The Assemblage ceases operations following death of founder Niño

George Sell George Sell Uploaded 24 June 2020

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US: Wellness-focused coworking brand The Assemblage has ceased operations at all three of its Manhattan locations.

According to a report in the Commercial Observer, the closures come amid a sale of two of the properties by crowdfunding firm Prodigy Network.

Members at both of The Assemblage’s NoMad locations, at 331 Park Avenue South and 114 East 25th Street, received an email last Friday stating that the spaces are under new management, and that they would have to reapply for memberships. “We regret to inform you that The Assemblage has ceased operations at the East 25th Street, Park Avenue South and John Street locations in New York City, effective immediately,” the email stated.

The John Street location, at 17 John Street in the Financial District, which also includes a hotel, was not taken over by the new management team, according to the email noted.

The Assemblage was the coworking-meets-wellness project of the late Rodrigo Niño, the founder of Prodigy Network, a pioneer in the real estate crowdfunding space. It was launched in late 2017 in the Prodigy-owned, 12-story 114 East 25th Street.

The closures come as Prodigy Network sold the two NoMad locations last week to unknown buyer for a combined $82.5 million. The sale marks a 20 percent loss from the $103 million that Prodigy paid for them in 2017.

Prodigy has had a troubled time of late, as investors alleged that it was running out of funds and not delivering on promised returns. It has been the subject of multiple state and federal lawsuits. Last month, the 50-year-old Niño, who had stepped down as CEO of Prodigy in 2019 amid the allegations, died from cancer.

The email to members provided no information on the new management, or links to more information, although the email address leads to a bare-bones website with pricing for the new coworking space, but no additional identifying information, according to the Commercial Observer report.

“We are committed to a long-term vision of continuing to offer a flexible and collaborative office community,” the new management wrote in the email.

The Assemblage is still posting online content via its social media channels.

Click here to read an article by SAN publisher Piers Brown, giving his take on The Assemblage after a visit there in 2018.

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