For renters, the return of broker’s fees

Broker’s fees are increasingly falling back into the hands of renters, according to the Wall Street Journal, with at least three major Manhattan landlords ending their recession policies of picking up the tab out of desperation to fill their empty units. Ogden CAP Properties, which owns Normandie Court on East 95th StreetAnd One Lincoln Plaza On West 64th Street, said it would stop paying the fees, which usually amount to one month’s rent, in those buildings. The rental arm of the Related Companies, which has around 5,000 apartment units in the city, and large apartment owner Pan Am Equities each plan to stop covering broker’s fees at the end of the month in response to better-than-expected vacancy rates and an overall strengthening of the market. [WSJ]

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