Sponsor co-op of the week

A spacious Forest Hills three bedroom in need of upgrades, no board approval required

By Emily Myers | February 1, 2019 - 9:00AM 

The kitchen looks like the set from the 1979 hit "Kramer vs Kramer." You might want to reach out to a location scout before you renovate.

Terrace Sotherby's International Real Estate

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."

Forest Hills Gardens may not necessarily be as hip at other parts of the city, but there's still plenty going on, and this apartment, 10 Holder Place Apt. #4G, might be the sponsor co-op to pull you into the neighborhood. The listing calls it a classic six, shorthand for a prewar apartment with six generously sized rooms. The unit is 2,100 square feet and it's offered at $1,149,000, which is just above the median asking price of $1,014,500, for a similar unit in the area.

The co-op is definitely in need of upgrades but the rooms are spacious and have high, beamed ceilings. Another apartment is being sold in the building (not by the sponsor) and has been gut renovated, giving an idea of what's possible here. Interestingly, the other resale, which is 600 square-feet smaller than the sponsor unit, is priced very similarly and recently took $70,000 off the asking price. The sponsor unit at 4G has been on the market nine months, suggesting there may be room for a price cut. Remember, everything's negotiable in the current climate. 

Many prewar units have a dining room and this is no exception. It has a large window at one end and connects through double doors to the living room. Narrow plank hardwood flooring is laid in most parts of the living space.  

The entrance opens into a foyer with an arched doorway. There's some wall-to-wall carpeting, which you don't usually see these days in NYC apartments. 

This picture of the living room gives a sense of the high ceilings and the space. Even with a grand piano and a couch, there's still plenty of room for more furniture. 

As for the bathrooms—they haven't had a facelift in decades and it shows.

Two of the three bedrooms are pictured above and have an indulgent amount of space by city standards. There's one other bedroom which is considerably smaller, closer to 100 square feet. Two of the bedrooms have adjoining baths. The unit has plenty of closet space. 

The building dates back to 1930 and contains 44 units over six stories. Maintenance isn't small, at $3,218 a month, and the building doesn't appear to be stacked with amenities, although it has a doorman on site during the day, and an impressive Tudor exterior with a flag pole. 

The layout looks like it has been retrieved from the original architectural drawings and shows the apartment is a corner unit which is great for natural light. The building's elevator is steps from the front door. 

The nearby Forest Hills 71st Avenue train station has an elevator and is accessible for wheelchairs and strollers. Express services are offered to Manhattan and by 2023, LIRR trains are expected to improve the commute to Grand Central Station but you should check you're OK with train noise, they rumble under the building hundreds of times a day and might cause vibrations. 


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.