Does anyone know if "right of first refusal" can be exercised by NJ coops?
Have any coops in NJ tried this? I've suggested to our Board, to add this to our bylaws/proprietary lease as a way of maintaing value in our building as I've read a few NY coops have done. There have been a few 1 bedroom units & a two bedroom "dumped" recently which is ruining comp sales and the ability of shareholders to refinance.

Are there any downsides to doing this? We have a line of credit at our disposal so we could act quickly. Given Hurricane Sandy, there is a shortage of rentals as well as housing in our area, If we needed to rent out the newly acquired unit vs trying to flip and sell it, is this a bad idea? Should you always buy and then try to sell immediately? We believe we could make at least $25,000 doing this if we bought and then resold. Past articles say to only do this if you can realize a certain profit.

Is this option not available for NJ coops?