Crowdfunded New York extended stay project opens its doors

George Sell By George Sell
10 September 2015 | Updated 10 September 2015

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.

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