CityFunders, a real estate crowdfunding platform dedicated exclusively to offering properties in New York City, 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 s/f 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.
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 s/f 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.
CityFunders is offering a $350,000 participation. The minimum investment is $5,000.