A New York City condo board has limited ways to exercise control over sales in the building (unlike a co-op board, which has much broader authority over deals). But condo boards have what is called the right of first refusal. This is an option to buy a condo from a seller at the same price as the sales contract.

Condo boards are typically keen to waive this right—with a waiver—and let the sale go ahead so it is very rare for a board to exercise the right of first refusal, although it is possible. FULL ARTICLE