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Mandatory broker fees, an unusual feature of New York City apartment hunting long reviled by renters, will be banned under legislation that passed Wednesday after overcoming fierce backlash from ...
It’s a familiar and agonizing experience for legions of New York City renters: before moving into a new apartment, a tenant must first shell out thousands of dollars in fees to a real estate ...
While Robinson and Brown increasingly handled many high-profile transactions in the city, another broker was making his mark in the field. Duncan G. Harris began his real estate career as an assistant to real estate tycoon John Jacob Astor in 1901, the year after he graduated from Harvard. [5] In 1907, Harris began his own firm, Harris ...
In a lawsuit, Eliot Spitzer, then New York State’s attorney general, accused Marsh of not serving as an unbiased broker, leading to increased costs for clients and higher fees for Marsh. In early 2005, Marsh agreed to pay $850 million to settle the lawsuit and compensate clients whose commercial insurance it arranged from 2001 to 2004. [13]
Dolly Lenz (born February 15, 1957) is a real estate agent in New York City. [1] According to Forbes Magazine , by 2008 she had sold $7 billion in real estate, including $748 million in 2006. [ 2 ] [ 3 ]
A landmark agreement would eliminate real estate brokers' automatic commissions of up to 6%, potentially saving home buyers and sellers thousands of dollars.
Ahead of the hearing, hundreds of brokers gathered to voice their objections at a rally organized by the Real Estate Board of New York, the industry’s powerful lobbying group. Through hours of testimony, they warned the legislation would sow chaos in the rental market and decimate the livelihoods of the city’s roughly 25,000 real estate agents.
“Anyone who has paid 15% of their annual rent in brokers fees for someone to let you in an apartment for 10 minutes knows the practice is nothing more than legalized theft.” Mayor Eric Adams, himself a former real estate broker, has raised concerns about the legislation and possible unintended consequences.