Sponsor co-op of the week

A renovated two bedroom in Riverdale for $330,000, no board approval required

The last two bedroom to sell in the building went below asking, for $310,000, at the end of last year. 

Compass

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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."

Riverdale in the Bronx is just south of the Westchester County line. Property values have increased in the area over the years—the median sales price is $305,000, which is an 8.3 percent increase year over year. Sales, however, are down for the second consecutive quarter according to Douglass Elliman's most recent data.  

With its sprawling green spaces like Wave Hill Gardens, and Seton Park, Riverdale can feel somewhat removed from New York City but if you can handle the commute, this two-bedroom apartment, 3840 Greystone Ave., #4L, is being offered at $330,000 which is significantly below the current median sales price of $420,000 for two-bedroom units in the neighborhood.

Granted the nearest subway station, 238th Street for the 1 train, is at least a 10-minute walk away but the co-op has plenty to recommend itself: It is a corner unit so it has the advantage of getting light from two directions, it is newly remodeled with hardwood floors, and it has a live-in super, package room, virtual doorman, and an elevator. Monthly maintenance is $1,183.

The kitchen is open to the living room and has white Shaker-style cabinets and stainless steel appliances including a dishwasher. There's a breakfast bar separating the kitchen and living area, which is on the small side.

The last two-bedroom to sell in the building went for $310,000 at the end of last year, which was below asking. The larger of the two bedrooms has windows facing northwest and southwest. There are closets in both rooms and an additional storage area opposite the bathroom. 

The second bedroom is a little smaller and has a double window overlooking the building. The co-op is pet-friendly and although there is no washer/dryer in the unit, there are laundry facilities in the building.

The bathroom has white subway tile, a tub/shower unit, and a floating vanity.

Completed in 1951, the building has 127 units and 6 stories. 

Garage parking is available but currently wait-listed. One other detail to keep in mind is that the buyer is responsible for the 1.4 percent transfer tax on the purchase.