The NYC Real Estate Investment Cooperative is open to anyone who is a resident of NY state. Membership costs $10. One member/one vote on property purchases.
Their goal is to raise $10 million in 10 years. Investment in real estate is open to members only. Their property acquisition goals are to keep real estate permanently affordable for neighborhood-serving businesses, nonprofits, cooperatives, and cultural organizations.
Their first meeting was in 2015. They currently have 500 members. They received approval in December 2017 to offer real estate investment opportunities to their members.
The NYC Real Estate Investment Cooperative was modeled after the NorthEast Investment Cooperative formed by residents in outlying Minneapolis that wanted to revitalize their business corridor.