Crowd Funding Real Estate Developments
Get out your checkbooks and prepare to rebuild the future with a handful (ok a lot) of strangers. Real Estate is taking a cue from the success of Kickstarter and Indigogo and using the growing trend of crowdfunding to raise money for developments.
Amy Cotese at the New York Times lays out the details of a two-story brick building in Washington that is seeking investment from the public to help fund a commercial project.
The practice of crowdfunding real estate is spreading from South America — where Prodigy Network recently raised around $239 million from 3,100 Colombians to build a 66-story skyscraper in Bogotá — to New York, where the developer Urban Muse is hoping to offer a slice of a Brooklyn Bridge Park project to the public.