BrokerageIndustry News

Manhattan real estate antitrust lawsuit proceeds

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A U.S. District Court judge in New York has ruled that portions of an antitrust lawsuit filed against a Manhattan real estate trade group and several brokerage firms and technology companies may proceed to trial, while invalidating other aspects of the complaint. BrokersNYC, a real estate technology company, charged in its 2004 lawsuit that the Real Estate Board of New York trade group, several member firms and technology companies illegally blocked competition and sought to monopolize the market for Manhattan residential brokerage services and for technology services related to property listings information. In an Aug. 6, 2007, pretrial opinion, U.S. District Court Judge Leonard B. Sand dismissed charges of monopolization while finding that BrokersNYC could proceed with other antitrust charges. Steven Spinola, REBNY president, said in a statement, "I applaud the U.S. District Court's decision to summarily dismiss the major allegations raised in this suit. The decision re...