarters. Around this time, the company ran a “design competition” to crowdsource design opportunities for the coworking and hotel space in 17 John and awarded winners.
In September 2014, the company finalized the crowdfunding campaign for 17 John St., a commercial building near Fulton Center.[7]
In 2015, Time magazine reported on the opening of AKA United Nations, an extended-stay property near the United Nations that was termed the “first crowdfunded condo.”[8][9]
In August 2015, the company launched a campaign for a property near the Flatiron Building and Madison Square Park. [citation needed]
In 2016, Prodigy Network raised funds for The Assemblage / Park, located in the NoMad neighborhood of Manhattan, and was acquired in June 2017.[10][11]
In 2017, The New York Times reported Prodigy Network’s launch of its first coworking space, The Assemblage in NoMad. The property was designed by renown company Meyer Davis, as a venue to facilitate consciousness and collaboration. The property officially launched in November, and operates under four memberships with prices ranging between $200 and $6,500.[12]
Products
editProdigy Network focuses on investing in coworking and co-living spaces and mixed-use real estate. Its projects have included extended stay hotels, office towers, shopping center units, and condominiums. Its portfolio of six New York and two Colombian projects has a total value of $875 million.[13][14]
See also
editReferences
edit- ^ "Prodigy Network is Crowdfunding $53 million for the Assemblage Park Avenue - South". Crowdfund Insider. Retrieved 6 March 2018.
- ^ Marino, Vivian. "The 30-Minute interview". The New York Times. Retrieved 27 September 2017.
- ^ Drake, David. "Five Realty Crowdfunding Projects Raising $50M Or More". Forbes. Retrieved 4 Nov 2014.
- ^ Lakhani, Hutter; Karim, Friar; Katja, Greta (2014). "Crowdfunding raised relatively small amounts of money from a large number of people to fund the initial capital required for a project or venture". Harvard Business School Publishing (Boston, Massachusetts): 1.tie.
- ^ Berg, Nate. "Crowdfunding the skyscraper". Curbed. Retrieved 28 September 2017.
- ^ Stott, Rory. "What Role Does Crowdfunding Have in Architecture?". Archdaily. Retrieved 29 September 2017.
- ^ "Shorewood, Prodigy land $105M loan package for FiDi project". The Real Deal. Retrieved 6 March 2018.
- ^ Clarke, Katherine. "NYC's first ever crowd'funded condo project launches sales". NY Daily News. Retrieved 29 September 2017.
- ^ Osborn, Katy. "New York City's First Crowdfunded Condo Opens This Month". Money.com. Money. Archived from the original on November 19, 2016. Retrieved 29 September 2017.
- ^ Rew. "Crowd has $53M co'working target in NoMad". Rew-online. Retrieved 29 September 2017.
- ^ Rorhstein, Ethan. "This week's N.Y. Deal Sheet". Bisnow. Retrieved 29 September 2017.
- ^ "Soho House, but Make it Enlightened". The New York Times. Retrieved 6 March 2018.
- ^ "Commercial Real Estate Tech". GoldGate. Retrieved 6 March 2018.
- ^ "How crowdfunding is democratizing real estate investing". NPR Marketplace. Retrieved 6 March 2018.