Today, National Doughnut Day, New York City real estate adds yet another attraction to the likes of the Statue of Liberty and the Metropolitan Museum of Art: It’s home to America’s best doughnut, according to a recent survey from city guide app Foursquare.
Not for nothing does NYC have some of the country’s most valuable real estate. So with crowdfunding playing an increasing important role in the city’s real estate, CityFunders, a new real estate crowdfunding platform highlighting its team members’ professional experience, has just launched.
Investors on CityFunders can participate in a wide range of multi-million dollar debt and equity deals including multi-family, hospitality, commercial and industrial properties located in NYC, notes the company’s press release. Current loans available for investment include the mezzanine loan for the acquisition of a mixed-use apartment building in Manhattan’s Chinatown and the equity of a brand-new, 467 unit luxury rental tower in Long Island City.
David Behin, CEO and co-founder of CityFunders, says,
Our platform streamlines investing in New York City real estate deals—the most complex in the United States—and shatters the barriers to entry for the retail investor…. Our entry point of $5,000 gives retail investors access to deals which were previously available only to the very wealthy or in-the-know.
Here’s how the platform works:
- CityFunders will offer up to five potential debt or equity deals at a time to investors.
Investors have the first pick of exclusive NYC debt and equity real estate deals, and access to top-tier investment oversight currently unavailable in the equity crowdfunding space.
- The deals offered are approved by a committee of veteran New York City real estate developers and investors.
The CityFunders committee has more than 200 years of collective experience in New York City real estate, and has done over a trillion dollars of transactions.
- Investors can purchase shares of a deal for as little as $5,000 via CityFunders.com.
Behin notes that Funding of NYC’s real estate deals is an extremely competitive business – especially for the good deals. For any funding entity, whether crowdfunding or traditional sources of capital, commitment to the deal is key. Without that, sponsors of good deals will never work with you, reducing the platform to mediocre deals that couldn’t get funded elsewhere.
CityFunders commits funds to sponsors from a secured $40M credit facility, ensuring a quick close on any property deal.
Once the deal has been vetted and committed to, investors can check out a thorough profile of each deal, ask questions and, should they choose to, invest in the deal on CityFunders.
CityFunders was co-founded by Behin, Jerry Swartz, Albert Behin and Ayush Kapahi. David Behin notes,
CityFunders fundamentally changes the way investors can participate in the nation’s, if not the world’s most vibrant, and profitable real estate market.