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  #1  
Old Posted Feb 20, 2014, 10:19 PM
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Smile NEW YORK | 17 John Street | FT | 23 FLOORS

http://ny.curbed.com/archives/2013/1...ohn_street.php

Hotel Conversion, Glassy 8-Story Addition For 17 John Street

November 27, 2013
by Jessica Dailey


Quote:
Earlier this year, Prodigy Network bought 17 John Street from Metro Lofts with plans to convert the structure, along with a former New School dorm at 84 William Street,
into a long-stay hotel. The project didn't really strike our fancy as anything exciting, but that has most certainly changed. Not only will the art deco 17 John be converted,
but Prodigy wants to add an 8-story glass topper by famed architect Winka Dubbeldam , who calls the addition "a glowing crystal in the sky" in a promotion video.

Permits have not yet been filed with the Department of Buildings, but reps say the developer is in the process of doing so. Upon completion, the new building will stand
23-stories high. There are currently more than 100 units in the building, and it's unclear when the tenants have to leave.





http://www.archi-tectonics.com/proje...-street/render














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  #2  
Old Posted Feb 20, 2014, 10:26 PM
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http://inhabitat.com/prodigy-network...new-york-city/

Prodigy Network Crowdfunds and Crowdsources Design for New 17 John "Cotel" in Downtown New York City

by Mike Chino
02/19/14


Quote:
These days you can crowdfund pretty much anything, from flying bikes, to glowing plants, and a headset that lets your dog talk – so why not a building? That’s precisely the idea behind Prodigy Network, a crowdfunding company that has launched the world’s first crowdsourcing platform for real estate development, architecture and urban planning. Rodrigo Nino founded Prodigy Network with the goal of democratizing real estate investing, and the organization just announced plans to crowdsource an innovative hotel in New York City’s financial district. The 17 John “Cotel” will tap into the crowd for investment and design to improve and evolve the form and function of the modern business hotel. Read on to learn more about this exciting new venture and the future of crowdfunded architecture

17 John is an art-deco building that was built in the 1920s, and currently serves as an apartment building located a block away from One World Trade Center in New York City’s Financial District. Prodigy Network recently purchased the building and plans to convert the whole thing into a fancy new long-stay business hotel by adding a glassy top which will grow out of the original art-deco structure. The new glass top was designed by Achi-Tectonics principal Winka Dubbeldam, and it will stand 23 stories high and offer 191 furnished units (including studios and one and two-bedroom apartments). 17 John’s model tenant is the modern business traveler, and the project will feature a range of interactive systems and design features that encourage collaboration and innovation. Prodigy representatives describe the project as “a hotel/co-working space meets LinkedIn” with collaborative work environments, business networking and events along with extended-stay suites.

Lounges will be available to all guests for relaxing, networking, and social engagements, and the hotel will host frequent events to bring together entrepreneurs and professionals. An online digital platform will also enable guests to connect to each other and to hotel staff. 17 John will also have a full suite of features and services including a restaurant, a gym, a spa, and a rooftop deck.

The “Cotel” will be a collaborative project both in terms of its design and its funding. Anyone will be able to invest in the project and “enjoy the benefits of ownership in the best real estate in the world.” Interested buyers will be able to purchase REP (Real Estate Participation) shares at a cost of $100,000 a piece that entitle them a share in the project’s operating returns and equity appreciation.










http://therealdeal.com/blog/2014/02/...n-street-redo/

Prodigy Network looks to the masses for 17 John Street redo
Developer aims to solicit design ideas for conversion project by crowdsourcing



February 13, 2014


Quote:
A Manhattan-based developer that aims to raise $31 million from equity investors in $100,000 increments to convert an apartment building at 17 John Street into an extended-stay hotel is also crowdsourcing the property’s design.

The developer, Prodigy Network, which previously raised $171 million in $20,000 increments for its mixed-use skyscraper project in Bogota, Colombia, is in the process of doing the same to create a 23-story “cotel.” What’s a cotel? A building that fuses a hotel, co-working space and a LinkedIn-esque environment by offering extended-stay suites, business network events and collaborative working environments.

The firm is also gathering ideas for the design of its suites and public spaces by crowd sourcing, launching a public design competition Feb. 20 to tap the community for ideas. The design forum will kick off during Social Media Week in New York.
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  #3  
Old Posted Feb 21, 2014, 4:40 AM
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Looks pretty cool. Glad they can keep the existing building as the base.
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  #4  
Old Posted Feb 26, 2014, 9:44 PM
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http://www.archdaily.com/480902/crow...er-or-pr-game/

Crowdfunding in Architecture: Game Changer or PR Game?






26 Feb2014
by Rory Stott


Quote:
Building off of the success of their crowdfunded BD Bacatá building in Colombia, the real estate group Prodigy Network has announced a plan to bring this same funding method to New York, with an apartment hotel in Manhattan named 17 John.

The project, a glassy rooftop extension to the existing art deco building at 17 John Street, has much in common with Prodigy Network’s past projects: the same funding method as their skyscraper in Bogotá as well as the same designer, Winka Dubbeldam, head of the New York practice Archi-Techtonics. Dubbeldam also previously helped them to crowdsource ideas for the future development of Bogotá in the “My Ideal City” project.

However, when applied to the USA, this funding paradigm – which is so promising in Colombia – becomes twisted beyond recognition. Upon close inspection, 17 John more resembles the standard developer’s model than anything else – and the claims of ethical superiority begin to melt away.

.....This is the foundation for the popularity of crowdfunding for developers: it offers a socially responsible way of funding buildings, which contributes to the local economy. By turning around the standard paradigm of ‘developers versus communities’, the crowdfunding approach has the potential to be a true game-changer in the building of democratic cities – and even serves as a neat PR hook into the bargain.


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  #5  
Old Posted Feb 27, 2014, 5:59 AM
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I like the sheer audacity of that design. However, many will disagree.
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  #6  
Old Posted Mar 26, 2014, 12:07 PM
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http://www.rew-online.com/2014/03/26...ding-grows-up/

Tough love as crowdfunding grows up


March 26, 2014
By Konrad Putzier


Quote:
.....In order to become big players in real estate financing, crowdfunding firms need to branch out from single-family homes into the lucrative world of skyscrapers and industrial parks. Some firms are already attempting to do so.

iFunding is in contract to build a $250 million condo tower on Fulton Street in the Financial District with a development partner, for which it hopes to raise $50 million from the crowd.

Prodigy Network’s Rodrigo Nino has similar ambitions. He has already raised $170 million for a tower in Bogota and $25 million for a residential tower in Manhattan’s financial district through crowdfunding, albeit exclusively from non-US investors.

His first foray into U.S. crowdfunding is a planned $175 million FiDi residential tower at 17 John Street, for which he claims to have already raised more than $20 million from the crowd. Close to a third of that money, he said, came for U.S. investors.
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  #7  
Old Posted Mar 26, 2014, 2:14 PM
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I'm glad they're preserving the building below but that addition is just doofy looking.
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  #8  
Old Posted Apr 14, 2014, 1:57 PM
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http://online.wsj.com/news/articles/...?mg=reno64-wsj

Real-Estate Crowdfunding Finds Its Footing
Sites Offer Small Shares in Commercial Properties





Prodigy Network is looking to raise $55 million for the “17 John” hotel project in Manhattan.


By Andrew Blackman
April 13, 2014


Quote:
Before last year, Ed Medley had never invested in commercial real estate. Now, he's a part-owner of shopping malls, mobile-home parks and apartment buildings from Los Angeles to Tennessee. Dr. Medley's springboard into real-estate investing was supplied by a process known as crowdfunding—the sale of shares in a venture, in this case real-estate projects, to hundreds or even thousands of individual investors. Dr. Medley, a consulting engineer and geologist in San Mateo, Calif., has invested in 15 properties, with a minimum of $5,000 in each.

"Being able to invest relatively small amounts of money into different real-estate ventures was appealing" as a way of limiting risk, he says.

Clearly, other real-estate investors feel the same way, with new websites springing up that allow individuals to buy stakes in everything from self-storage facilities to luxury hotels.

...Crowdfunding has caught on in a variety of industries, spurred in part by regulatory changes that make it easier for such businesses to look for investors. In real estate, Mr. Whaley says, the key advantages are the ability to access more deals, invest smaller sums and connect directly with developers to ask questions and research deals. Unlike real-estate investment trusts, crowdfunding also allows people to invest in particular buildings.

...Right now, most crowdfunding deals are limited to accredited investors, those with an annual income exceeding $200,000 or a net worth (excluding a primary residence) above $1 million. But the Securities and Exchange Commission is working on proposed rules to open crowdfunding to non-accredited investors as well.

...For higher-end projects, some investors turn to New York-based Prodigy Network. The company has raised more than $200 million from 4,200 investors in Colombia to build that country's tallest skyscraper, and $30 million for a luxury extended-stay residence in New York's lower Manhattan. It's now seeking to raise $55 million from individual investors for another luxury New York hotel project.
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  #9  
Old Posted Jun 16, 2014, 11:30 PM
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http://blog.archpaper.com/wordpress/...4#.U598XejD-P8

Winning Crowdsourced Designs Unveiled for New York City Hotel






Architecture, Awards, Development, East, Interiors
Monday, June 16, 2014


Quote:
It is only fitting that a crowdfunded hotel slated for New York City has a crowdsourced design as well. For its new, extended-stay hotel at 17 John Street, developer Prodigy Network, along with design blog PSFK, launched the Prodigy Design Lab, which allowed designers from around the world to submit plans for the project’s interior spaces and digital services. After 70 submissions were received and 10,000 votes cast, three winners have been announced.

“The winners of the 17John competition were intuitive to the needs of travelers, creative in the interactive spaces and understood the function of extended stay residences,” Rodrigo Nino, the founder and CEO of Prodigy Network, said in a statement. “This will be one of many design competitions presented to the crowd and we look forward to empowering those with the greatest ideas.” These three plans, which were selected by a jury from the ten finalists, represent three categories: private space, communal space, and digital experience.

The winning private space design, “Weco, The Nomad Company” by Vianney Lacotte creates a live-work environment with space for entertaining and storage. For public space, “Hub” creates a wood-paneled reception area, fitness center, rooftop terrace, and communal workspace that looks like just about any startup company. And the “Deeply Integrated Services for the New Type of Hotel” proposal is an app meant to to better connect a guest with the hotel.

Playing up the project’s cooperative nature, the developer described this project as the “World’s First Cotel,” which is designed to “to meet the changing needs of the modern business traveler and through its innovative design will foster wellness, connectivity and efficiency.” The $31 million Cotel will transform an existing 1920’s apartment building with a multi-story glass addition designed by Winka Dubbeldam. According to Prodigy’s website, “accredited investors can purchase REPs (Real Estate Participation) in 17John and buy into the project’s operating returns and equity appreciation. The REPs are being sold at $50,000 each.”

The project is expected to open in 2017.






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  #10  
Old Posted Jun 17, 2014, 9:12 AM
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I don't like the addition. It's not good looking, and can't balance with the beautiful original structure underneath. It's like pooping a turd on a diamond ring. It ruins it......
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  #11  
Old Posted Jun 17, 2014, 8:59 PM
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Originally Posted by Roadcruiser1 View Post
I don't like the addition. It's not good looking, and can't balance with the beautiful original structure underneath. It's like pooping a turd on a diamond ring. It ruins it......
I suppose they could demolish it and start from scratch, but it is worth noting that the building wouldn't be demolished. There's always an outcry when that happens.
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  #12  
Old Posted Apr 20, 2015, 6:36 PM
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Prodigy Network to develop short-term rental apartments



Quote:
Prodigy Network, one of the city’s most prominent real estate crowdfunding firms, is following in WeWork’s footsteps with plans to combine shared workspace and short-term rental apartments, The Real Deal has learned.
The firm is looking to launch the concept, sources said, at three locations in Manhattan: 17 John Street, which it bought last year, as well as two NoMad buildings it has recently signed purchase options on.

Taken together, the three buildings would boast just over 300 short-term rental apartments and 75,000 square feet of shared office space. Prodigy is looking for a hotel provider to manage all three projects.

While the plan is still in its infancy, it highlights the growing interest in short-term rental buildings. WeWork, a leading shared office provider, is reportedly looking to bring short-term rental apartments to Rudin Management’s 110 Wall Street. The firm also has plans for 216 residential units in Washington D.C.’s Crystal City building.

Representatives for Prodigy, founded by Colombia-native Rodrigo Nino, declined to comment. Prodigy is the most active real estate crowdfunding company in Manhattan. It has invested in two AKA extended-stay hotels, at 84 William Street and 234 East 46th Street, and bought the 15-story rental building 17 John Street in Lower Manhattan last September for $85 million. The firm initially planned to turn 17 John into another extended-stay hotel, but now appears to have changed its mind.
=================================
http://therealdeal.com/blog/2015/04/...al-apartments/
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  #13  
Old Posted Jun 2, 2015, 9:32 AM
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Prodigy Network files plans for extended-stay hotel in FiDi

Quote:
Real estate crowdfunding firm Prodigy Network officially applied to build its extended-stay hotel at 17 John Street, according to a permit application filed with the Department of Buildings on Monday. Prodigy is planning to add eight stories to the existing 15-story Financial District building at the site. The building will span nearly 150,000 square feet. Prodigy bought the property for $85 million from Metro Loft Management last fall.

The project — which includes combining shared workspace with short-term rental apartments — is being supported through crowdfunding, as The Real Deal reported. In total, Prodigy is planning to launch the concept at two NoMad locations as well as 17 John Street.

The first floor, which is currently used for retail space, will include a restaurant, office space as well as a private lounge and bar. The plan calls for 194 units. The rooms will be a mixture of short-term and long-term hotel rooms. Mancini Duffy is the architect of record, the filing shows.
==============================
http://therealdeal.com/blog/2015/06/....XKELwr4a.dpuf
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