T
he City Council's recent passage of the Fairness in Apartment Rentals Expenses Act has sent shockwaves through New York City's real estate market. The law, which mandates that tenants are responsible for paying broker fees, will go into effect 180 days after it becomes law - pending a potential veto by Mayor Eric Adams. While the mayor has expressed reservations about the measure, he has stopped short of saying he will veto it.

    The Real Estate Board of New York is considering suing to block the implementation of the law, citing concerns that it could lead to unintended consequences for tenants and brokers alike. Meanwhile, negotiations over the City of Yes for Housing Opportunity are ongoing, with a deadline looming on Thursday.

    In other news, Governor Kathy Hochul has announced plans to revive congestion pricing in Manhattan, with drivers facing an initial charge of $9 during peak hours. However, the plan still faces legal challenges, including a lawsuit seeking to invalidate the environmental review that paved the way for its implementation.

    Residential sales were brisk on Friday, with a $10.6 million sale at 48 Willow Place in Brooklyn topping the list. Commercial sales also saw significant activity, with Ian Bruce Eichner's Continuum Company purchasing a former church site in Murray Hill for $66.2 million. The developer plans to build a 173,000-square-foot condo project on the site.

    New listings included a $43 million townhome at 11 East 74th Street, while the largest new building application filed was for an eight-story residential building in Brooklyn's Howard Avenue neighborhood.