Michael Mandel

We've got institutional owners like Blackstone, Brookfield, Bornado, Tishman Spire, what have you.

So they pay for access to our data and they use it to underwrite real estate investments and to lend on commercial real estate.

Around $50,000.

That's the average total size.

Our contracts range from the very low end for a really small market for one user, like $12,000 a year, up to high six figures, close to seven figures for some of our bigger deals.

And the...

They're paying based off of the number of seats, number of users they want on the platform, the number of markets they want to have access to, and specifically which markets they want to have access to.

Each market is a different price.

We launched in January 2012 in New York City.

Sure.

I was married.

Um, I didn't have any kids yet.

I was still working as a, um, as a commercial real estate broker.

So actually I started the company while working as a commercial real estate broker in New York city and did it, uh, basically from my desk, you know, after hours, um, until I was with Grubbin Ellis.

Well, I specifically asked my bosses at the time, you know, the head of the office, you know, I told him what I wanted to do and that I wanted to work on this and was that cool.

And they, you know, they, he said it was fine.

And then that boss left and I had to talk to the new boss because the company was going back.

The company was ultimately going bankrupt at the time that I was starting it up, starting up Comstack.

So that as people were walking out the door, I guess I had more and more time to work on it.

It was pretty small.