Lower East Side Co-op Nixes Apt. Steal

Now the L.I. woman who bought it at auction is suing

Thursday, Dec 1, 2011  |  Updated 10:40 PM EDT
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Lower East Side Co-op Nixes Apt. Steal

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Linda Salamon bought a one-bedroom Seward Park Cooperative apartment in a May auction for $33,000.

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A Long Island woman got a hot deal on a Lower East Side one-bedroom apartment – until a co-op board said not so fast.

Linda Salamon bought the apartment in a May auction for $33,000, less than one-tenth its market value, but the Seward Park Cooperative board voided the sale, saying it should have been offered the place first, the New York Daily News reports.

Now Salamon is suing the co-op on Grand Street and Chase Home Finance, which brought the apartment to auction after the current occupant defaulted on a $349,600 loan, according to the Daily News.

Salmon’s lawyer told the paper that the board cannot exercise its right of first refusal because the sale was involuntary, and added that the board was notified of the auction and could have made a bid.

Not surprisingly, Seward Park’s lawyer said the board has “many legitimate reasons to exercise its right of first refusal,” including that such low prices will hurt current co-op shareholders.

The Seward Park apartment complex has four 20-story buildings, around-the-clock security guards, a fitness center, and a “children’s vegetable garden.”

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