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Crowd goes wild for UN property: Prodigy Network / Korman.

A joint venture between Prodigy Network and Korman Communities has closed on AKA United Nations at 234 East 46th Street.

The property was purchased for $68.5 million, with more than $10 million raised in crowdfunded equity, senior financing from Bank of America, and subordinate financing from Emmes & Co.

Domestic and international accredited investors purchased participations starting at $50,000.

The existing 95-unit, 20-story property will undergo renovations to its courtyard, lobby lounge, health and fitness center.

This is the second joint venture between Prodigy Network and Korman Communities and marks Prodigy's third crowdfunded project in New York City.

"Following the success of AKA Wall Street, our existing crowd of investors was quick to recognize the value associated with Korman Communities' properties," said Rodrigo Niuo, CEO and founder of Prodigy Network.

"The response of the crowd is far exceeding our expectations. The appetite for Manhattan commercial real estate is global. In less than a year we have closed three Manhattan projects with anticipated values exceeding $575 million."

"We are very excited to expand our relationship with Prodigy Network in the recapitalization of AKA United Nations. The AKA platform continues to be the market leader in luxury furnished residences throughout the United States and we continue to look for opportunities to grow our portfolio," said Bradley J. Korman, co-chief executive of Korman Communities.

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Title Annotation:SELLING POINTS
Comment:Crowd goes wild for UN property: Prodigy Network / Korman.(SELLING POINTS)
Publication:Real Estate Weekly
Date:Sep 24, 2014
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