NEW YORK, Aug. 26, 2015 /PRNewswire/ -- CityFunders, the real estate crowdfunding platform dedicated exclusively to offering properties in New York City, today announced the launch of the first investment in the Bushwick neighborhood of Brooklyn available to the crowd.
The property, centrally located at 99 Scott Avenue, Brooklyn, is a 22,000 SF manufacturing warehouse with 30,000 SF of parking space. The borrower plans to convert the building into an event venue which includes a winery, restaurant, beer garden, and office space. A portion of the outdoor space will be leased to the event space, and the remaining outdoor space will be leased to a parking lot operator. The property is located in the up-and-coming section of Bushwick, just four blocks from the Jefferson Street L train. The property takes full advantage of Brooklyn's growing demand for transit-oriented development.
CityFunders is offering a $1 million loan participation with a 10% annual return. The minimum investment is $5,000.
"Our team has spent decades learning how to identify both the right neighborhoods and the right properties within these neighborhoods. Investors in 99 Scott Avenue will gain access to one of the hottest areas of Brooklyn as well as the ideal property to capitalize on the neighborhood's growth," said David Behin, CEO and Co-Founder of CityFunders.
The borrower, Bushwack Capital, is led by members Dawson Stellberger and Jon J. Killkelley, who manage the operations. Stellberger and Killkelley own and manage multiple properties in and around the Brooklyn borough.
"Crowdfunding represents a modern way to raise money. We feel most comfortable working with experienced real estate investment teams like CityFunders, who understand the nuances of New York real estate and can recognize the right opportunity when it becomes available," said Dawson Stellberger, Managing Partner of Bushwack Capital.
CityFunders is led by a team of New York City real estate professionals with more than ninety years of collective experience, including real estate veterans David Behin, Jerry Swartz, Ayush Kapahi and Albert Behin.
The offering can be evaluated here.
CityFunders is a capital sourcing platform for New York City real estate investments. Led by a team of seasoned New York City real estate professionals, investors in the CityFunders network have access to exclusive debt and equity deals. For more information on CityFunders visit www.CityFunders.com.