Co-ops, at least in the New York City Metro area (of which Queens is a part of) have the right of 1st refusal when it comes to selling shares. You should ask your co-op if they are interested in purchasing your co-op for $145,000. If not are they willing to at least match the $115,000.00 offer you rec'd? If they say yes, sell it to them. If not, review the "new rule" and speak to your attorney. Certain major rule changes can't be made by your board of directors and actually requires a majority (often 66%) of the shareholders to implement.