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Compound Launches Cityfund with 49% Stake in Downtown Apartments
Compound Asset Management has launched an investment product, Cityfund, with a quartet of downtown residential properties as its first acquisition. The venture capital firm has taken a 49% interest in properties located in Chelsea, East Village and the Flatiron District at a valuation of $47 million via its Manhattan Residential Fund.
“What Casper did for mattresses, we will do for real estate,” said Compound CEO Janine Yorio. The firm is offering shares of its Manhattan Fund through a pre-IPO private placement with the intent of listing the fund on a national exchange.
The four properties include 41 W. 24th St. in Flatiron, 310 W. 20th St. on the East Village, and 424 E. 14th St. and 220 Avenue, both in the East Village.
The fund will acquire condominium units, apartment buildings and townhomes. Compound plans to continue to expand its Cityfund offerings to key U.S. markets as well as abroad.
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