Our mission at LEX is to empower wealth creation by solving real estate’s access and liquidity problems. We accomplish this by providing investors access to high-quality, income-producing, individual commercial real estate assets, while providing the owners of the underlying properties with a base of permanent capital without a loss of operational control.
LEX users can soon own a piece of 286 Lenox, a fully leased, stabilized asset.
We’re excited to share that 286 Lenox Avenue, a commercial office and retail property located in New York’s Harlem neighborhood, is being added to the platform. Beginning today, Nov 3, shares of 286 Lenox Ave are available on LEX’s platform at an initial price of $250 per share. View the deal information on LEX here. The Offering Circular for the offering is available here. The initial offering aims to raise $2.15 million in equity.
This is an exciting time at LEX. Drew Sterrett and Jesse Daugherty, Co-Founders and Co-CEOs of LEX Markets, spoke about the importance of this IPO and opening the LEX platform to all investors for the first time:
“This is a historic moment for commercial real estate investing. Making the $17 trillion dollar commercial real estate market accessible to everyone is a process, and opening up the LEX marketplace to all investors is a huge step. Our mission at LEX is to empower wealth creation by solving real estate’s access and liquidity problems. We’re proud to be building the future of real estate investing with a world class team of real estate industry veterans and technologists. 286 Lenox is a key moment in time moving us out of concept and into growth-stage of our company.”
More about the asset:
286 Lenox Ave, built in 2019, is a retail and office property spanning 18,759 leasable square feet, with three existing tenants, including a branch of Wells Fargo bank. A fun, brief video below provides context into the asset and the surrounding neighborhood.
This offering was recently qualified by the SEC, and the IPO starts today. Shares are offered on a first come, first served basis and the price at the time of IPO is always $250 (we factor in the valuation of the asset by adjusting the number of shares in the offering, not the price per share). The IPO period will stay open until all shares have been purchased. If you had previously submitted an indication of interest, you’ll need to return to LEX to complete your purchase once the IPO begins. You can learn more about the lifecycle of a LEX deal in our blog post here.
For existing LEX investors: you can join our live webcast discussing this offering as well as LEX more broadly at at 12 Noon ET on November 3 here.
New to LEX? If you haven’t yet signed up for a LEX account, it’s easy and just takes a few minutes. Visit our homepage to get started.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. The Offering Circular for the offering is available here.
August 12, 2022
The Landing at One Chestnut is owned and operated by Manzo Freeman Development (MFD). The MFD team brings over 40 years of expertise in managing and developing industrial properties in the New England submarket.