Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Seagram’s heiress Hannah Bronfman and her husband, DJ Brendan Fallis, have turned their New York City apartment into a lucrative business – and it’s not Airbnb.
According to Realtor.com, the couple paid $2.7 million for the property in 2019 and spent four years renovating it. They are now considering selling the apartment, which Fallis showed off in a video on his YouTube channel.
Don’t Miss Out:
Since the renovation, Bronfman and Fallis, who live in the apartment with their two young children, have been renting the property as a venue for photo shoots and events, a practice they started while in their vacation home.
A twist on the gig economy, the apartment is available on the rental website Giggster for $400 per hour with a six-hour minimum rental.
“Blocks from Washington Square Park, this 3,300-square-foot, ground-floor triplex exudes a blend of historic charm and modern sophistication,” according to the listing. “Meticulously renovated in 2020, the floor-to-ceiling built-in bookshelves, remnants of its past life as the home of the iconic Strand bookstore rare books curator, were thoughtfully preserved and harmonized by modern items such as the feature lighting piece by worldwide famous Italian brand Flos.”
Trending: A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s prospectus. Read them carefully before investing.
The couple’s venture was so successful that they continued renting the apartment while living there. Fallis mentioned in the YouTube video that a project was filed in their home while they were there and once he had to shower at the gym because a crew arrived early in the morning to set up for a shoot.
He explained to viewers that he was changing at the gym because, although the family had rented the apartment for photo shoots and corporate events in the past, it was the first time it was rented while they were home.
“We had to vacate our home at 8 a.m. today with the family and Hannah’s mom there,” he said. “It was hectic, but we did it.”
Fallis wrote in the episode’s description that the couple’s rental income has been so successful that they’re considering selling the apartment. But he also mentions in the video that they are happy with the current situation.
“Things are moving along and I have a lot of ideas about our house,” he wrote. “Deciding to list and sell for another project or keep and monetize it as an asset via rental etc. So to test that theory, I’m renting the space out for shoots, meetings etc.
“It’s proving its worth so far but need to do it for about six to eight months to realize [how the] model works. But trying to find a creative way to start stacking assets.”
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Keep Reading:
This article Seagram’s Heiress and Husband Turn $2.7 Million NYC Apartment Into A Cash Cow originally appeared on Benzinga.com
#Seagrams #Heiress #Husband #Turn #Million #NYC #Apartment #Cash #Cow
