New York City Searches for Best PropTech Startups
The New York City Economic Development Corporation (NYCEDC) recently published a request for proposal (RFP) to find a partner to research and recommend PropTech startups to incorporate into its owned and managed real estate portfolio.
The organization that partakes in this will test out all of the PropTech tools to find the best ones by utilizing New York City’s immense real estate market. Officials hope to finalize a partner by summer or fall at the latest.
The coronavirus has fueled a demand for real estate tech to detect apartment building problems, such as leaks and energy efficiency. The goal is also to find technology that doesn’t just detect issues but can make the buildings more efficient and healthier.
NYCEDC Program last year enabled property technology companies to test out their services within the city limits of 326.1 million square feet of managed and owned real estate space. Deputy Mayor for Housing and Economic Development Vicki Been announced this deal at a PropTech conference in November of 2019. The program focuses on social and environmentally conscious companies, which their portfolios include school and low-income housing buildings.
City officials also launched a survey for future roundtable discussions for its “Citywide Proptech Piloting Program” to hear advice from the industry’s leading professionals.
PropTech developers gained a foothold in New York City because the city’s real estate trends remain public and online forever, which results in a vast amount of data available.
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