NEW YORK, Sept. 6 (Korea Bizwire) — New York City Real Estate Coin (NYCREC), a tokenized real estate fund that allows token holders to enjoy the benefits of fractional ownership of real estate in New York City, has just announced that its Regulation S* securities token offering (STO) will begin in Q4 2018.
What is New York City Real Estate Coin?
NYCREC is the world’s first tokenized real estate fund focused on New York City real estate with an institutional-quality real estate and financial management team at the helm. It aims to give NYCREC token holders the following benefits:
- Regular dividends from the cashflow of the properties in the NYCREC portfolio, distributed in the form of Ethereum (ETH) airdrops to token holders
- Managed portfolio of real estate with greater flexibility and diversification than a similar real estate investment trust (REIT), which is typically narrower in its scope of investments
- Lower expense fees than a similar real estate investment trust (REIT), leading to more pass-through profits for token holder
- Independent financial reports on progress of the project and its finances after the ICO is completed
- Increased accessibility to New York City real estate for the international community
The long-term vision of the project is to tokenize real estate in major gateway cities around the world and to build a dedicated, collateralized blockchain for asset-backed security token offerings.
The Team Behind New York City Real Estate Coin
The NYCREC has managed or invested over $15 billion in real estate projects in New York City and other major gateway cities worldwide over a 21-year career with a risk-adjusted, year-over-year internal rate of return of up to 25%.
The team is decorated with Wall Street investment professionals, including Chief Executive Officer Alain Oberrotman, former Worldwide Controller at McKinsey; Chief Blockchain Officer Neil Benedict, former Head of Product Development at BANKEX; Chief Operations Officer Paul Brownstein, who recently bought a $100mm NPL (Non-Performing Loan) portfolio; Charles Wyman, Chief Investment Officer and former Head of Global Credit Research at PIMCO; and Principal Steven Wasserman, Senior Advisor to a $4 billion NYC-based hedge fund. Advisors to the team include Leonard Seelig, Executive Director of BABB and Serg Gulko, CEO of XTRD.
*NYCREC Tokens will only be offered by New York City Real Estate Coin to non-US persons in compliance with the registration provided by Regulation D and Regulation S of the United States Securities Exchange Act.
NYCREC is a tokenized real estate fund for New York City real estate with lower expense fees and greater diversification than a similar real estate investment trust (REIT). NYCREC Token holders will have the ability to receive dividends from the cashflow of the NYCREC portfolio in the form of Ethereum (ETH) airdrops. The team has managed or invested over $15 billion in real estate over their careers, with up to a 25% year-over-year risk-adjusted internal rate of return.
Steven Wasserman, Principal firstname.lastname@example.org
Source: New York City Real Estate Coin via GLOBE NEWSWIRE