Sponsor co-op pick of the week

An UES studio next to Central Park for $395,000, no board approval required

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By Emily Myers  |
July 26, 2019 - 9:00AM
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You won't get sweeping views, but it's a short walk to Central Park.

Cohen Smith Chang

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."

This co-op, 16 East 98th St., #6D, in Carnegie Hill, is on the market for $395,000, which is well below the median of $585,000 for similar-sized units in this part of NYC. You're not going to get sweeping views from this studio but it is less than a block from Central Park, it has been newly renovated, and features a practical layout with a separate kitchen. The price of the apartment came down by $25,000 about a month ago and the last studio to sell in the building changed hands for $380,000 in 2016. 

The galley kitchen has a window at one end and has a stainless steel stove, a half dishwasher, and a full-size refrigerator. There's a slim bar area and a modern tiled backsplash and plenty of cabinetry and shelving.

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The apartment has hardwood oak floors. The bedroom has two closets that create an alcove for the bed. 

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A unit opens into a small foyer with a storage closet opposite the bathroom.

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The bathroom is finished with marble tile and has a tub with a showerhead. 

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The prewar building is pet-friendly and amenities include a bike room, shared laundry facilities and a live-in super. There's storage available as well as an elevator and a shared garden. Monthly maintenance is $808. It's a fairly small co-op with 53 units and 10 floors. For transportation, the building is about a 10-minute walk to the 6 and 4 subway lines.

 

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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.

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