New York City isn’t just the United States’ largest city. It also has a booming real estate market. The average median sales price is $1.4 million or $1,524 per square foot.
Crain’s says New York is poised to be the world’s top city for real estate tech startups. “New York is known for its soaring skyline and thicket of buildings,” the magasine said. “Its office market is immense. New York is in the top echelon of global commercial destinations and is one of the four ‘Super Cities’ (with London, Paris and Tokyo) for commercial real estate investment. That makes it a ripe testing ground for new technologies.”
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Here’s a look at New York City’s hottest real estate startups:
- Carbon Lighthouse: Carbon Lighthouse has developed a method for building owners to eliminate carbon emissions caused by wasted energy. Recently, the company partnered with Alexander & Baldwin, a Hawaiian public company specialising in commercial real estate and construction, to reduce energy consumption in three properties. The move is expected to eliminate 9,700 tons of carbon over the lifetimes of the buildings. Source: Biz Journals
- BlocPower: This startup wants to make the process easier for property owners wanting to upgrade to green technology. By using the BlocPower app, users can scan their building to access what could be upgraded and how much money could be saved on energy after the upgrades. The app is aimed at low and middle-class neighborhoods. BlocPower funds upgrades through crowdsourcing and by connecting owners with property investors. Source: Channel 4
- Radiator Labs: Radiator Labs has developed Cozy, an insulation box for radiators, aimed at curbing wasted energy for both apartment dwellers and building owners. Sensors are located throughout a building that communicate with radiators, helping to evenly distribute heat. A report released by Energy and Resource Solutions found, in test, that one building saw heating costs drop 24% while another witnessed a 20% decrease. Source: Observer
- ThinkEco: ThinkEco is an Internet of Things company specialising in cloud-based home energy products. It manufactures devices to measure energy usages. Recently, Applied Energy Group customers on Long Island were given ThinkEco window air conditioners in exchange for allowing the utility to control power usages during peak hours. Source: East End Beacon
- Citiesense: Founded in 2013, Citiesense operates in New York and Connecticut. Its marketing platform allows sellers to showcase available properties. It also helps municipalities promote information on projects. Source: Bloomberg
- LeadSecure: LeadSecure was developed with convenience in mind. The company’s Video Agent allows Realtors to video chat with customers via their smartphone. It runs in the background and notifies the user when new messages arrive. While in a video call, the user can press a button and shares their email address, telephone number and other contact information with the client. Source: App Crawlr
- Yodata: Yodata was developed with the MLS in mind. It creates data standards so everyone using the MLS enters and finds data in a consistent format. The software is open source, allowing for collaboration and easy changes. Source: The Notorious R.O.B.
- Spacio: Spacio offers a mobile app that helps users organise their home search. Recently, the company partnered with digital advertising company Adwerx. The partnership will allow users who sign into an open house using Spacio to have their email address automatically added to a Realtor’s list of clients. Source: Inman
- Perchwell: Perchwell has developed PerchPrice, a tool for apartment buyers. The tool factors in expenses like taxes, maintenance fees, co-op fees and condo abatements to determine how much a property would cost its owner. It is aimed at helping buyers find the apartment that’s best for their budgets. Source: Brick Underground
- Latch: Latch specialises in keyless entry systems. Recently, it teamed with Walmart and Amazon to install its system for free in 1,000 lobbies in Brooklyn and Manhattan. Deliverymen would be given temporary passwords to lobbies in order to drop of tenant packages. Now tenants no longer need to be home when their packages arrive. Source: The Real Deal
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