Sponsor co-op of the week

A Park Slope two-bedroom railroad apartment for $789,000, no board approval required

The co-op is less than a block from Brooklyn's Prospect Park. Garfield Realty Corp

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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."

There are just eight units at 483 12th St., so if you’re interested in apartment #3R, being offered at $789,000, get ready to become an active community member—a self-managed co-op of this size needs everyone involved if the building’s going to run smoothly.

The townhouse has four stories and was built in 1920. Granted, the kitchen and bathroom are in need of upgrades and the layout is skinny, but if you don’t mind these issues, there’s lots to like about this townhouse unit. For starters, it is being offered at a figure well below the current median asking price of $1,149,500 for similar units in this Brooklyn neighborhood. Being close to some outside space is always good and this building is less than a block from Prospect Park. Maintenance fees come in at $725 per month. 

Let's address the kitchen: it's definitely in need of some TLC and possibly a gut-renovation. It looks like the dishwasher has been removed and the listing doesn't mention any appliances—not a great sign. There is a window in the kitchen, which is helpful for natural light, and it overlooks the back of the property. 

Like the kitchen, the bath looks like it could do with an overhaul. 

There are two possible entrances into the unit from the main hallway. One leads into the corridor leading to the sitting room, which is next to the kitchen. The unit has lots of character detail with detailed moldings on the walls and ceilings. There's a built-in cabinet in the living room. 

The master bedroom faces the street and has the same detailed picture frame moldings as well as a tin ceiling. 

The railroad layout means you have to walk through each room if you go from the kitchen at the back to the bedroom at the front, that includes a dressing room with a built-in closet and the second bedroom, which has a window and some shelving but no hanging space for clothes. 

The building is pet-friendly and offers shared laundry facilities. All the units appear to be of a similar size and the last one to change hands was in May 2018 for $789,000. 

Park Slope is well known as a family-friendly neighborhood with lots of cultural, education, and outdoor activities. Summer block parties are a big deal here. Transit options include the F and G trains. There are also lots of car share options and the bike paths have recently seen improvements, making cycling a safer transit choice.