A building in the Windsor Oaks complex in Bayside, Queens.
The problem with co-op boards trying to maintain price floors is not a new one. But it is a nasty one.
The New York Daily News underscored the point in chronicling the plights a while back of one Tom McClusky, who inherited a three-bedroom co-op in Bayside, Queens, as well as other apartment owners.
McClusky had listed the unit at $223,000 to meet the building’s minimum. When he tried to lower the price, his broker told him the board wouldn’t approve, and they didn’t, for a month.
A year and 20 prospective buyers later, according to the News article, the apartment (more…)
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Some co-ops won’t let residents move out
September 6, 2012A building in the Windsor Oaks complex in Bayside, Queens.
The problem with co-op boards trying to maintain price floors is not a new one. But it is a nasty one.
The New York Daily News underscored the point in chronicling the plights a while back of one Tom McClusky, who inherited a three-bedroom co-op in Bayside, Queens, as well as other apartment owners.
McClusky had listed the unit at $223,000 to meet the building’s minimum. When he tried to lower the price, his broker told him the board wouldn’t approve, and they didn’t, for a month.
A year and 20 prospective buyers later, according to the News article, the apartment (more…)
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Tags:Baside, Council of New York Cooperatives and Condominiums, Daily News, House prices, Mary Ann Rothman, New York City, Queens, Real Estate, Ronald Kaye, Tom McClusky
Posted in Co-ops and Condos, Commentary, Housing Markets, New York City, Queens, Real Estate | Leave a Comment »