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The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York City apartment. NYC bans unusual practice of forcing tenants to pay real ...
The hefty one-time payments, known as broker fees, are ubiquitous in New York but nearly unheard of anywhere else. In most other cities, landlords cover the commission of agents working on their ...
(The Center Square) — New York City landlords will be required to pay costly broker fees for tenants under a plan approved by the City Council that real estate groups argue will drive up rents ...
Such broker fees were previously banned in 2020 under a package of renter protection laws passed by the state. But they were quickly reinstated following a lawsuit led by the Real Estate Board of New York. Brokerage firms estimate that roughly half of the city’s apartments require a tenant-paid broker fee.
The fees are steep, typically totaling as much as 15% of the annual rent, about $7,000 for the average-priced New York City apartment. The legislation passed by the City Council aims to stop landlords from saddling tenants with those payments — at least as an up-front fee.
Law associates surveyed for the Vault 100 law firm rankings placed Cadwalader, Wickersham & Taft at No. 53 on its 2024 list of most prestigious firms to work for. [31] In 2015, U.S. News & World Report named Cadwalader, Wickersham & Taft "Law Firm of the Year" for derivatives and futures law. [ 32 ]
In 2009 the Loft Board was merged into New York City Department of Buildings. [14] That same year the scope of the law increased with the 2009 Loft Law Amendment that expanded the loft law's coverage to neighborhoods outside of Manhattan such as Williamsburg, Bushwick, and Long Island City. [15]
A month later, the changes were approved by the U.S. Department of Justice [6] and they were implemented as planned the following year according to the 1990 City Charter, which abolished the Board of Estimate and assigned most of its responsibilities to an enlarged New York City Council.