New York's first real estate project financed though crowdfunding is set to open, marking a step forward for a nascent investing model that has yet to prove itself in commercial property.
AKA United Nations, an extended-stay hotel-condominium, will start taking guests from September 10. Sales of the suites have already begun. Of the $95 million it cost to buy and fix up the existing hotel, $12 million was raised from online pledges. Until now, "everything has been about promises," said Rodrigo Nino, chief executive officer of Prodigy Network, which is gut-renovating the building with partners.
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