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Long A New York Real Estate Mainstay, LLCs Lose Their Anonymity
arrow In the 2010’s, neighborhoods like West Chelsea and “billionaire’s row” south of Central Park were transformed as developers rushed to meet international demand for swanky apartments many of them purchased by buyers paying full-price, using shell companies. Mary Altaffer/AP/Shutterstock
On January 1st, Congress passed a measure to end the secrecy around shell companies that has fueled a boom in high-priced New York condominiums. The new law could discourage the flow of international capital into Manhattan real estate, while giving investigators powerful new tools to detect money laundering and other financial crimes.