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September Debut Set for Apartment-Hunters Web Site

NEW YORK CITY-This on-line co-broker will take less than the traditional 50:50 split. Tenants can earn a rebate if they make a deal.

By John Howe | Updated on August 18, 2000

It won’t make it cheaper to buy or lease an apartment here, but a Web site scheduled to launch September 11 could cut down on the time and shoe leather it takes to find one. Said to be the first service of its kind in NYC, www.CityRealty.com will allow owners and listing brokers to electronically contact pre-qualified buyers and renters. It will enable apartment viewings to be scheduled, buyers and renters to be notified about properties that meet their criteria and offer detailed information about buyers and renters to participating brokers.

Daniel Levy, president of the firm, told GlobeSt.com that the company will act as a co-broker, “but the percentage we take will vary, depending on the apartment, although typically it will be less than the traditional 50:50 split.” There will be no charge to buyers or renters. In fact, they can earn a rebate if they find a home through the site. CityRealty will feature proprietary information about more than 1,000 buildings representing over 200,000 units.

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