NEW YORK CITY—Cushman & Wakefield says it has vastly improved its appraisal services by reaching an agreement with Bowery Valuation to automate and optimize their entire appraisal process.
The initial phase of the agreement will facilitate Cushman & Wakefield appraisers to provide multifamily valuation services in the New York market utilizing Bowery’s proprietary technology. The Bowery Valuation platform uses public record integration and a comprehensive and comparable database to increase efficiency throughout the commercial appraisal process. The platform will improve on the current approach where information is pulled manually from relevant government agencies, the brokerage firm states.
The partnership between Cushman & Wakefield and New York City-based Bowery Valuation was generated through the brokerage firm’s relationship with MetaProp NYC. Cushman announced in July it had partnered with MetaProp NYC to provide a point of entry for real estate technology startups into Cushman & Wakefield’s resources and client base.
“Bowery’s appraisal platform seamlessly removes a host of manual tasks from an appraiser’s day-to-day work and allows them to truly focus on adding value for their clients,” says Nicole Urquhart-Bradley, MAI, FRICS, president, Valuation & Advisory Americas for Cushman & Wakefield. “It also allows us to better serve our clients who need quick turnaround on smaller investment properties.”
Aaron Block, founding partner and managing director of MetaProp NYC called the Cushman/Bowery agreement a “game changer” that will assist the brokerage firm in assessing hundreds of potential PropTech opportunities and put them on an “accelerated path to the next generation of technology to meet the current and future needs of their clients.”