News

When many new apartments, such as large luxury apartment buildings, are built in a neighborhood, the median asking rent in those listings often increases.  However, this does not mean supply is at fault.  Data shows that about 70% of new units are market-rate and priced higher than the existing median, leaving listing-based statistics skewed upward.  By contrast, rent increases for lease renewals in older units tend to be smaller since landlords do not want to lose good tenants to thes...

New York City rents reached new heights in July 2025, with Manhattan hitting a record median rent of $4,700—the fifth time in six months that a record has been set.  While rents are climbing, activity levels are showing signs of cooling, with Manhattan lease signings down 1.7 percent year-over-year and inventory dipping slightly.  Brooklyn recorded a median of $3,850, up nearly 7 percent from last year, as both leases and listings fell compared to July 2024.  Queens posts the strongest annu...

Board of Meadow Court Condominium instituted a policy requiring all unit owners to replace their in-unit windows, even though the condo declaration deemed the window part of the individual unit. The Supreme Court awarded summary judgment to the unit owner, declaring the contract between the condominium and the window contractor void. On appeal, the Appellate Division held that the business judgment rule did not shield the board’s policy from judicial review.1 A condominium board may not amen...