Sponsor co-op of the week

A compact one bedroom in Chelsea for $969,000, no board approval required

Share this Article

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."

The renovation of this one bedroom in Chelsea, 130 West 16th St., #62, was completed in the past year and the unit is being offered at $969,000, which is on a par with the current median price of $972,000 for similar sized units in the area. The unit was listed last year for $979,000 but didn't sell. Three other one-bedroom units changed hands in the building last year for prices ranging from $700,000 to $970,000.

The prewar building has 42 units and six stories; amenities include a live-in super, laundry room, bike room, and a shared roof deck. Monthly maintenance fees are $971. 

The kitchen has white gloss cabinetry and a Calacatta waterfall island countertop. There's a 36” refrigerator, a microwave, a wine cooler and a six burner stove.

The closed curtains in the bedroom and the shadow of a fire escape hint at an unexciting view. The orientation of the unit is northeast, which means you won't get any coveted evening light. 
The bathroom has a small window and is finished in travertine ceramic tile. 
 
The layout shows a closet between the kitchen and the living room that isn't evident in the photos, presumably removed in the recent renovation. It reduces the closet space in the living area to one small space next to the bathroom but has opened up the kitchen/living area. 
 
There are plenty of transit options including the nearby including the 1, 2, 3, F and M lines, although they aren't yet accessible for people with strollers or wheelchairs. The area is bike friendly with lots of bike lanes and Citi Bike spots. Manhattan's first cross town protected bike lanes nearby now connect cyclists between Chelsea and Kips Bay.