What is NYCREC?
The New York City Real Estate Coin (NYCREC) breaks down the barriers to entry for real estate in New York City.
NYCREC uses the blockchain to offer token holders fractional interest in an actual asset---buildings in NYC---making real estate more accessible and transparent.
Token holders can enjoy some of the benefits that come with owning real estate.
Another innovation is that the Fund (NYRCEC) will own the NFTs, as they will be locked into the NYCREC smart contract, but the protocol to be built can be used to create new funds and single-asset ownership structures.
Led by a team of seasoned professionals who have traded billions in real estate and on Wall Street, NYCREC is an asset-backed token set to disrupt the NYC property market.
In 2007, the average NYC apartment price was $1.4 million. In 2020, before the pandemic, it was $2.2 million. That’s an increase of 57%.
$2.5B IN TRADES, 26% IRR
With over $2.5 billion in successful real estate transactions, we have achieved an average of 26% year-over-year risk-adjusted returns throughout our history (keep in mind, the industry average is 17.8%). We know the NYC market inside and out.
A history of success
Our team is made up of real estate and financial professionals with decades of experience in sophisticated real estate acquisition and cash flow generation strategies. Our CVs include executive positions at PIMCO, Morgan Stanley, Citigroup, Deutsche Bank, and more.
Total transparency
All NYCREC token holders will have access to quarterly and yearly reports on earnings, occupancy, acquisitions, and dispositions. Our token holders are our lifeblood, so from acquisition to liquidation, we want you to be informed every step of the way.
Adding Value with NFTs
Each NFT will then be locked into the smart contract against which the fungible tokens will be minted representing the fractionalized ownership of the fund itself and its assets.
The overall property value of Manhattan is estimated at a staggering $1.4 trillion
Why New York City?
Among the world’s most coveted real estate destinations.
The New York City real estate market is one of the most dynamic and consistently high-yielding real estate markets in the world. Consider these stats:
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In 2019, the average apartment price was 57% higher than it was in 2007.
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The average price per square foot of real estate increased 464% from 1997 to 2021.
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Buying? The condo cost per square foot is $1,881 ($20,248 per square meter).
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Renting? The average rental price is $3,417 per month.
NewYork
Disruption in real estate
This is just the beginning
The NYC real estate market, which has historically been illiquid and reserved for the affluent, is ripe for disruption. NYCREC can transform the way real estate transactions are bundled and sold.
Thanks to blockchain technology, we have the opportunity to create a new model for a democratized, efficient real estate transactions available to people around the world.
Backed by a valuable, hard asset in a market with a history of high appreciation, we believe fractional interest of real estate is the future in all locations, not just NYC.
Once we prove the model in New York City, we plan on expanding to real estate hot spots around the world, such as London, Hong Kong, San Francisco, and Dubai.
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Over $2.5 billion in real estate transactions
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A team with a proven 30+ year history
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26% year-over-year risk-adjusted returns
Want to know more? Read our white paper.
Download Whitepaper
About NYCREC 
Our team is not creating a new business model. We are building on top of a previously proven business model that has brought investors great success. On this basis, our interests are very much aligned with our token holders.
Our team has decades of experience and we're ready to disrupt the New York City real estate market.
OUR TEAM
BACKGROUND
Some of the organizations and companies we’ve worked for:
ROADMAP
Paul Brownstein
In 2016, Paul Brownstein, with more than twenty-five years of experience in institutional financial services, moved his family to Denver and joined Affordable Housing Assistance.
Paul lived in San Francisco for more than 15 years where he worked as a senior executive for Citigroup, JP Morgan, Susquehanna, and Deutsche Bank advising investment managers, insurance companies, hedge funds, and pension funds regarding derivative strategies. Paul recruited, trained, and supervised several teams of sales and trading professionals that created and marketed institutional equity risk management products globally.
Paul received an MBA from the University of Pittsburgh in 1988 and began his career in financial services in New York City working for PaineWebber and Merrill Lynch as an institutional trader. During the next 15+ years, Paul moved from trading into equity derivatives sales. In 1999, he joined Deutsche Bank where he was promoted to manage their San Francisco derivatives sales team.
Charles Wyman
Charles has over 25 years of experience in research and investment management. Prior to joining Seaport, Mr. Wyman was a Partner, Chief Risk Officer, and Head of Research at City on a Hill Capital. Mr. Wyman joined from Pacific Investment Management Company (PIMCO), where he was the Head of Global Credit Research from 2001–2006. As part of his responsibilities, Mr. Wyman served as Chairman of Pimco’s Counterparty Risk Committee.
Previously, Mr. Wyman worked as a Senior Credit Research Analyst in Morgan Stanley’s Global High Yield department, where he placed second as the high yield analyst for the energy sector in Institutional Investor Magazine’s Annual All-American Fixed Income Research Team. Prior to Morgan Stanley, Mr. Wyman spent 10 years at Lehman Brothers in mergers and acquisitions, corporate finance, and equity capital markets, and as an equity analyst for oil exploration and production companies.
He holds a bachelor’s degree magna cum laude from Harvard University and an MBA with distinction from Harvard Business School. He holds Series 7, 24, 86, and 87 Registrations.
Neil Benedict
Neil has previously worked at Wedbush Securities and ABN AMRO Clearing in quantitative risk and credit for fixed income, and options and futures trading strategies. He also served as the Head of Business and Product Development for BANKEX, a blockchain startup focused on smart contracts for liquidity optimization. Neil has developed smart-contract architectures for private placement exchanges, micro-financing, real estate, as well as complex and illiquid asset classes, natural resources, and futures markets. He has also worked in corporate banking leading structured finance deals ranging from $500K up to $2.4B across a variety of industries including real-estate.
Neil is also a Veteran of the United States Marine Corps, having served two tours in Iraq. Neil holds an MS in analytics from the University of Chicago and his capstone paper on Mean-Variance Optimization for Equity Portfolios was cited in the book Financial Analytics with R: Building a Laptop Laboratory for Data Science, published in 2016.
Steve Wasserman
Mr. Wasserman has over 25 years of experience in financial advisory and investment management in addition to over 20 years of experience as the executive officer of companies he founded or acquired. He has also served as advisor to ICOs such as BankEx, XTRD, and PetroChain.
Alain Oberrotman
Alain Oberrotman has 25+ years’ experience delivering results in management & venture/private equity positions. He has served as an observer/director on 15 Boards of Directors for firms ranging in size from start-up to $1+ billion sales, public & private including appointment in a proxy fight. Previous positions held include World Wide Controller, McKinsey & Co. and Operating Principal responsible for due diligence, creating exits and restructuring of portfolio companies for Hambro International Equity Partners (growth capital) and for the private equity group of Odyssey Partners, L.P. (hedge fund).
Alain is a member of the Board of Advisors for the New York Tech Alliance, has served as a Director & President of the NYC chapter of Financial Executives International and as an adjunct professor at NYU’s Graduate School of Business. Alain received cum laude degrees from the University of Illinois (B.S.) & the University of Chicago (M.B.A).
Young Kwon
For over 21 years, Mr. Kwon has managed $15 billion in real estate in multiple countries across hundreds of transactions. Mr. Kwon has lead multiple firms in their real estate investment efforts in equity, debt, and structured products. He specializes in opportunistic and special situation investments, primarily real estate equity and debt.
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