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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."
The asking price of this co-op, 440 East 79th St., #5C, has come off $35,000 in the past week to $815,000. This is still a little above the median sales price of $798,500, for one-bedroom units in Lenox Hill but well below the median of $1,995,000 for two bedrooms. While the co-op is not a legal two bedroom, because the second bedroom doesn't meet the necessary legal size requirements, it does provide some additional flexible space that might work as an office or den. The last one-bedroom unit to sell in the building went for $675,000 earlier this year.
The co-op is a renovated junior four, which is a one bedroom with some extra space, in this case near the kitchen. The pet-friendly building was completed in 1956 and amenities include an elevator, a full-time doorman, a bike room, a gym, package room, and garage parking. Monthly maintenance is $1,580.
The unit has new wood flooring. The living room has a large window on the far wall and additional light from the well-lit corner office to the right of the living room.
The galley kitchen has a pass-through to the living room, making it a little more practical. Stainless steel appliances include a dishwasher, stove, and refrigerator. The unit does not have a washer-dryer but there are shared laundry facilities in the building.
The master bedroom accommodates a king bed and has two closets.
Although it is too small to be a legal bedroom, the listing photos have the den area set up as a nursery. The room gets lots of light thanks to the corner windows.
The bath as a tub with a showerhead. It is finished with marble tile and has a floating vanity.
The building has 219 units and six stories and residents share a roof deck. In terms of transit, it's a 12-minute walk to the subway with the Q train accessible at 86th Street and 72nd Street, and the 4 and 6 trains at 77th Street.
Limited storage is allowed in the basement. Pieds-à-terre are allowed as well as sublets and co-purchase. Minimum financing is 25 percent.
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