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…)