Sponsor co-op pick of the week

A renovated Tribeca penthouse for $13,950,000, no board approval required

By Austin Havens-Bowen | November 1, 2019 - 9:00AM 

The renovated penthouse is in a building constructed in 1859.


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 seeking serious privacy, this four-bedroom, three-and-a-half-bath sponsor unit, 142 Duane St., #PHA, in Tribeca, may fit the bill, that is, if you can afford the (staggeringly high) bill. This apartment is on the market for $13,950,000, with an eye-popping monthly maintenance of $11,103.

It’s located in a condop building, which typically are co-op buildings with commercial spaces on the ground floor. Brokers often describe them as co-ops with condo rules, and they sometimes have multiple boards.

The 7,200 square feet of living space is sprawled across three levels, and there’s over 1,600 square feet of landscaped terraces—including a private roofdeck.

The building has a landlease, which means the building leases instead of owns the land it sits on. Buyers are sometimes put off by these types of buildings because the maintenance costs, which reflect the ground lease payments, are usually very high. And monthlies can go up even higher when the lease expires, however the current landlease at this building runs through 2092.

The combined dining and living rooms feature wenge wood floors, double-height ceilings, and a skylight.

The kitchen has top-of-the-line appliances including Sub-Zero fridge, double Miele ovens, and a Gaggenau range and grill.

The library is lined with bookshelves and has one of the two wood-burning fireplaces.

The master bedroom is surrounded by windows.

The master bathroom features a soaking tub, steam shower, double sink, and bidet. 

The other bedrooms have large windows.

The second wood-burning fireplace is located in the loft space.

The roof deck offers panoramic views of Tribeca and a Viking grill, refrigerator, sink, and a storage shed.

Nearby, you’ll find tons of restaurants like French-American bistro The Odeon and Sarabeth’s Tribeca location. You can catch the 1, 2, and 3 trains at the Chambers Street Station, a two-minute walk from the front door.


Austin Havens-Bowen

Staff Writer

Austin Havens-Bowen covers the rental market. He previously reported on local news for the Queens Ledger and The Hunts Point Express in the Bronx. He graduated from Hunter College with a BA in media studies. 


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