Sponsor co-op pick of the week

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

By Emily Myers | July 26, 2019 - 9:00AM 

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.

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

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

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

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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