Sponsor co-op pick of the week

A Midtown studio with bold décor for $329,000, no board approval required

By Emily Myers| December 7, 2018 - 10:00AM

Geometric patterns and dark walls give the studio a modern, chic look—too bad there are no pictures of the kitchen or bath. 

Pergolotti Realty

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 our recent feature on studios that break the million and a half dollar mark got you curious about a minimalist luxury lifestyle, this co-op, 100 West 57th St., #21K, is offered at $329,000, and gives you a compact 575-square-foot living space. For a bit of context, the median sales price for a studio in Midtown is $775,000, and one bedrooms in the area generally change hands for over a million.

Midtown isn’t for everyone. You may be a few blocks from Central Park but you’ll be hard pressed to get away from the buzz of Manhattan. You will, however, be sharing this stretch of West 57th Street with some of the city’s newest ultra-luxurious skyscrapers, which has clearly earned its the nickname, "Billionaire’s Row."

There are not a lot of photos, but the apartment looks to be in good shape with well-preserved parquet floors. The studio opens into a small foyer with closets on the right and a small galley kitchen on the left. There are no pictures of the kitchen, which is never a good sign. It could hint at the need for a gut renovation.

In the layout, only a sink and range are identified but the listing mentions a dishwasher and full-sized refrigerator. The facade of the building are fairly shaded and the studio has a small corner window without much of a view.

The bath is reached to the left of the sleeping alcove. Without pictures, it's hard to know what condition it is in. 

Monthly fees are $1,547 and there is a monthly assessment of $214 through the end of February next year. The building has 324 units so you’d be getting involved in a large cooperative. The amenities include a full-time doorman, live-in super, valet, private storage, bike room, central laundry, and an on-site garage, at which residents receive a 25 percent discount. There are lots of transit options nearby, making it an easy commute to the city's main business hubs. 
 
The building is pet-friendly and allows pied-à-terre, parents buying for children, and co-purchasing. Financing is 70 percent and there's no flip tax.
 
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.

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Co-ops Midtown Sponsor co-op pick of the week