REAL ESTATE BOARD OF NEW YORK INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation Into the Real Estate Board of New York and Numerous Brokerages and Encourages Sellers to Contact the Firm
Newtown, PA, November 16, 2023 – Edelson Lechtzin LLP is investigating potential violations of U.S. federal antitrust laws as well as those of the State of New York and unjust enrichment laws as they pertain to individuals and entities that sold Manhattan residential real estate pursuant to the Real Estate Board of New York (“REBNY”) and the Real Estate Board of New York Listing Service Universal Co-Brokerage Agreement/Rules and Regulations who were forced to pay allegedly artificially inflated commissions. Specifically, the investigation pertains to sellers who sold residential real estate in Manhattan and were forced to pay a Buyer Broker’s commission in accordance with the Board’s Listing Service rules from November 8, 2019 to the present.
THE WRONGDOING: It has been alleged REBNY along with numerous real estate brokerages including Brown Harris Stevens, LLC, Christie’s International Real Estate LLC, Compass, Inc., Coldwell Banker LLC, Core Marketing Services, LLC, The Corcoran Group, Inc., Douglas Elliman, Inc., Elegran Real Estate d/b/a/ Elegan LLC, Engel & Volkers LLC, Fox Residential Group LLC, Halstead Real Estate LLC, Homesnap Inc., Keller Williams NYC, LLC, Leslie J. Garfield & Co Inc., Level Group Inc., M.N.S. Real Estate NYC, LLC, Modern Spaces LLC, The Agency LLC, The Modlin Group LLC, Nest Seekers International LLC, Oxford Property Group LLC, R New York, LLC, RE/MAX, LLC, Serhant LLC, Sloane Square LLC, and Sotheby’s International Realty Affiliates LLC have violated federal and state antitrust and unjust enrichment laws by requiring a Seller to make a non-negotiable offer of compensation to the Buyer’s Broker when listing Manhattan residential real estate for sale and to pay the Buyer Broker’s commission. This would force a Seller to pay a Buyer’s Broker commission, eliminates negotiation of the Buyer’s Broker compensation, artificially inflates the Buyer’s Broker commission, and substantially increases the transaction cost of the Seller.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-563-5550 or 215-867-2399
Email: [email protected] or [email protected]
About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.