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 two-bedroom, two-bath sponsor co-op, 400 East 56th St., #9D, in Sutton Place, is listed at $1,599,000 with a monthly maintenance fee of $2,477. It’s just over the neighborhood's median asking price for two bedrooms, which is currently $1,425,000, according to StreetEasy.
You’re getting a lot for the price, however. The fully renovated co-op has a private balcony, eight closets (two are walk-in), and a top-of-the-line kitchen. Amenities include a 24-hour doorman, rooftop pool with 360-degree views of Manhattan, fitness center, children's playroom, bike storage, and onsite parking.
Built in 1968, the 40-story postwar building has a total of 627 apartments. Pets are not permitted, however the co-op allows co-purchasing, guarantors, pied-à-terre buyers, and sublets.The combined living and dining room features hardwood floors, large windows, and access to the balcony.
The kitchen has granite countertops, stainless steel Bertazzoni appliances, and a Sub-Zero wine cooler.
The master bedroom features an en-suite bath, walk-in closet, and a second closet.There are two windows and a walk-in closet in the second closet.
The main bathroom is tiled and windowed.The master bath has a glass-enclosed shower and tub.There’s a Morton Williams supermarket one block away and nearby eateries include Mr. Chow, Rosa Mexicano, and Neary’s. The building is only a three-minute walk from the waterfront Sutton Place Park.
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