BrokerageIndustry News

Lawsuit challenges Manhattan powerbrokers

Real estate services company owner alleges unfair competition

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Editor's note: See tomorrow's story on the background of LaLa Wang, the New York real estate figure behind the lawsuit described in this story. The Real Estate Board of New York has been around for more than a century. The board is self-described as "the oldest and most influential real estate trade association in New York City." Among its hundreds of brokerage members are such heavy-hitters as Douglas Elliman, The Corcoran Group, Citi Habitats, The William B. May Co., Sotheby's International and Brown Harris Stevens. Lan Lan "LaLa" Wang, an advocate of opening up the New York City real estate market and the owner of a real estate services company called BrokersNYC, has accused these powerbrokers of using their market dominance to choke competition and gain a monopoly control over exclusive listings. Earlier this month, Wang launched a lawsuit against the board, several member companies and individual members. "I think that it should be an open marketplace," said Wang. "I think the re...