Co-op Board's Green Initiative Leaves Potential Seller Seeing Red

Jan. 6, 2015 — A co-op board's green initiative has brought the closing of a co-op apartment to a crashing halt just a few days before they were scheduled to seal the deal. In the latest "Ask Real Estate" column in The New York Times, the co-op apartment's seller tells Ronda Kaysen that their lawyer got a memo from the building's managing agent "saying shares could not transfer to the buyer unless [they] installed a low-flow toilet, added aerators on the faucets and installed Energy Star appliances." The seller says that while the toilet requirement was referenced in board minutes from February 2013, the Energy Star appliances were not, adding that the board did not notify any of them of these requirements in advance. Now the closing is delayed indefinitely, and they are facing thousands of dollars' worth of unexpected expenses. Kaysen explains that although the timing is pretty horrible, it's not illegal for the board to make these requests as long as it followed protocol. Some negotiating might be in order to see if the board is willing to make some concessions.