FARE Act Became Law in New York City on June 11, 2025

wxexpert20Leave a commentCommercial Real Estate, Market Insights, News, Residential Real Estate

By Manhattan Real Estate Tracker, June 13, 2025

The “Fairness in Apartment Rental Expenses Act” or the “FARE” Act has become law in New York City.  This law, also known as “Local Law 119 of 2024”: (1) prohibits landlords from passing on to prospective tenants the fees of landlords’ hired agents (brokers); and (2) requires landlords to explicitly disclose all fees that tenants must pay to rent an apartment before tenants sign a rental agreement.

On June 11, 2025, the FARE ACT statute became operative. The legislation forbids listing agents and other agents employed by the landlord from charging fees to potential tenants. A landlord’s agent represents the landlord in the rental of an apartment. A listing agent publishes apartment listings with the landlord’s permission.

The law allows for landlords to charge a fee as per subdivision 1 of section 238-a of the Real Property Law which limits “the actual cost of the background check and credit check or twenty dollars, whichever is less, and the landlord, lessor, sub-lessor or grantor shall waive the fee or fees if the potential tenant provides a copy of a background check or credit check conducted within the past thirty days.”

A landlord can be liable for violations committed by the landlord’s agent or the listing agent if (1) the landlord’s agent charges a fee to a tenant to rent an apartment; and/or (2) the listing agent charges a fee to a tenant to rent an apartment.

The law prohibits landlords from requiring renters to rent an apartment through a certain agent. Additionally, the law forbids landlords from making tenants hire a dual agent, who serves as both the landlord’s and the tenant’s agent.

No one can condition the rental of an apartment on tenants hiring a broker, including a dual agent. The law prohibits requiring tenants to pay a broker to rent an apartment, even if the broker claims to be a tenant’s broker.  The law allows a tenant to (1) choose to hire their own broker and pay broker fees; and (2) allows brokers to advertise their services to tenants.

With regard to advertising, the law regulates listings of rental apartments: (1) no one can include an unlawful broker fee; and (2) all fees that tenants must pay to rent an apartment must be disclosed in a clear manner. Landlords and their agents/brokers must give tenants a written disclosure of all fees they must pay to the landlord, or any person at the direction of the landlord, to rent an apartment. The fees must include a written description, and the tenant must sign the itemized disclosure before signing a lease. Landlords or their agents must keep the signed disclosure for three years and give a copy to the tenant.

Additional information on the FARE Act can be found at NYC.gov.

NYC MTA Begins Congestion Pricing Today

wxexpert20Leave a commentMarket Insights, News

By Manhattan Real Estate Tracker, January 5, 2025

NYC MTA Begins Congestion Pricing Today

After years of legal challenges and delays, the New York City Metropolitan Transit Authority (MTA) began its congestion pricing toll starting today. This is the new toll fee schedule:

Source: MTA

Over the past 20 years the city has closed off more and more lanes to vehicular traffic by adding bike lanes and “pedestrian malls” where people can sit where cars, trucks and buses used to be allowed. This has contributed to congestion. New York City has concluded that its air quality has improved dramatically during the 2012 to 2022 period. From the data collected by New York City, which is located in Region 2, there was only one exceedance of the EPA ozone standard at a Queens monitoring site (which is only a concern in the summer and is also a regional problem) by only .001 parts per million. The data shows that for most pollutants measured, the city is well-below the EPA health standards as averaged over the past 10 years.

The NYC311 portal states the following:

Tolls vary by vehicle and the time of day. The peak period toll rate will apply from 5 AM to 9 PM on weekdays and 9 AM to 9 PM on weekends. All other times, drivers will be charged off peak toll rate.

Vehicles without an E-ZPass will pay 50% more than the usual rate.

Type of Vehicle        Peak                   Off Peak          
Passenger and small commercial vehicles 
(Sedans, SUVs, pick-up trucks, and small vans)		$9$2.25
Motorcycles$4.50$1.05
Trucks and buses$14.40 – $21.60$3.60 – $5.40

Trucks and buses will pay toll depending on their size and function during both peak and off-peak hours.

Taxis and For-Hire Vehicles

Taxis and for-hire vehicles whose companies or bases are enrolled in the Per-Trip Charge Plan will be charged a per-trip toll, paid by the passenger.

  • Green and yellow taxis and black cars: $0.75 per trip
  • App-based for-hire vehicles: $1.50 per trip

This toll is separate from the State congestion surcharge for some taxis and for-hire trips entering Manhattan South of 96 Street.

Crossing Credits

Vehicles using a valid E-ZPass will get a credit to reduce Congestion Relief Zone Tolls when entering:

  • Lincoln Tunnel 
  • Holland Tunnel
  • Queens-Midtown Tunnel
  • Hugh L. Carey Tunnel
Type of VehicleCredit up to:
Passenger Vehicle $3
Motorcycles$1.50
Small trucks and charter buses$7.20
Large trucks and tour buses$12

No crossing credits will be offered overnight. Tolls will be reduced by 75% from the peak tolls. 

Party City to Close All of its Stores

wxexpert20Leave a commentCommercial Real Estate, Market Insights, News, Openings & Closings

By Manhattan Real Estate Tracker, December 23, 2024

Party City to Close All Stores

Manhattan Real Estate Tracker has learned that 40-year-old party store retailer Party City will be closing all of its stores in the next few months. Party City operates two stores in Manhattan and eight stores in the five boroughs. Several stores in New Jersey will be closing by the end of February.

Barry Litwin, the company CEO said that the company was hurt by stubbornly high inflation that sent costs soaring and deterred consumers from spending. “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. Unfortunately, it’s necessary to commence a wind-down process immediately.”

(Google)

The Container Store Files for Chapter 11 Bankruptcy

wxexpert20Leave a commentCommercial Real Estate, Market Insights, News, Openings & Closings

By Manhattan Real Estate Tracker, December 23, 2024

The Container Store Files for Chapter 11 Bankruptcy

Manhattan Real Estate Tracker has learned that the Container Store has filed for Chapter 11 bankruptcy protection. The store at one time had more than 1400 locations and now is down to about 100 locations. There is one store in Manhattan at 629 Sixth Avenue near the Flatiron Building.

The 1970s-founded store of organizing and storage solutions, The Container Store, has declared bankruptcy as a result of growing losses and cash flow issues. At the same time as demand for its products is being strained in a challenging housing market, where skyrocketing prices and high mortgage rates have slowed sales, the Texas company has seen an increase in competition from retailers such as Target and Walmart. The stores will continue to operate as it restructures.

Photo of the Container Store at 629 Sixth Avenue (Google)

FARE Act Passed by New York City Council

wxexpert20Leave a commentCommercial Real Estate, Market Insights, News, Residential Real Estate

By Manhattan Real Estate Tracker, December 18, 2024

FARE Act Passed by New York City Council

The FARE Act, also known as Introduction 360-A, became law on December 14, 2024. Mayor Adams did not sign the law. The new rule forbids landlords from charging potential tenants the fees of brokers they engage, and it will go into force 180 days after it is passed.

The full press release by the City Council can be found here.

New York Governor Kathy Hochul to Reinstate MTA Congestion Pricing Program

wxexpert20Leave a commentNews

New York Governor Kathy Hochul to Reinstate MTA Congestion Pricing Program

By Manhattan Real Estate Tracker, November 14, 2024

Governor Kathy Hochul intends to reinstate the MTA’s congestion pricing program with a $9 base toll for passenger automobiles, which is $6 less than the price originally authorized by the MTA. Governor Hochul paused the implementation of the program during the recent election, but it was expected to be brought back after the election. 

The program, which will charge drivers a fee for entering Manhattan south of 60th Street, was initially approved in 2019. Prior to June 30, the MTA had intended to impose a $15 base toll. The program’s proceeds must be used to pay for $15 billion in necessary transportation system maintenance for the MTA. Transit advocates argue that if the tolls are implemented before President-elect Donald Trump enters office, it will be more difficult for him to repeal them.

Over the past 20 years more and more streets in Midtown and Downtown Manhattan have been turned into pedestrian malls, bike lanes and parking lanes that are now almost in the middle of the roadway. These projects began with Mayor Bloomberg approximately 20 years ago. The sidewalk restaurant sheds also take away space on the streets. As a result, the congestion has been increased by these “green” projects.

According to the New York City Department of Health and Mental Hygiene (Health Department), the air quality in the city has improved dramatically during the 2008-2022 period. This survey concluded the following:

Citywide, annual average levels of four key pollutants have gone down between the first year of monitoring, 2009, and the most recent year of data, 2022.

Fine particles (PM2.5): -46%

Nitrogen Dioxide (NO2): -41%

Nitric Oxide (NO): -58%

Sulfur Dioxide (SO2): -97%

The data shows that air quality has improved significantly after local regulations required building owners to convert to cleaner heating oils by 2015. These heating oils were a major source of SO2 in New York City. In 2022, only eight of our 90 sites detected any SO2, and the levels at those sites were similar to SO2 levels measured on Whiteface Mountain in the Adirondack Mountains, demonstrating the success of the clean heating oil requirements.

The Fairness in Apartment Rentals (FARE) Act Passes in New York City’s Council 42-8

wxexpert20Leave a commentNews

The Fairness in Apartment Rentals (FARE) Act Passes in New York City’s Council 42-8

By Manhattan Real Estate Tracker, November 14, 2024

A bill was enacted yesterday in New York that eliminates broker fees for residential apartment renters. The New York City Council enacted the Fairness in Apartment Rentals (FARE) Act, which was introduced by Brooklyn City Councillor Chi Ossé. It takes effect 180 days from now. Typically, on a “no fee” apartment, the tenant pays the broker commission that normally ranges from one month’s rent to 15% of the first year’s annual rent. This bill would now require whoever hires the broker to pay the broker. Now as a result of this act, if the landlord/owner wants his broker to market an apartment as “no fee”, the landlord/owner will pay the broker an agreed upon commission. If a tenant retains a broker to find an apartment, then the tenant would pay the broker he retained an agreed upon commission.

According to REBY, “For five years, REBNY has been fighting against harmful legislation that threatens brokers’ livelihoods. The newest version of the FARE Act, like its predecessor, is bad legislation that would harm tenants and kill jobs. The revised FARE Act (Intro. 360-A) will hurt New Yorkers by and could limit their ability to learn about rental opportunities. The FARE Act could also lead to increased rents.  The FARE Act will certainly limiting housing access, raising rents, and jeopardizing the livelihoods of hardworking real estate agents.” 

Mayor Adams, a former real estate agent did not support the bill since he agreed with REBNY that the landlords/owners will simply add the broker commission they had to pay to the rent each month so that the tenant will be paying more for the apartment in the long run.

Brooklyn City Councillor Chi Ossé at City Hall on November 13, 2024

Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City

wxexpert20Leave a commentCommercial Real Estate, News, Residential Real Estate

Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City

By Manhattan Real Estate Tracker, November 13, 2024

Residential tenants are legally entitled to hot water and heat from building owners. A consistent minimum temperature of 120 degrees Fahrenheit must be maintained for hot water throughout the year. During the “Heat Season,” which runs from October 1 to May 31st, heat must be supplied under the following circumstances:
Day
If the outdoor temperature drops below 55 degrees between the hours of 6:00 am and 10:00 pm, the interior temperature must be at least 68 degrees Fahrenheit.
At night
The inside temperature must be at least 62 degrees Fahrenheit between 10:00 p.m. and 6:00 a.m.

From NYCHPD