Sponsor co-op of the week

A renovated Chelsea one bedroom for $895,000, no board approval required

Apartment #62, shown virtually staged above, was originally listed back in June 2018 for $979,000.

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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."

This one-bedroom, one-bath sponsor co-op, 130 West 16th St., #62, in Chelsea, is on the market for $895,000, which is quite low compared to the neighborhood's median for one bedrooms, currently $1,249,500, according to RealtyHop. 

Apartment #62 was originally listed back in June 2018 for $979,000 and was re-listed in October 2018 with a price drop to $969,000—and has been on and off the market since, with several fluctuations in price.

The apartment is located in a 1927 building with 42 units and six stories. Amenities include a bike room, live-in super, elevator, and roof deck. Pets are welcome with board approval. Monthly maintenance is set at $971.

130 West 16 Street, New York, NY, 10011

The custom kitchen features white gloss cabinetry, Calacatta marble countertops, and stainless steel appliances including a wine cooler.

130 West 16 Street, New York, NY, 10011

The bedroom, shown virtually staged above, has a window and two closets.

130 West 16 Street, New York, NY, 10011

The bath has travertine-tiled floors and walls. 

You can catch the E, F, M, and L trains at the 14th Street Station, about a two-minute walk from the building. If you want a little culture, The Rubin Museum of Art is around the corner. Nearby restaurants include Cafeteria and Freds Downtown.