Newlife, you are in a situation where most of the home buyers are finding themselves today who bought at the peak of the market and now find it impossible to sell at the bottom of the market. For you, may be you took the equity out and you spent it else where or may be you too bought it at the peak (I'm not sure) but bottom line is that you are facing the similar situation where there is not enough equity that you can drop the price and get rid of the place.
Now having a co-op puts you in even tougher place because most of the co-op boards have set up minimum selling price or reserve price under which they would not approve any sale and it doesn't matter if it is a short sale or a foreclosure. There are a few listings on the market that are facing the same predicament. One of those is a co-op in Langdale gardens and the other one is in Forest Hills.
I don't know if you are getting any offers at all, if your place is being marketed properly and if you have had any contracts but your board is not letting it go through. But if your place is already listed then you should have a good conversation with your current realtor first. Make sure he is proficient in short sales process and at the same time you have to speak with your management board also.
I wish you Good Luck and in case if you have any questions, please feel free to call me @ 917-833-3253. My name is TJ and I'm based in Floral Park as well.