New York – NYCREIC

Location New York City
Name REIC New York Real Estate Development Cooperative
Community Level Urban
Sector Real Estate Cooperative
Year of beginning 2015
N° people involved 350
Object NYCREIC is an alternative real estate investment platform realizing democratic investment mechanisms in order to realize cultural and social spaces for a more equal and sustainable city. NYCREIC provides assistance to communities to collect the capital that is necessary to realize community real estate development projects, that can also provide working spaces for cultural and social enterprises. Between the preliminary requirements for NYCREIC’s investments: the purchased properties have to locate in New York City, the projects have to bring benefits to the community and be meant to facilitate the access to spaces for communities who historically have difficulties in acceding  stable meeting and working spaces. The projects and the proposed purchased have to have a financial sustainability, in order to minimize risks for the cooperative’s members. At last, a legal mechanism preventing the property to be put on market in future, such as a Community Land Trust, has to be provided. Its aim is to create, within 2017, at least a commercial space at affordable prices.
Field Urban
Source NYCREIC, New York City. Source: Website.

new york

Project Details

Added: 8.06.18