NEW YORK, Dec. 2, 2015 /PRNewswire/ -- CityFunders (www.cityfunders.com), the real estate crowdfunding platform dedicated exclusively to offering properties in New York City, today announced the launch of an investment property located in the Crown Heights neighborhood of Brooklyn. The new property will be launched with CityFunders' new investment program, InvestSelect, enabling investors to choose their rate of return based on investment amount.
The existing 6,000 SF two-story commercial building is located at 259 Schenectady Avenue. Goodwill Industries, a provider of behavioral health services has fully leased half of the ground floor and the entire second floor for five years. Goodwill operates a network of 165 independent community-based organizations and has been in business for nearly 100 years. The other half of the ground floor is leased to a laundromat. The sponsor will use the funds to reposition the building into an 8,000 SF mixed-use building with the addition of a third floor, which will include two residential units.
The sponsors, Andrew J. Epstein and Dawson Stellberger have been involved in New York real estate management and investment for a combined 30 years. The partners own and manage more than a dozen buildings in Brooklyn. They are both members of Bushwack Capital and have partnered with CityFunders on previous deals.
Crown Heights is one of the fastest changing neighborhoods in Brooklyn, attracting new shops, restaurants and residential developments to meet the growing demand of the new influx of residents. Centrally located in Brooklyn, the neighborhood is full of tree-lined streets, beautiful 20th century architecture and is currently one of the hottest neighborhoods in the borough for homebuyers and developers. There are approximately two-dozen projects in various stages of development in the neighborhood, representing hundreds of units, some of which are condominiums, signifying affluent professionals are being drawn to Crown Heights. The neighborhood is easily accessible by the 2, 3, 4, and 5 subway trains and is in close proximity to the Brooklyn Museum and the Brooklyn Botanic Garden.
CityFunders is offering a $350,000 participation. Investors who invest $30,000 or more will receive a 10% annual return, and those who invest $25,000 or less will receive a 9% annual return. The minimum investment is $5,000 and investments must be made in minimum increments of $5,000.
"The CityFunders team prides itself on forging partnerships with experienced sponsors and valuable tenants, and 259-261 Schenectady Street provides investors with a valuable investment opportunity," said David Behin, CEO and Co-Founder of CityFunders. "The new CityFunders InvestSelect program provides investors with the control over their investments that they deserve, and we are excited about bringing this new program to the crowd."
"CityFunders is a valuable partner in the acquisition of 259 Schenectady Avenue, allowing us to capitalize on our repositioning plan and the overall future of historic Crown Heights," said Andrew J. Epstein, Managing Partner of Bushwack Capital and Easy Street Properties.
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.