Basis
Basis is a commercial real-estate valuation model that trains itself on public records.
Core trick
Extracts debt financing from NYC ACRIS deed and mortgage records, then splits each sale's cap-rate move into debt, income and equity components.
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Description
Basis is a commercial real-estate valuation model that trains itself on public records. When a building sells, its price resets — and the market compresses that move into a single cap rate (NOI ÷ price). But a cap rate blends three different elements (the cost of debt, the property's income, and the return equity demands), and each is underwritten differently. Basis reads NYC's public deed and mortgage records (ACRIS), recovers the true debt financing each trade (including from adversarial consolidation agreements built to hide it) and decomposes every price move into those three forces, exactly, summing to the dollar.
The point is the loop, not a one-shot model: scrape public records → grade the extraction against a verified gold set → decompose the real price moves → and re-estimate as more records arrive. It's a valuation model that compounds with public data — every new transaction NYC records makes it sharper while accounting for regime shifts. Today it runs on NYC multifamily; the same loop runs on any county's records and any asset class.