Prodigy Launches Division for International Investors to Buy Distressed Condos in U.S.

By Anuradha Kher, Online News EditorNew York– Prodigy International recently launched the Prodigy Network, a company that plans to purchase available condominiums for international investors.The company will purchase approximately $100 million worth of new condominium units in New York and Miami on behalf of investors located in Latin America, Europe, and Asia in the first 60-90 days and $500 million in the next 12 months. While the Prodigy Network plans to invest in properties not more than two years old, they must all be distressed properties being sold at a discount.“The sweet spot will be in the range of $350,000 to $650,000 in Florida and $1 million to $3 million in New York,” Rodrigo Niño, founder and president of Prodigy International, tells MHN.“Prodigy Network is currently considering inventory from developers and exclusive brokers. We have lined up a pool of international investors with very specific criteria, in order to take advantage of the opportunities available in the current market,” Nino says. “We are not interested in markets where there is a local demand, and we are not interested in projects that are not completed. We want to move to existing brick and mortar with this division.” The investors come from Spain and Italy in Europe, Columbia, Venezuela and Mexico in Latin America and from everywhere in Asia.Prodigy has already invested $40 million in a Wall Street project featuring 31 units. “The idea is to hold the inventory for three years and rent them, and after that, sell them or keep them depending on the market conditions,” adds Niño.