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LABJ AssetAvenue Launch
1. Asset Launch
A second L.A. real estate crowdfunding website launched last week and has already closed its
first deal for early investors.
Asset Avenue, founded by 30-year-old entrepreneur David Manshoory, raised $485,000 from
online investors in less than 48 hours. The money was used to buy a commercial real estate
loan on an office condominium in New York’s Trump Palace – the tallest building on the Upper
East Side of the city.
Asset Avenue, headquartered on Robertson Boulevard between Beverly Hills and Culver City,
joins Beverly Hills company Realty Mogul in the L.A. real estate crowdfunding space. Both
companies provide online opportunities for smaller investors to participate in real estate deals.
Accredited investors must have an annual income of at least $200,000 or a net worth of at least
$1 million.
Manshoory said he wanted to differentiate his crowdfunding company from others by focusing
on deal quality over quantity. Asset Avenue investors must contribute a minimum of $10,000 at
a time, twice the $5,000 requirement of Realty Mogul.
“This loan resembles the types of investments we want to bring to the website going forward,”
he said. “The commercial real estate market is so large, and the opportunity is so tremendous, I
think we’re barely scratching the surface of what’s possible.”
Staff reporter Bethany Firnhaber can be reached at bfirnhaber@labusinessjournal.com or (323)
549-5225 ext. 235.