In a First, New York Building 286 Lenox Ave Now Trading Like a Stock
CRE Trading Exchange LEX has announced that an IPO of a New York City building – 286 Lenox Ave. – is now trading under the ticker symbol: TESLU. Through its offerings, LEX says it has created a new way for anyone to invest in commercial real estate.
This development could signify a major transformation in commercial real estate investing, with buildings now trading like stocks, including tickers, according to Lex.
LEX says it has “democratized the CRE market by removing the high cost of entry that had limited it to high-net-worth individuals. Investors can buy individual shares of institutional-quality, income-producing properties. They can then trade without any required holding periods via the secondary market.”
LEX says investors benefit from favorable tax treatment, receive their proportional share of income distributions, and can easily diversify their portfolio by including institutional quality real estate. All assets enter the market via an IPO and have a unique ticker. Trading is open during standard market hours, and it works with any brokerage account.
The 286 Lenox Ave. property is a fully leased commercial office and retail property located in Harlem. It is a relatively new build (2019), with 18,759 leasable square feet. A Wells Fargo retail branch is the anchor tenant.
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