Rendering: Prodigy Network
Permits have landed for FiDi extended-stay hotel AKA Wall Street at 84 William Street.
The 17-story pre-war building was purchased in a joint venture between Korman Communities, Shorewood Real Estate Group and Prodigy Network. The property, formerly a dorm for New School students, will be enlarged to 19 stories and be converted into 180 extended-stay crash pads for people visiting New York.
The renovations will include a freshly upgraded lobby, as well as a new lounge, cafe, fitness center and outdoor space for residents, according to Prodigy’s site. The suites will range in size from about 450 to 1,000 square feet.
The home-away-from-home units will consist of furnished studios, one and two-bedroom apartments. The AKA brand is a division of Korman that offers short-term luxury rentals for periods of a week, a month or longer, balancing “the style and hospitality of an intimate hotel with the space and comfort of a fully appointed luxury condominium,” according to the firm’s site. Other AKA branded properties in New York are located in Central Park, Times Square, Sutton Place and Turtle Bay.
About $25 million of the funds used for the $110 million project was crowd-sourced from international investors.
Prodigy, a pioneer in crowdfunding real estate, is known for raising $171 million in $20,000 chunks for a mixed-use skyscraper in Bogotá, Colombia. The firm also acquired an apartment building at 17 John Street, which it also hopes to turn into an extended-stay hotel, the Wall Street Journal reported. For that project, the developer hopes to raise $31 million in equity in $100,000 increments.