By Hiten Samtani on February 05, 2014.
Commercial real estate information firm CompStak has hired Andrew Phillips from Newmark Grubb Knight Frank to be their new director of enterprise sales, the company announced in a release today.
“Andrew’s deep experience in the financial sector will allow us to broaden our reach to an entirely new customer base,” CompStak CEO Michael Mandel said in the release. While at NGKF, Phillips started the firm’s loan sales business and handled over $1 billion in distressed asset sales.
“The real estate market is at a turning point where distressed debt opportunities are shrinking,” Phillips said in the release. “The future is in information that investors need to win more deals,” he added, and said that investors and lenders were “increasingly using CompStak’s data as a tool for underwriting deals and better managing risk.”
CompStak uses crowdsourcing to collect information about “comps” — details about pricing and other deal terms. The company claims to have data on nearly all of the Manhattan commercial office deals completed in the past year.
As of October, the company had raised about $5.6 million from investors, as The Real Deal reported. It is currently in eight national markets, including San Francisco and Chicago, and has plans to expand further.