Co-op prices, once secret, could be made public under new law

Co-op past sales prices could all be made public for the first time under a bill passed last week by the Albany legislature. The bill awaits signing by Governor Pataki and is strongly supported by Mayor Bloomberg.

If the bill becomes law, the information would be available on an online database, and would also include addresses, and the names of the buyers and sellers.There is also a bill in the city council that I strongly support to force co-op boards to disclose why a prospective buyer has been turned down.

These bills bring Manhattan into the 21st century. It fully reflects the openness, transparency and consumer-orientation that my firm CBHK and I stand for.

While the bill has strong support, there are those in the real estate industry that are opposed to it such as the "old school" brokerage firms like Brown Harris that like the secrecy that shrouds co-op transactions. Hall Wilkie of Brown Harris complained in the New York Times about the bill saying, "Now the whole world...will know [the prices paid]." "The problem with Hall Willkie's position and that of other stalwarts is that Hall Wilkie knows the prices paid, but he just doesn't want anyone else to know.

I consider myself a new breed of broker in Manhattan, embracing new ideas and technology, working with empowered consumers and pro-active clients and customers. I believe that full disclosure is always a better option than the cachet of secrecy.

Information is Power!