A New York City Real Estate Story
2000: I was 22, the average cost of a one-bedroom condominium in Brooklyn was $200k - far beyond my reach. I was sharing a small apartment rental with three (sometimes four) of my friends in what’s now called East Williamsburg. I was able to save some money by sneaking tall-boys into bars and eating Little Debbies for dinner, but still not enough to afford an apartment.
2004: I was living with my girlfriend and more ready to “settle down,” but a one-bedroom condominium in Brooklyn now cost $320k. By then, I had a little more money and was finally eating real food for dinner, but that was still out of range. (And, man, that 60% increase in value would have been nice to own.)
2010: I got married and had a kid, so I wanted a 2 bedroom, but the average price of a 2-bedroom had grown to over a million. (Maybe next year?)
2015: 3 kids, a dog and a cat. Average price of a two-bedroom in BK had risen to $1.5 million — another 50% increase I missed! (Guess we are renting again.)
As you can see from my story, owning real estate has always required access to serious capital. And getting on the appreciation ladder is difficult. That’s why we decided to build something different. That’s why we built Compound.
Compound removes those barriers by breaking ownership down into bite-sized pieces — or shares — that our community can buy, collect and trade. We believe in a future where individuals can build customized collections of residential real estate and benefit from the prosperity happening in the world’s top cities.
— Jesse Stein
Compound Co-Founder & COO
Compound’s technology connects investors from diverse backgrounds and geographies — who have historically not had access to high-quality urban residential real estate — and allows them to pool their capital to buy apartments in high-growth cities. Compound is a venture-backed real estate marketplace and qualified opportunity zone business based in New York City. Compound is led by Janine Yorio (previously head of real estate at Standard Hotels) and Jesse Stein (previously COO of ETRE Financial). Visit www.getcompound.com.