Sponsor co-op of the week

A remodeled one bedroom for $759,000 in Downtown Brooklyn, no board approval required

The renovated kitchen has new appliances, a herringbone backsplash, and custom lighting. 

Argent Advisors

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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."

If you're considering Downtown Brooklyn as a place to live, you're probably aware that construction is booming in the area. New residential towers, many of them rental buildings with retail on the first floor, have brought new food halls, movie theaters, and grocery stores into the area, making it a more desirable place to live. 

This one-bedroom, one-bath unit at 85 Livingston St., #7E, has just been renovated and boasts wide-plank gray-washed oak floors, new AC and heating units, as well as a renovated kitchen and bathroom. The co-op is asking $759,000 which is below the median asking price of $950,000 for similar units in Downtown Brooklyn but higher than the last recorded sale in the building, which was $562,500 for a one bedroom without major upgrades.

One thing to be aware of is a capital assessment of $288.86 per month in place for the next nine months for work being done on the elevator. The building also owns some commercial space and a garage, which is rented for income. Up until May, there's an operating assessment of $120.09 in place to offset a lost commercial tenant in the building. That aside, the apartment has plenty going for it. 

The kitchen has lots of cabinet space and the floor-level LED lighting gives it an modern feel. There's a double dishwasher, Bosch oven, microwave, and refrigerator plus a Summit wine fridge. There's also plenty of countertop space and a breakfast bar finished with Caesarstone quartz.  

The living/dining area is open to the kitchen. It looks like overhead lighting is lacking in the living room, so any buyer would have to rely on table and floor lamps rather than built-in pendant or recessed lighting. On the plus side, the living room and bedroom both face south, which is a good orientation for natural light. 

The bedroom has some closet space and would accommodate a king bed.

The bathroom isn't an en suite. On the plus side, it means visitors don't have to go through the bedroom to use it. There's no tub but the shower unit is nicely finished with a hexagonal marble tile. The other walls are finished in porcelain.

There are two additional closets in the unit, one by the entrance and the other between the bedroom and bathroom. 

With trains nearly it's an easy commute to the city's main business hubs and nearby subway stops cater to people with wheelchairs and strollers.

An expansion of nearby Willoughby Plaza may add to the growing pedestrian space in the heart of Downtown Brooklyn. Anyone considering the property should be aware of the reconstruction of the BQE nearby. It could create local traffic congestion along with additional noise and construction work.