Sponsor co-op of the week

A two bedroom in Jackson Heights for $596,500, no board approval required

The apartment's living room is shown virtually staged. The sponsor will pay transfer taxes plus a $3,000 credit to install a stove and dishwasher of the buyer’s choice.

Nest Seekers International

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2020
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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 two-bedroom, one-bath sponsor co-op, 35-06 88th St., #2A, in Jackson Heights, Queens is priced at $596,500, which is just above the neighborhood’s median for two bedrooms, currently $572,500, according to RealtyHop. 

Apartment #2A was listed two years ago for $659,000 and then was relisted back in July with a price cut, but was taken off the market and relisted again in August. Since then, it’s been on the market for 200 days and counting, according to StreetEasy.

Located in The Madison, a six-story building with 42 units built in 1938, amenities include a live-in super, laundry room, and private courtyard. Monthly maintenance is set at $1,045. 

The sponsor will pay the transfer taxes plus a $3,000 credit to install a stove and dishwasher of the buyer’s choice. The building requires 20 percent down.

35-06 88 Street, Jackson Heights, NY, 11372

35-06 88 Street, Jackson Heights, NY, 11372

The renovated galley kitchen seems large from the listing's photos and features a gray tiled backsplash, stainless steel fridge, large sink.

35-06 88 Street, Jackson Heights, NY, 11372

The master bedroom has three windows and two closets.

35-06 88 Street, Jackson Heights, NY, 11372

The second bedroom has one window and two closets. 

The windowed bath has a large standing shower and a separate tub.
 
The 7 train is a seven-minute walk, with a 30-minute commute to Midtown. Just down the block is 37th Avenue, where you can find many bars, restaurants, and shops, including Urubamba, Cafe La Nueva, and Downtown Natural Market.