Some co-ops won’t let residents move out

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 Continue reading

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