Sponsor co-op of the week

A one-bedroom corner unit in Flatiron for $1,150,000, no board approval required

The south-facing view from the living room is of The New School, as well as the detailed facade of a prewar co-op, and a glimpse of New Jersey. 

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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 lights don’t truly go out in Flatiron so if you’re looking to take advantage of the central location, the proximity to Union Square and the bustle of Fifth Avenue, this co-op, 7 East 14th St., #21Fon the 21st floor gives you the convenience of a full-service building plus a nicely proportioned south-facing corner unit with a foyer, dining area and lots of closet space.

This one bedroom is on the market for $1,150,000, which is below the current median sales price of $1,399,000 for similar sized units in the area. However, it is priced above the last one-bedroom unit to sell in the building, which changed hands for $790,000 at the end of last year. 

The layout of the unit circles round from the foyer through the living and dining room then to the kitchen, bathroom and finally the bedroom. The hardwood flooring is new, as is the base molding, and custom radiator covers. 

The living room faces south and The New School building is part of the view. To the right of The New School you get a peek of New Jersey and from the dining area, you can see the detailed facade of a prewar co-op across East 14th Street.
 
The listing mentions the possibility of converting the dining area into a second bedroom, although this would require approval from the board and a new C of O, and would also mean the person sleeping in that bedroom would walk through the kitchen to use the bathroom. Even so, it's always good when a unit is convertible, even if it's not something you intend to capitalize on immediately. 
 
 There isn't a huge amount of countertop space in the kitchen but if you live more on take-out than home cooking, this shouldn't be a deal breaker. 
 
Stainless steel Bosch appliances, white high gloss cabinetry, and Caesarstone countertops have been newly installed in the kitchen. The window faces west and looks out onto an adjacent building. The sink could get awkward though—there isn't much room to stack dirty dishes, although there is a dishwasher. 
 
The bedroom has two closets, as well as a large west-facing window, filling one wall. 

Basket-weave marble floor tiles are accented by subway wall tiles in the bathroom. There's storage in both the vanity and the mirrored medicine cabinet. 

The pet-friendly building has a live-in super, and a full-time doorman, a garage accessible from within the building, and an in-house valet service—all that, but the unit has no washer/dryer. This, along with the fairly high monthly maintenance of $2,294, suggests the perfect buyer might be someone looking for a pied-à-terre. Good thing that's within the co-op rules, as are guarantors and sublets. Storage space and a bike room are offered at an additional fee.