Legal Question in Real Estate Law in New York

minimum price on a co-op

I have been trying to sell my co-op for over a year, the board has set a minimum we can sell for.which is way to high and now there is a glut of apartment due to price..they will turn you down if you come under the price..

They claim they get the price from the last 3 sales average..

Can they do this legally??I could not find it written in any by laws or leases etc....


Asked on 12/22/08, 11:03 pm

1 Answer from Attorneys
Alexander Tsiring The Tsiring Law Firm, P.C.

Re: minimum price on a co-op

This is a very common thing in Coops.

You should look very carefully into their reasoning - they cannot discriminate in any way.

If you feel that their denials are unreasonable, you might want to contact a lawyer to investigate for possible wrong doing.

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Answered on 12/23/08, 11:58 am


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