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The New York real estate industry’s powerful lobby group is joining forces with the dominant player in commercial real estate tech to create a new platform for residential brokers to market their listings.
The platform is called Citysnap and will be available next year, the REBNY (Real Estate Board of New York) announced Wednesday. REBNY is partnering with Homesnap, which is owned by CoStar Group, to create the venture.
CoStar CEO Andrew C. Florance announced the partnership during his keynote address at the CREtech New York conference Wednesday morning, adding that CoStar is committing at least $30M to "building the premier residential marketing site in New York City."
“While we have a long way to go to compete with StreetEasy and build traffic, we have a lot of experience building traffic and marketplaces," Florance said. "And we have the slight advantage that the agents will probably like our model better where we don't try to intercept their clients.”