Sponsor co-op of the week

A LIC two bedroom in a new development for $1,250,000, no board approval required

The Independent is a new co-op development in Hunters Point. 

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2019
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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."

This two-bedroom apartment, 42-14 Crescent Street #8A, is within The Independent, a new co-op development in Hunters Point with a 421-a tax abatement in place until 2033. The building was completed in 2016 and has 48 units, the majority of which are currently rented out. Six units are now for sale and #8A is on the market for $1,250,000, which is a little below the current median of $1,360,000 for similar-sized apartments in the neighborhood according to StreetEasy.

Monthly maintenance is a sizable $2,009 but amenities include a roof deck, courtyard, video doorman, package room, and fitness center. Bike storage and private storage are available at an additional cost. To kick start sales, the sponsor is offering to cover the closing costs for buyers of the first eight units.

The kitchen is open to the living room and has stainless steel appliances including a dishwasher and a Liebherr refrigerator. 

There are hardwood floors and metal-clad windows, which reflect the industrial aesthetic of the apartment.

One bedroom is next to the living room and the other is at the opposite end of the apartment. A closed-off corridor effectively makes the bedroom at the back of the unit an en suite.

Both bathrooms have tubs with showerheads. Neither have windows. There's a washer/dryer in an alcove between the kitchen and bathroom. 

In terms of transit, the nearest subway is Queensboro Plaza for the 7, N, and W lines.