Coop Board rejecting sales price because it's WAY too low

Full transparency, I’m on a coop board, but I’m new to this, so I appreciate everyone’s help!

We have an apartment in our coop that is currently on sale for far below market value. As in, nearly 35% below market value, in effort to secure a cash sale. Cash sales aren’t prohibited, but there also hasn’t been an all-cash sale in the last 10 years. The listing agent is also lying, saying that our building can’t get finanancing for a mortgage, which is 100% false. The board has called multiple banks to verify that we are still on an approved list.

The original shareholder has passed away, and the apartment has gone to the estate, so we have no idea who actually owns the shares, if they’re aware of the apartment’s true value, or what their motivation is for trying to sell so low. The apartment has been sitting on the market for several months, so if they wanted to make a quick sale and get cash in hand, that has obviously failed. The whole thing smells fishy and has driven buyers away.

As a coop board, we have the right to reject applicants for any reason, save discrimin ation. Thankfully we haven’t had to reject anyone for this apartment yet, but if they do get a buyer at their list price, we will be in a tough position.

What is the best, most legally covered way of explaining that the sale price is too low, and will lower everyone’s market value? Does anyone have any suggestions on how to proceed? I’m all for fair market and obviously I don’t want to penalize anyone, but the board does have a fiduciary responsibility as well.

Guest User | 7 years and 6 months ago

8

Please log in, in order to post replies!

8 replies

Newest Oldest

cate | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5110 (8) {
  ["data"]=>
  object(stdClass)#4862 (12) {
    ["ID"]=>
    string(6) "176696"
    ["user_login"]=>
    string(4) "cate"
    ["user_pass"]=>
    string(63) "$wp$2y$10$4JNbGAK5cKoEp6kzsYVSBO7oMZphxvnQPCDInpVARCm3B1Dj6U75i"
    ["user_nicename"]=>
    string(4) "cate"
    ["user_email"]=>
    string(20) "cate@brownstoner.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:24:59"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "Cate Corcoran"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176696)
  ["caps"]=>
  array(2) {
    ["administrator"]=>
    bool(true)
    ["editor"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(13) "administrator"
    [1]=>
    string(6) "editor"
  }
  ["allcaps"]=>
  array(191) {
    ["switch_themes"]=>
    bool(true)
    ["edit_themes"]=>
    bool(true)
    ["activate_plugins"]=>
    bool(true)
    ["edit_plugins"]=>
    bool(true)
    ["edit_users"]=>
    bool(true)
    ["edit_files"]=>
    bool(true)
    ["manage_options"]=>
    bool(true)
    ["moderate_comments"]=>
    bool(true)
    ["manage_categories"]=>
    bool(true)
    ["manage_links"]=>
    bool(true)
    ["upload_files"]=>
    bool(true)
    ["import"]=>
    bool(true)
    ["unfiltered_html"]=>
    bool(true)
    ["edit_posts"]=>
    bool(true)
    ["edit_others_posts"]=>
    bool(true)
    ["edit_published_posts"]=>
    bool(true)
    ["publish_posts"]=>
    bool(true)
    ["edit_pages"]=>
    bool(true)
    ["read"]=>
    bool(true)
    ["level_10"]=>
    bool(true)
    ["level_9"]=>
    bool(true)
    ["level_8"]=>
    bool(true)
    ["level_7"]=>
    bool(true)
    ["level_6"]=>
    bool(true)
    ["level_5"]=>
    bool(true)
    ["level_4"]=>
    bool(true)
    ["level_3"]=>
    bool(true)
    ["level_2"]=>
    bool(true)
    ["level_1"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["edit_others_pages"]=>
    bool(true)
    ["edit_published_pages"]=>
    bool(true)
    ["publish_pages"]=>
    bool(true)
    ["delete_pages"]=>
    bool(true)
    ["delete_others_pages"]=>
    bool(true)
    ["delete_published_pages"]=>
    bool(true)
    ["delete_posts"]=>
    bool(true)
    ["delete_others_posts"]=>
    bool(true)
    ["delete_published_posts"]=>
    bool(true)
    ["delete_private_posts"]=>
    bool(true)
    ["edit_private_posts"]=>
    bool(true)
    ["read_private_posts"]=>
    bool(true)
    ["delete_private_pages"]=>
    bool(true)
    ["edit_private_pages"]=>
    bool(true)
    ["read_private_pages"]=>
    bool(true)
    ["delete_users"]=>
    bool(true)
    ["create_users"]=>
    bool(true)
    ["unfiltered_upload"]=>
    bool(true)
    ["edit_dashboard"]=>
    bool(true)
    ["update_plugins"]=>
    bool(true)
    ["delete_plugins"]=>
    bool(true)
    ["install_plugins"]=>
    bool(true)
    ["update_themes"]=>
    bool(true)
    ["install_themes"]=>
    bool(true)
    ["update_core"]=>
    bool(true)
    ["list_users"]=>
    bool(true)
    ["remove_users"]=>
    bool(true)
    ["promote_users"]=>
    bool(true)
    ["edit_theme_options"]=>
    bool(true)
    ["delete_themes"]=>
    bool(true)
    ["export"]=>
    bool(true)
    ["NextGEN Gallery overview"]=>
    bool(true)
    ["NextGEN Use TinyMCE"]=>
    bool(true)
    ["NextGEN Upload images"]=>
    bool(true)
    ["NextGEN Manage gallery"]=>
    bool(true)
    ["NextGEN Manage tags"]=>
    bool(true)
    ["NextGEN Manage others gallery"]=>
    bool(true)
    ["NextGEN Edit album"]=>
    bool(true)
    ["NextGEN Change style"]=>
    bool(true)
    ["NextGEN Change options"]=>
    bool(true)
    ["email_users_notify"]=>
    bool(true)
    ["email_single_user"]=>
    bool(true)
    ["email_multiple_users"]=>
    bool(true)
    ["email_user_groups"]=>
    bool(true)
    ["NextGEN Attach Interface"]=>
    bool(true)
    ["copy_posts"]=>
    bool(true)
    ["ure_edit_roles"]=>
    bool(false)
    ["ure_create_roles"]=>
    bool(false)
    ["ure_delete_roles"]=>
    bool(false)
    ["ure_create_capabilities"]=>
    bool(false)
    ["ure_delete_capabilities"]=>
    bool(false)
    ["ure_manage_options"]=>
    bool(false)
    ["ure_reset_roles"]=>
    bool(false)
    ["edit_ads_txt"]=>
    bool(true)
    ["manage_feed_settings"]=>
    bool(true)
    ["edit_feed_source"]=>
    bool(true)
    ["read_feed_source"]=>
    bool(true)
    ["delete_feed_source"]=>
    bool(true)
    ["edit_feed_sources"]=>
    bool(true)
    ["edit_others_feed_sources"]=>
    bool(true)
    ["publish_feed_sources"]=>
    bool(true)
    ["read_private_feed_sources"]=>
    bool(true)
    ["delete_feed_sources"]=>
    bool(true)
    ["delete_private_feed_sources"]=>
    bool(true)
    ["delete_published_feed_sources"]=>
    bool(true)
    ["delete_others_feed_sources"]=>
    bool(true)
    ["edit_private_feed_sources"]=>
    bool(true)
    ["edit_published_feed_sources"]=>
    bool(true)
    ["manage_feed_source_terms"]=>
    bool(true)
    ["edit_feed_source_terms"]=>
    bool(true)
    ["delete_feed_source_terms"]=>
    bool(true)
    ["assign_feed_source_terms"]=>
    bool(true)
    ["edit_feed_item"]=>
    bool(true)
    ["read_feed_item"]=>
    bool(true)
    ["delete_feed_item"]=>
    bool(true)
    ["edit_feed_items"]=>
    bool(true)
    ["edit_others_feed_items"]=>
    bool(true)
    ["publish_feed_items"]=>
    bool(true)
    ["read_private_feed_items"]=>
    bool(true)
    ["delete_feed_items"]=>
    bool(true)
    ["delete_private_feed_items"]=>
    bool(true)
    ["delete_published_feed_items"]=>
    bool(true)
    ["delete_others_feed_items"]=>
    bool(true)
    ["edit_private_feed_items"]=>
    bool(true)
    ["edit_published_feed_items"]=>
    bool(true)
    ["manage_feed_item_terms"]=>
    bool(true)
    ["edit_feed_item_terms"]=>
    bool(true)
    ["delete_feed_item_terms"]=>
    bool(true)
    ["assign_feed_item_terms"]=>
    bool(true)
    ["edit_feed_blacklist"]=>
    bool(true)
    ["read_feed_blacklist"]=>
    bool(true)
    ["delete_feed_blacklist"]=>
    bool(true)
    ["edit_feed_blacklists"]=>
    bool(true)
    ["edit_others_feed_blacklists"]=>
    bool(true)
    ["publish_feed_blacklists"]=>
    bool(true)
    ["read_private_feed_blacklists"]=>
    bool(true)
    ["delete_feed_blacklists"]=>
    bool(true)
    ["delete_private_feed_blacklists"]=>
    bool(true)
    ["delete_published_feed_blacklists"]=>
    bool(true)
    ["delete_others_feed_blacklists"]=>
    bool(true)
    ["edit_private_feed_blacklists"]=>
    bool(true)
    ["edit_published_feed_blacklists"]=>
    bool(true)
    ["manage_feed_blacklist_terms"]=>
    bool(true)
    ["edit_feed_blacklist_terms"]=>
    bool(true)
    ["delete_feed_blacklist_terms"]=>
    bool(true)
    ["assign_feed_blacklist_terms"]=>
    bool(true)
    ["edit_feed_template"]=>
    bool(true)
    ["read_feed_template"]=>
    bool(true)
    ["delete_feed_template"]=>
    bool(true)
    ["edit_feed_templates"]=>
    bool(true)
    ["edit_others_feed_templates"]=>
    bool(true)
    ["publish_feed_templates"]=>
    bool(true)
    ["read_private_feed_templates"]=>
    bool(true)
    ["delete_feed_templates"]=>
    bool(true)
    ["delete_private_feed_templates"]=>
    bool(true)
    ["delete_published_feed_templates"]=>
    bool(true)
    ["delete_others_feed_templates"]=>
    bool(true)
    ["edit_private_feed_templates"]=>
    bool(true)
    ["edit_published_feed_templates"]=>
    bool(true)
    ["manage_feed_template_terms"]=>
    bool(true)
    ["edit_feed_template_terms"]=>
    bool(true)
    ["delete_feed_template_terms"]=>
    bool(true)
    ["assign_feed_template_terms"]=>
    bool(true)
    ["edit_shortcoder"]=>
    bool(true)
    ["read_shortcoder"]=>
    bool(true)
    ["delete_shortcoder"]=>
    bool(true)
    ["edit_shortcoders"]=>
    bool(true)
    ["edit_others_shortcoders"]=>
    bool(true)
    ["publish_shortcoders"]=>
    bool(true)
    ["delete_shortcoders"]=>
    bool(true)
    ["delete_published_shortcoders"]=>
    bool(true)
    ["delete_others_shortcoders"]=>
    bool(true)
    ["edit_published_shortcoders"]=>
    bool(true)
    ["aioseo_manage_seo"]=>
    bool(true)
    ["aioseo_page_analysis"]=>
    bool(true)
    ["aioseo_page_general_settings"]=>
    bool(true)
    ["aioseo_page_advanced_settings"]=>
    bool(true)
    ["aioseo_page_schema_settings"]=>
    bool(true)
    ["aioseo_page_social_settings"]=>
    bool(true)
    ["rank_math_edit_htaccess"]=>
    bool(true)
    ["rank_math_titles"]=>
    bool(true)
    ["rank_math_general"]=>
    bool(true)
    ["rank_math_sitemap"]=>
    bool(true)
    ["rank_math_404_monitor"]=>
    bool(true)
    ["rank_math_link_builder"]=>
    bool(true)
    ["rank_math_redirections"]=>
    bool(true)
    ["rank_math_role_manager"]=>
    bool(true)
    ["rank_math_search_console"]=>
    bool(true)
    ["rank_math_site_analysis"]=>
    bool(true)
    ["rank_math_onpage_analysis"]=>
    bool(true)
    ["rank_math_onpage_general"]=>
    bool(true)
    ["rank_math_onpage_advanced"]=>
    bool(true)
    ["rank_math_onpage_snippet"]=>
    bool(true)
    ["rank_math_onpage_social"]=>
    bool(true)
    ["rank_math_admin_bar"]=>
    bool(true)
    ["rank_math_analytics"]=>
    bool(true)
    ["rank_math_content_ai"]=>
    bool(true)
    ["srm_manage_redirects"]=>
    bool(true)
    ["SPF Manage Analytics"]=>
    bool(false)
    ["administrator"]=>
    bool(true)
    ["editor"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Why is the agent or the estate insisting on an all-cash sale? What’s it to them? They’re not the ones taking out the mortgage, as sellers they’ll get their money from the buyer. Could they be doing something underhanded — something to do with title — something they think a lender will uncover but a cash buyer will not? Are the true owners?

adam_dahill | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5112 (8) {
  ["data"]=>
  object(stdClass)#5113 (12) {
    ["ID"]=>
    string(6) "176783"
    ["user_login"]=>
    string(11) "adam_dahill"
    ["user_pass"]=>
    string(34) "$P$BVbT/.9EbE6MTZNRIO4K4/iGsGDl3l0"
    ["user_nicename"]=>
    string(11) "adam_dahill"
    ["user_email"]=>
    string(20) "adamdahill@gmail.com"
    ["user_url"]=>
    string(39) "https://www.mortgagemaster.com/adahill/"
    ["user_registered"]=>
    string(19) "2013-06-24 16:57:52"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "adam_dahill"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176783)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Does the Coop have enough funds to purchase the unit from the estate directly? That may be the best course of action. Purchase and then resell at profit if it’s truly 35% below market.

boredatwork | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5109 (8) {
  ["data"]=>
  object(stdClass)#5120 (12) {
    ["ID"]=>
    string(4) "2719"
    ["user_login"]=>
    string(11) "boredatwork"
    ["user_pass"]=>
    string(34) "$P$BiaWeactc21lMA9OeuKVxu36Aie4Iz/"
    ["user_nicename"]=>
    string(17) "bored-at-work-2-2"
    ["user_email"]=>
    string(18) "nyc372@hotmail.com"
    ["user_url"]=>
    string(55) "http://bstoner.wpengine.com/forums/users/bored-at-work/"
    ["user_registered"]=>
    string(19) "2017-08-17 21:39:27"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "bored at work"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(2719)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

There is something missing in this story. If the apartment is truly “35%” below market, it would have at least had multiple offers by now. How do you know what the market is?
When was the most recent sale for a similar unit? Are there other issues related to the co-op like assessments about to come down the pike, pending lawsuits, etc. that are scaring away buyers? Perhaps dealing with the estate is a nightmare.

A good or even fair co-op attorney can let you know your rights as a board and shareholders.

EJR | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5110 (8) {
  ["data"]=>
  object(stdClass)#5114 (12) {
    ["ID"]=>
    string(5) "79362"
    ["user_login"]=>
    string(3) "EJR"
    ["user_pass"]=>
    string(34) "$P$B.h6vu7ImM77fV6j0TvRwlieo3mAr4/"
    ["user_nicename"]=>
    string(3) "ejr"
    ["user_email"]=>
    string(19) "ejrothman@gmail.com"
    ["user_url"]=>
    string(46) "http://bstoner.wpengine.com/forums/users/ejr2/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:30:58"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(3) "EJR"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(79362)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

> @dorkofwindsor
> … can you block without the condo corp buying directly or is the only remedy a purchase?

Assuming OP is correct that it is a co-op and not a condo, the board can reject for pretty much any reason without needing to purchase the unit. It is condos (not co-ops) which cannot reject a buyer other than by exercising their right of first refusal to purchase the unit instead.

dorkofwindsor | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5112 (8) {
  ["data"]=>
  object(stdClass)#5121 (12) {
    ["ID"]=>
    string(6) "176774"
    ["user_login"]=>
    string(13) "dorkofwindsor"
    ["user_pass"]=>
    string(34) "$P$Bov.472kQmY8OGlKN.dDXa5nt5gnOG0"
    ["user_nicename"]=>
    string(13) "dorkofwindsor"
    ["user_email"]=>
    string(23) "dorkofwindsor@yahoo.com"
    ["user_url"]=>
    string(28) "/forums/users/dorkofwindsor/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:48"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(13) "dorkofwindsor"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176774)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

or just call the broker and ask – letting them know about the unacceptable price means they may be interested in exchanging information if there is no commission coming their way. You as a board are in control, so why not expend minimal effort and let them know the lay of the land…. can you block without the condo corp buying directly or is the only remedy a purchase?

resident2 | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5109 (8) {
  ["data"]=>
  object(stdClass)#5122 (12) {
    ["ID"]=>
    string(6) "181002"
    ["user_login"]=>
    string(9) "resident2"
    ["user_pass"]=>
    string(34) "$P$BYKCrEpDU34.3RJghRPk8/Xp1XpCve/"
    ["user_nicename"]=>
    string(9) "resident2"
    ["user_email"]=>
    string(21) "Jamanda1255@Yahoo.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:33"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "resident2"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(181002)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

If it is priced 35% below market, why has it not found a buyer already?
Co-Op boards do have a fiduciary responsibility to protect property values and rejecting low sales prices has been quite common. Many Co-Op boards will not allow apartments to be sold if they are in poor condition, they must be bought up to standard to keep the price of the shares closer to market value.
If the prior owner passed away locally, you can try the Surrogates Court to see who is listed as the executor for the estate, and ask why the low price, suggest listing with a Broker that knows the true value of the building. Who is paying the maintenance?.

angelique.m.west | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5110 (8) {
  ["data"]=>
  object(stdClass)#5123 (12) {
    ["ID"]=>
    string(6) "195789"
    ["user_login"]=>
    string(16) "angelique.m.west"
    ["user_pass"]=>
    string(34) "$P$BKyCNqhmpN//us7xYEZbcaPfVpZcKF0"
    ["user_nicename"]=>
    string(25) "angelique-m-westgmail-com"
    ["user_email"]=>
    string(26) "angelique.m.west@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:37:10"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(15) "Angelique Marie"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(195789)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

When you say it’s being offered far below market value, I wonder if you are taking into account some of the variables that affect such a judgement. For example, do you know the general condition of the apartment? If it’s an estate sale, then perhaps the kitchen and baths are in very poor condition as perhaps an elderly parent lived there and didn’t do much to the place. If so, any buyer would have to spend a lot of money to renovate it and thus would seek a discount to current market value.
I disagree that a sale would lower everyone’s market value as this apartment is clearly a market outlier. The next seller in your building and their broker would likely price their place based on current market values in the entire area and, if they are smart, exclude this one because of the circumstances. I don’t see what the co-op gains by standing in the estate seller’s way. Let them sell and move on.

slopefarm | 7 years and 6 months ago

string(1) "1"
object(WP_User)#5112 (8) {
  ["data"]=>
  object(stdClass)#5124 (12) {
    ["ID"]=>
    string(3) "655"
    ["user_login"]=>
    string(9) "slopefarm"
    ["user_pass"]=>
    string(34) "$P$BK7dzbqXJe9TV6iU0glcNZiXdOt9CR1"
    ["user_nicename"]=>
    string(9) "slopefarm"
    ["user_email"]=>
    string(18) "jrubin@law.nyc.gov"
    ["user_url"]=>
    string(24) "/forums/users/slopefarm/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopefarm"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(655)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

Get some good reliable legal advice from an attorney versed in co-op/condo law. You have some protection here due to the business judgment rule, but you should have a grounding in what the permissible and impermissible grounds for rejecting a sale have been, and what kind of record you should (and shouldn’t) make of the decision.