US: AKA United Nations, an extended-stay hotel condominium project financed through crowdfunding has opened this week.
The property, on 46th Street in Manhattan's Turtle Bay
neighbourhood, features 95 one-bedroom suites. Of the $95 million
it cost to buy and renovate the existing hotel, $12 million was
raised from online pledges, according to Rodrigo Nino, chief
executive officer of Prodigy Network, which is renovating the
building with partners.
Prodigy is marketing the units, which range from 562 to 662 square feet, at prices from $1.2 million to $1.5 million. The units, all with kitchens and most with a balcony, will be rented as extended-stay hotel suites until they find buyers.
The crowdfunding campaign attracted 116 backers, pledging $20,000 each. They can expect a return on their investment of 19 to 23 per cent, mostly from sales of the units, according to Prodigy.
The apartments are managed by Stay AKA which has serviced apartment properties in New York, Philadelphia, Washington DC, Los Angeles and London.