• The underlying project is in Manhattan's NoMad neighborhood, on the south side of 30th Street between Fifth Avenue and Madison Avenue. Situated near the Empire State Building and Macy's, NoMad is a trendy residential community and a major hub for financial and technology companies.
• The underlying land is part of a joint development involving two adjacent, 25-story luxury condominium towers totaling over 224,370 square feet with 124 units and underground parking garage. This specific lot has 7,159 square feet and with a 71,590 square feet maximum FAR used for approximately 90 condominium units.
• The borrower signed the purchase and sale agreement in March 2026, with final closing expected between mid-June and early July 2026. After the acquisition, pre-development and demolition will take two quarters, and foundation will be completed in the first half of 2027. The superstructure will be completed by mid-2028, and the completion of the project is expected in the end of 2028.

• According to the valuation report provided by CBRE, the property's land is valued at $34,600,000, with an estimated completion cost of $110,100,000, and a post-completion market value of $139,518,655.
• The medium-term loan issued by CrowdFunz Fund 860 will be executed alongside first-lien lender Ponce Bank, including UCC-1 filings. The loan is secured by a 100% equity pledge in the project entity, valued at $10,525,000, representing 30.42% of total capital and over 2.5 times the loan amount.
• Ponce Bank has provided a mortgage of $20,075,000 (58.02% of capital), while Fund 860 provides $4,000,000 (11.56% of capital). The project's loan-to-cost ratio is 69.58%, aligning with industry standards.
• In addition, the key person from the borrowing entity will provide an unlimited personal guarantee to ensure timely repayment of principal and interest. In the event of default, CrowdFunz may pursue legal remedies against the guarantor’s personal assets.

According to Census Bureau data used by the NYU Furman Center, the NoMad area of Manhattan, New York City, has a diverse resident population. White residents make up the largest demographic at 49.90%, followed by Hispanic residents at 22.30%, and Asian residents at 14.50%. African American residents comprise a smaller portion of the population at 6.70%. Residents born in New York State account for 34.20% of the population, while foreign-born immigrants make up 30.40%, reflecting a high degree of internationalization.

The median age of residents in this area is approximately 35 years old, representing a very young, vibrant, and high-spending demographic. Most of these residents belong to New York's young and middle-aged professional workforce with stable incomes.

Families with children under the age of 18 account for 10% of households in the area, and the local unemployment rate rose to 7.8% in 2023.

* Source: NYU Furman Center, and U.S. Census Bureau, in May 2026.

According to Census Bureau data used by the NYU Furman Center, by the end of 2023, the owner-occupancy rate for housing in the Midtown administrative district where the project is located was only 21.70%, with the residential market dominated by rental apartments. The area had 77,155 registered housing units, and the rental vacancy rate stood at 7%.

The local residential sales market is currently led by condominiums. In 2023, a total of 514 housing units were sold. Among these, multi-family properties with five or more units accounted for only 5 sales, while condominiums made up the remaining 509 sales.

Housing price appreciation in this area remains healthy. Compared to 2000, prices across all property types increased by 450%, with condominium prices growing by 352%.

The neighborhood continuously attracts new residential development projects. The area added 586 certificate of occupancy for residential units in 2019, 447 in 2022, and 480 in 2023.

* Source: NYU Furman Center, and U.S. Census Bureau, in May 2026.

According to the valuation report provided by CBRE, the property's land is valued at $34,600,000. The estimated total cost at completion is approximately $110,100,000, and the expected post-completion market value is $139,518,655.

Based on the current status, CrowdFunz considers the land value provided by the third-party appraiser to be consistent with valuation standards; therefore, the land's market price of $34,600,000 represents the project's current valuation. Specific valuation details are shown below.

* Source: Appraisal Report provided by CBRE.

Location

The project is in the core of Manhattan, New York City, benefiting from extensive public transit access. Residents can reach Metro line N, Q, R, and W at the 28th Street/Broadway station, as well as line 4 and 6 at the 28th Street/Park Avenue station, within a 5-minute walk.

Additionally, Penn Station, a major transit hub for both trains and subways, is accessible within a 10-minute walk. For those traveling by car, LaGuardia Airport is approximately 35 minutes away, while JFK International Airport can be reached in 45 minutes.

Transportation

• Subway: N, Q, R, W, 4, 6 (5-minute walk to station)
• LIRR: All directions (10-minute walk to station)
• To Manhattan: Around 15-minute walk
• To JFK: Around 45-minute drive
• To LGA: Around 35-minute drive

Schools

• The project is located in NYC School District #2, which features a comprehensive basic education network of approximately 119 schools. This includes 32 kindergartens, 37 elementary schools, 24 middle schools, and 72 high schools.
• Notable high-performing institutions in the district include Ps 290 Manhattan New School with a GreatSchools rating of 9. 8-rating schools include Battery Park City School, Spruce Street School, East Side Elementary School, PS 267, P.S. 527 East Side School-Social Action, and Ps 6 Lillie D Blake.

Living

• The neighborhood's population consists predominantly of single-person households under the age of 40, characterized by demographic diversity and strong purchasing power. Situated within Midtown Manhattan's most bustling commercial district, the area offers immediate access to an extensive array of department stores, retail shops, supermarkets, and diverse restaurants serving international cuisines.

Entertainment

• The area offers a wide array of amenities including gyms, community sports centers, numerous parks, and museums. Essential services such as childcare centers, educational tutoring facilities, and libraries are also readily available. Nearby green spaces feature the famous Madison Square Park and Bryant Park, as well as Gramercy Park and Union Square Park.

Developer：New Empire Corp.

Website：https://www.newempirecorp.com/

Previous Cooperation Projects：CrowdFunz 604 Fund / CrowdFunz 805 Fund / CrowdFunz 819 Fund / CrowdFunz 826 Fund / CrowdFunz 828 Fund / CrowdFunz 832 Fund / CrowdFunz 849 Phase I Fund / CrowdFunz 849 Phase II Fund

• CrowdFunz Fund 860 provides a land acquisition loan to the borrower. The borrower expects to allocate the entirety of the loan provided by Fund 860 toward land purchase and pre-development preparation costs. Upon project completion, the borrower intends to repay the loan issued by CrowdFunz Fund 860 through the proceeds of condominium sales, refinancing, or cash returns from its other real estate held.
• The financial leverage for the underlying project aligns with standard industry levels. The project's loan-to-cost ratio stands at 69.58%, and the borrower's equity net value is approximately $10,525,000, which represents more than 2.5 times the total loan amount disbursed by Fund 860, indicating sufficient equity value.
• The underlying property is located in the prime NoMad neighborhood of Manhattan, New York City, offering an exceptional location. In recent years, NoMad has emerged as a trendy, highly desirable residential community in New York City.
• The borrower possesses extensive local development experience and an excellent commercial credit profile. Deeply rooted in the New York real estate market for over 30 years, the developer enjoys high visibility and a strong reputation locally. They have successfully partnered with CrowdFunz eight times, consistently fulfilling interest and principal repayment obligations on schedule, establishing a highly trustworthy credit history.
• Consequently, CrowdFunz believes that under clear loan agreements and well-defined legal responsibilities, the medium-term debt investment of Fund 860 has a relatively low default risk, making it well-suited for investors seeking for fixed-income products.