Denied Application

It's me again (or almost me). I just got the word: an application for purchase of a studio in my building was declined. The buyers were parents (with partner and I providing a gift for the all-cash purchase, the reverse of the Manhattan coop typical "parents buying for children" scenario). Property manager verbally indicated to the seller broker that the reason was too low price. This is the... [more]

It's me again (or almost me). I just got the word: an application for purchase of a studio in my building was declined. The buyers were parents (with partner and I providing a gift for the all-cash purchase, the reverse of the Manhattan coop typical "parents buying for children" scenario). Property manager verbally indicated to the seller broker that the reason was too low price. This is the seller's Nth denied application for this unit which they have been trying to sell for few years. All offers they are receiving for the unrenovated unit are relatively close to each other (though our is the lowest, given the market has trended down recently). One more interesting detail: in the past the board offered to purchase this unit from the seller for approx. $100k less than our contract price. The building has previously acquired units, renovated, and flipped them for a profit. But it is unclear to me that 1) they understand how much the unit is worth in the current market (definitely less than in 2022 when much cheaper mortgages were available) 2) that it is legal for them to demand seller accepts $100k less for the unit than our contract price. I would understand if they exercised ROFR and offered to purchase at the contract price, although in that situation, I would object to this as a shareholder as this would not be a no-brainer for the shareholders; it would be a gamble that our conservatively-managed building should not engage in. Thoughts and suggested actions? [less]