We are working together to secure permanently affordable space for civic, cultural, and cooperative use in NYC. We are incubating a NYC Real Estate Investment Cooperative (NYC REIC) that leverages 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 over 400 people, banked over $3,000 at the Brooklyn Cooperative Federal Credit Union, received pledges of over $1.3 Million for future investments, and elected a governing body. By 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. Download a two-page document about us here.
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.
Do you know a place we should work together to secure for community use? Contact the Steering Committee at firstname.lastname@example.org or (718) 316-6092 ext. 5! You can explore the possibility using this draft project selection criteria here. You and your neighbors can play a game to test potential projects and find out what to look for: instructions and materials are here.
We have a democratically-elected Steering Committee and workgroups that move us forward. Our workgroups are currently Scoping, REIC U, Art & Media, and Community Organizing & Relationship Building (CORB). Find out more and see when they meet here.
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. Our policy teams get advice from Fordham Law School and Brooklyn Law School’s Center for Urban Business Entrepreneurship.
Fiscal sponsorship for the incubation period of NYC REIC is provided by Spaceworks NYC, a 501(c)(3) not-for-profit organization. As an early-phase initiative, we are seeking planning grants, support for a white paper, and money to cover operating expenses. The NYC REIC itself has incorporated as a not-for-profit organization, becoming an independent, cooperatively-governed organization, and we will soon seek our own recognition that we are a 501(c)(3) tax-exempt organization. Prior to the fundraising campaign for the initial pilot project we will sponsor a limited liability company to collect funds and provide financing to create long-term affordable community-controlled space for cooperative enterprise, art, culture and organizing.