Sponsor co-op of the week

A Chelsea one bedroom for $695,000, no board approval required

This Chelsea one bedroom is small, but well priced. 

StreetEasy

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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."

Although this one-bedroom sponsor co-op, 256 West 21st St., #2C, in Chelsea appears pretty small and narrow, its $695,000 price—well under the $1,162,500 median for a one bedroom in the neighborhood—makes being a little cramped seem worth it. After all, what's so bad about having the foot of your bed nearly touch the opposite wall when there are charming details like exposed brick walls and a decorative fireplace? And the fact that is newly renovated certainly helps.

The living space is tiny, yet lovely, with high ceilings, light-colored wide-plank wood floors, that fireplace, and a cozy seating area with a couch, a chair, and a coffee table. There are only two windows, but they’re pretty big, and the south-facing room feels bright. Tasteful recessed lighting overhead and a modern-looking lamp next to the recliner help to illuminate things.

Just off the living area is the tiny kitchen, which has a good number of cabinets for a space this size. But they stop well below the ceiling. It might have been nice to maximize the storage space in here by building them all the way up. Full-sized stainless steel appliances (including a dishwasher) that appear new, and a clean-looking herringbone-patterned backsplash add some pizzazz to the room. Counter space is lacking, though, so would-be chefs might have to do their prep work at the dining table just outside the kitchen.

The bedroom is also teeny, but it’s nice, and is currently rather minimally staged with a bed that takes up most of the room, and a pair of bedside tables. Although appealing in the living space, the exposed brick wall feels a little rough for this bedroom. Covering it up with a lighter shade of paint or drywall would help to soften it up significantly.

The partitioned bathroom feels very hotel-like, with separate areas for the toilet, tub, and sink. It’s pretty to look at, however, with gray-tiled walls, gray flooring, and a vanity that’ll surely fit lots of toiletries.

The one bedroom is in a five-story co-op building with a laundry room, bike storage, and a rooftop deck. The pet-friendly building allows co-purchases, gifting, guarantors, parents buying for their children, subletting, and pieds-à-terre.

It’s close to a host of subway lines, including the C and E at 23rd Street, and it is near Trader Joe’s and Whole Foods, and is within walking distance to the High Line, the Meatpacking District, and Union Square.