With the launch of StraightUp, access to high-potential, curated New York residential development projects is available to investors – those who are neither the well-connected and super-rich elite, nor large institutional investors – for the first time. The platform gives investors a new level of access, transparency and opportunity in the unbeatable, but previously unreachable world of New York City development.
The StraightUp platform was incubated within New York real estate development company HAP Ventures. As a result of this genesis, StraightUp benefits from a savvy understanding of the local market, and demonstrable expertise in acquisitions, planning and construction.
Each investment is in pre-construction and permitting has begun, so the way to ground-breaking is relatively short. This gives comfort to investors, given the well-known difficulties of New York’s approval process. With other platforms, investors come in much later, after a large part of the appreciation has already occurred.
Investors share in both the common and preferred equity – the latter is that section of the “capital stack” that experiences the most appreciation – which formerly had been reserved exclusively for the developers themselves. It is part of StraightUp’s commitment to transparency.
HAP Ventures is a team of NYC residential real estate developers working on 11 projects representing 1,600 units as of February 2018. StraightUp invests and makes sure any participating developers do the same.
Every developer and project invited onto the platform will be intensely vetted by the real estate experts at StraightUp – and the developers of those properties have their capital at stake as well.
“New York has always been a city of opportunity – of new, untapped potential. We are incredibly proud to play our part in extending that tradition,” said Omer Amsel, co-founder and COO at StraightUp. “We’ve successfully proven this concept in Tel Aviv – we were overwhelmed by the demand, investors have shown for NYC real estate – and it only made us more excited to bring this concept to accredited investors in the most exciting market in the world. Real estate development shouldn’t be the exclusive domain of the insanely wealthy – and now it isn’t.”
With current developments in Chelsea and TriBeCa open for immediate investment, StraightUp has plans to significantly expand its offerings, including quickly expanding to other large metropolitan areas.