The New York City Real Estate Coin (NYCREC) is a Reg S security offering that presents prospective investors the opportunity to have fractional ownership in real estate or real estate related or other assets in New York City or its vicinity.
It is known as a market, for being historically a playground for the wealthy. Indeed, housing prices especially in Manhattan have risen exponentially over the past decades. One of the most coveted real estate markets worldwide, New York City has largely been unhinged by economic turmoil that has taken place periodically elsewere. Multiple factors such as proximity to global trading hubs and plain opulence have turned New York City real estate as a hedge and a safe haven as an investment.
At the same time, the high costs of entry and opaqueness of the market have made investing inaccessible to the greater public. In the contemporary market, REIT’s, or Real Estate Investment Trusts, have made investing in real estate in the most coveted markets accessible for retail investors, and within the past few decades they’ve had quite a successful track record.
NYCREC aims to remove barriers to entry into NYC real estate through the NYCREC token, which anyone in the world will be able to buy. The tokenization of real estate could become a reality.
NYCREC offers the following
CHALLENGES
Sourcing Good Investments: A key to making good investments is finding good investments. In a place like NYC, it’s important to know good sources and develop your own ideas about where to find opportunities.
Approvals: From the pre-approval letter ensuring you’re a qualified buyer, you also need a loan approval to verify your access to funding.
Analysis: It’s not just about finding what you like. You need inspectors to check out the property; a thorough look at the neighborhood, its history, prior use of the land and the financial forecast; and an understanding of the nuances of ownership, like renting laws and property lines and zoning issues.
Teams: The process of buying a building means dealing with a lot of paperwork and middlemen. It starts with real estate agents and building owners. Then you deal with banks and mortgage professionals. After that it’s real estate lawyers and a title company. Having the right staff to navigate you through these processes is important for success.
Negotiations: It’s essential to understand how to assess value and the consequences of possible risks associated with a property are key inputs to successful negotiations and acquisition on acceptable terms.
Financing: Finding appropriate lending sources and understanding the nuances of structuring a loan suitable for the property are also important for creating value.
NYCREC SOLUTION
Utilize their extensive investment origination network to continue to identify and control attractive and unique investment opportunities while capitalizing on the often-inherent inefficiencies of the real estate sales process.
Channel NYCREC’s origination resources toward both specific opportunities and dynamic markets which exhibit asset, market, transactional or situational complexities, where NYCREC can apply its core analytical, valuation, acquisition and asset management expertise.
Apply NYCREC’s asset, risk and liability management experience to each phase of the investment’s lifecycle to maximize performance.
Plan for and prioritize exit strategies before the investment is made.
Incorporate comprehensive portfolio and risk management into the investment selection, structuring and asset management process.
AIMS
Utilize proprietary origination network to identify and control attractive investment opportunities and capitalize on the often-inherent inefficiencies of the real estate sales process.
Focus on dynamic markets that exhibit asset, market, transactional, or situational complexities.
Apply NYCREC’s risk and liability management experience to each phase of the investment’s lifecycle to maximize risk-adjusted returns.
Prioritize exit strategies before the investment is made.
Incorporate comprehensive risk management into the investment selection, structuring and asset management process.
ROADMAP
TEAM
Paul Brownstein
In 2016, Paul Brownstein, with more than twenty-five years of experience in institutional financial services, moved his family to Denver and joined Affordable Housing Assistance.
Charles Wyman
Charles has over 25 years of experience in research and investment management. Prior to joining Seaport, Mr. Wyman was a Partner, Chief Risk Officer, and Head of Research at City on a Hill Capital. Mr. Wyman joined from Pacific Investment Management Company (PIMCO), where he was the Head of Global Credit Research from 2001–2006.
Neil Benedict
Neil has previously worked at Wedbush Securities and ABN AMRO Clearing in quantitative risk and credit for fixed income, and options and futures trading strategies.
Barry Cohen
Barry is a Managing Director at a research firm covering the crypto asset sector. Before joining his current position, he was a Managing Director at a private family office for four years.
CONCLUSION
The subject is fundamentally new. The prospect is ambitious and the goal set by the project gives the sensation of an evolutionary step in asset-backed securities. I get the feeling that real estate were a conscious choice of field and there were pressure to compete in the market, because a similar portfolio could be built with asset-backed tokens upon any asset class in the market. Stocks, bonds, debt obligations, commodities or trade agreements could just as well represent the customer’s portfolio. Real estate is conservative. That’s why the project seems like something groundbreaking.
Read More On
https://nycrec.io/
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