"Floor Price vs. Board Price"
Can a cooperative’s board of directors reject a sale because it believes the purchase price is too low? Can it set a price below which an apartment cannot be sold? An appellate court ruled, in Singh v. Turtle Bay Towers Corp., that a board’s denial of a purchase application because the purchase price was significantly below market value was okay. A case decided by a trial-level court, Graham v. 420 East 72nd Tenants Corp., dealt with another aspect of this issue.