Oh hey, here's your chance to sort of become Erik Bruner-Yang's landlord — or, at least, a shareholder in the building that will soon become home to the Toki Underground chef's newest project Maketto. We learned a couple of months back that Bruner-Yang was teaming up with Durkl's Will Sharp on the Asian market in a building they nabbed through the crowd-sourced real estate site Popularise. Well, now Popularise has launched Fundrise, a Kickstarter-style shareholder platform that a press release claims "democratizes real estate investment."
Yes, just about anybody can become an investor apparently, provided you have some cash to spare at $100 per share in Maketto. The money raised apparently goes to the buildout and infrastructure for Maketto, which will give Fundrise shareholders 30 percent of its potential profits in return. Extra benefits include cocktail parties with fellow shareholders, invites to the soft-opening party and discounts, depending upon your level of ownership. As for restrictions? Well, to keep any ownership broadly spread out, they're capping shares at $10,000 (or 100 shares) and, sorry Maryland, this is restricted to DC and Virginia residents only.
Great OK. And for those who would rather not become real estate investors? Well, the Fundrise site does shed a couple details about Maketto, namely that its "food stalls that will feature various delicacies inspired by Asian night markets including Chinese donuts, Shanghai steamed dumplings, barbecue pork buns, and even on-site roasted coffee." And while the last timetable for competition was "early next year," the Fundrise site estimates it will land in spring. Either way, obsessive Maketto coverage to continue right here, naturally.
· The Maketto Building Public Offering [Fundrise]
· All Previous Maketto Coverage [-EDC-]