Industry News

Real Estate Board of New York sued for antitrust

Says allegations are 'without merit'

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Manhattan-based Klickads Inc., doing business as BrokersNYC, is suing the Real Estate Board of New York on antitrust allegations. The suit alleges defendants engaged in illegal tying and monopolization of the market for exclusive property listings in Manhattan. The complaint, filed in the Southern District Court of New York, names the Real Estate Board of New York and its board members, among other defendants. The Real Estate Board of New York is a real estate trade association representing commercial and residential property owners, builders, brokers and managers, banks, architects and other institutions interested in New York City real estate. REBNY provides a channel for New Yorkers to find real estate brokers. Steven Spinola, president of REBNY said the lawsuit is "frivolous and without merit." "The REBNY Listing Service is designed to help make it easier for New Yorkers to find a place to live by tapping into REBNY's pool of professional, experienced and highly qualified brokers...