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Chelsea Condo Board Loses Fight Over Its Right of First Refusal (NY)

/ Owner - June 20, 2022

The right of first refusal is a trusty weapon for condo boards seeking to preserve the value of apartments in their buildings. Under the bylaws of most condominiums, the board has first shot to buy an apartment, which is traditionally done when a seller puts a unit on the market at an artificially low price. After buying the unit at the low-ball number, boards usually sell it at market value and put the profit in the building’s coffers.   Read the entire article……………………………….

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