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Co-op Boards’ Arbitrary Price Floors Can Damage Apartment Values (NY)

/ Owner - September 27, 2024

In a recent issue of his Housing Notes newsletter, Miller cites a recent lawsuit, Stromberg v. East River Housing Corp. In this case, the shareholders Eleanor Stromberg and Douglas Price sued their co-op at 577 Grand St. for arbitrarily and improperly rejecting a proposed sale of their apartment. Stromberg and Price entered into contract with a buyer to sell their apartment for $520,000 based on an appraisal conducted by a third party, which valued the property at $525,000.  Read the article…………………………….

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