New York’s Rich Condo Buyers Risk Losing Secrecy Cloak of LLCs

Manhattan’s billionaire condo buyers would lose the ability to keep their identities secret in real estate deals if a measure before Governor Kathy Hochul becomes law.

Limited liability companies have been listed in public records as the buyers of countless New York luxury apartments — almost all of the deals legitimate. But it’s also well-documented that the secrecy of LLCs makes them useful in concealing financial crimes. By the end of next week, Hochul must sign or veto a bill that would create a public database of shell companies, unmasking their rich, famous and sometimes criminal owners.

Advocates argue the measure would root out so-called bad actors who hide behind LLCs to launder money — such as financier Jho Low, whose penthouse at Manhattan’s Time Warner Center was seized in a US government corruption probe. But opponents say it’s a violation of owners’ privacy, and an unnecessary move that would duplicate a similar federal law taking effect on Jan. 1.