Insider price for non-eviction condo conversion

I've lived in an illegal loft building in Williamsburg for the past 18 years. We (the tenants) have recently applied for protection under the Loft Law (approval still pending). The landlord is now offering us to buy our respective units below market under a non-eviction condo conversion plan if we agree to drop our Loft Law application. Is it something worth considering or should we first make sure to be protected by the loft law and then consider buying? And how far below market price can we go to make our offer? The landlord has asked us to make an offer below the low end of market price, which they valued at $800.