Sponsor co-op pick of the week

A giant artist's loft in Williamsburg for $2,100,000

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By Emily Myers  |
February 8, 2019 - 10:00AM

It’s hard not to ogle at all that space.


Welcome to Brick Underground’s sponsor apartment pick of the week, where we feature a co-op for sale by the owner of the building. You do not need board approval to buy these apartments, they are often newly renovated, and they typically require a down payment of only 10 percent, versus the 20 to 25 percent that most co-ops demand. In exchange for the condo-like ease of acquisition, expect to pay a bit more than a regular co-op, but considerably less than a condo. For more information, check out "Everything you ever wanted to know about sponsor apartments but were afraid to ask."

If you're undaunted by L-train uncertainly, this loft, 705 Driggs Ave #23, offers more than 1,800 square feet in a prewar, landmarked building with extra storage and parking available as part of the deal. For all the square footage, you’d expect at least a bedroom or two, but the unit is a studio, albeit 23 feet wide, 70 feet long and with ceilings stretching 12 feet high. (Editor's note: Although this is a sponsor unit, which doesn't normally require board approval, in this case, the sponsor is the board, and they have told us they are requesting board approval.)

The loft has been an artist’s studio and was, until recently, commercially zoned. The unit on the floor above has been remodeled into a one bedroom and it would likely be possible to turn #23 into a two-bedroom apartment by adding walls at the back of the unit. It’s worth noting the median price for a two-bedroom unit in the area is $1,395,000—still well below the $2 million asking price of this unit.


That said, there’s something compelling about the space. The building facade is cast iron and dates back to the late 1800s. The oversized windows fill the wall overlooking the street and allow in plenty of southern light.


The kitchen is newly installed and runs along one wall of the unit. There are no pictures of the bathroom but the layout suggests it is a small windowless room near the front door. 


The co-op may have been three separate buildings at one point, before they were combined to become a department store. This history likely explains why there are brick walls separating each 23-foot wide loft. You’d likely be able to expose some of that brickwork in a remodel.

The building is pet-friendly and has an elevator. Maintenance is $866 per month and both storage and parking are available, starting at a low fee of $25 per month



Headshot of Emily Myers

Emily Myers

Senior Writer/Podcast Producer

Emily Myers is a senior writer, podcast host, and producer at Brick Underground. She writes about issues ranging from market analysis and tenants' rights to the intricacies of buying and selling condos and co-ops. As host of the Brick Underground podcast, she has earned four silver awards from the National Association of Real Estate Editors.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.