The real estate crowdfunding firm Prodigy Network was having noted troubles in 2019 when its CEO stepped down, investor dividends ended, redemptions apparently stopped and #investor lawsuits started popping up.
Crowdfunding investors from the U.S. and other countries had put up $690 million into at least five real estate projects, including those in Chicago and New York City.
Now, it’s reported by Commercial Observer, that two NYC properties owned by Prodigy have been sold “for a combined $82.5 million, according to property records. The sale marks a 20 percent loss from the $103 million that Prodigy paid for them in 2017.”
One of the properties housed The Assemblage, a holistic co-working space that had the self-proclaimed “guru” Deepak Chopra as a member. Members there paid “$495 for a hot desk, $1200 for a dedicated desk and $3900 for an office” (assumed) per month even though the property was closed during the corona virus shutdown.
Could this be the beginning of the liquidation of Prodigy?
https://commercialobserver.com/2020/06/manhattan-coworking-firm-the-assemblage-abruptly-shuts-down/
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