A shareholder/board member in my coop simultaneously sold her apartment and bought another (bigger) apartment (sponsor unit). The bigger apartment she purchased was one of few apartments that our coop had originally decided to keep for income purposes. I guess the decision to sell a sponsor unit is within the powers of the board, but I thought that when the board decides to sell a sponsor unit, they are supposed to notify ALL shareholders, so that every shareholder has en equal opportunity to buy that apartment. Am I wrong? There also seems to be a conflict of interest when the sponsor unit is sold to a board member.Join the Conversation Comments (1)
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