NYC Real Estate Investment Cooperative

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= NYC REIC will attempt to "leverage the political power and patient investments of members to stabilize neighborhoods and build an inclusive, resilient city".



"Since our first member meeting in May 2015, we have attained a membership of 300 people, banked $3,100 at the Brooklyn Cooperative Federal Credit Union, and received pledges of over $1.3Million for future investments. By April 2017, we aim to finance at least one permanently affordable commercial property. Our goal is to make long-term, stabilizing, and transformative investments for the mutual benefit of our member-owners and our communities.

The organizations currently endorsing the cooperative are: 596 Acres, Spaceworks, Greater Brooklyn and Fourth Arts Block. We have received a small grant from RSF Social Finance.

Within two years, the NYC Real Estate Investment Cooperative (NYC REIC) will move from the incubation phase and become an independent, cooperatively-governed organization that provides financing to create long-term affordable community-controlled space for cooperative enterprise, art, culture and organizing.

Minimum member investments are $10, but larger investments are both necessary and encouraged; they simply do not give the investor more control over the cooperative’s decisions."


"Draft preliminary criteria for NYC REIC investments:

  • The property to be acquired is in New York City.
  • The programming proposed in the property supports culture, small business, cooperation, and/or community benefit.
  • The programming in the property benefits populations that have traditionally had barriers to accessing stable places to assemble and/or do their work.
  • The property and programming proposal are financially sound so that we will be able to pay members back; we aim to minimize the risks we are taking with our money and resources.
  • The property acquired is restricted from being transferred as a market commodity in the future through legal mechanisms in its deed (e.g. covenants, conservation easements, community land trusts); we can make this a prerequisite for working with us."