Co-ops are finally descending from their perch above the reality of the New York City real estate industry and are reducing restrictions on buyers into their tightly held communities. According to Habitat magazine, more co-ops are reversing previous policies and allowing LLCs and family estates to buy units in buildings in an effort to remain attractive to buyers as the price of real estate soars in the city. [more]

From left: Gary Jacob, executive vice president of Glenwood Management, Gary Barnett of Extell and Douglas Durst of the Durst Organization have legally used LLCs to contribute to Paterson, Cuomo

More real estate developers are finding loopholes in gubernatorial campaign finance laws by donating under LLCs. While individual persons can’t donate more than $50,000 to candidates for governor, LLCs associated with companies like the Durst Organization and Extell Development have given big bucks to the campaigns of Governor David Paterson and Attorney General Andrew Cuomo, respectively, according to the New York Daily News. Durst-affiliated LLCs doled out $90,000 to the current governor while Extell handed over at least $47,000 to his challenger. Curiously, some companies gave money to both the candidates, reports show. LLCs linked to Manhattan-based luxury apartment owner Glenwood Management gave $300,000 to Paterson and $150,000 to Cuomo. In total, Paterson has received a total of $1.8 million in LLC-based donations, while Cuomo has taken in $2 million. New York City actually banned candidates from accepting donations from LLCs in 2008, but the practice is still legal for candidates running for office on the state level. State Senator Daniel Squadron has taken the practice to task, and is reportedly trying to push through legislation.
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An LLC purchased a multi-million dollar townhouse at 67 Charles Street

A few weeks ago, the real estate world was abuzz with rumors that “Sex and the City” star Sarah Jessica Parker was the mysterious buyer of an $8.45 million townhouse at 17 Prospect Park West in Park Slope. After all, the thinking went, the buyers used a corporate name, Harken Pretty LLC, that sounded remarkably similar to Parker’s Pretty Matches Productions. And who, other than a celebrity, would form a limited liability company simply to buy a home? A lot of people, it turns out. The buyer of the mansion turned out to be a Google engineer who wanted to conceal the sale price from less well-compensated colleagues, the New York Times reported. The sale is one of a growing number of anonymous real estate purchases, brokers say, in an environment where ostentatious spending is now considered déclassé.  More

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