NEW YORK CITY- A firm who has had success in the past “crowdfunding” projects, plans to raise $31 million in equity in $100,000 increments for its planned conversion of 17 John St. from apartment to hotel use.
Prodigy Network, which raised $171 million in $200,000 increments for a high-rise in Bogota, Columbia, is reportedly looking to employ a similar strategy for its New York City-based project, according to the Wall Street Journal.
The firm, which has operations in New York City, Miami, Columbia, Argentina, Brazil, Medico, Peru and Venezuela, is trying to take advantage of the Securities and Exchange Commission's decision to lift the ban on private companies advertising investments that are not registered with the SEC. The change is scheduled to go into effect on Sept. 23. See story in the Wall Street Journal.
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