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, 20 Pierrepont St., #5A, in Brooklyn Heights, is listed at $1,350,000 with a monthly maintenance of $1,453. The price is less expensive than the neighborhood’s median asking price for similar-sized apartments, which is $1,699,000, according to StreetEasy.
It’s important to note that per the listing, the buyer pays transfer taxes plus the sponsor’s legal fees of $1,500.
The prewar six-story building was built in 1934 and is equipped with cameras on every floor. Amenities include a live-in super, laundry room, elevator, storage lockers, bike storage, and a courtyard shared with the neighboring building. There’s a total of 24 units.
The main space has chevron-patterned hardwood floors and an arched doorway leading to the foyer.
The eat-in kitchen is equipped with stainless steel appliances, granite countertops, and ceramic tile.
The master bedroom has an en suite bath and a mirrored closet.
The second bedroom has a mirrored closet and ceiling fan.
The building is located in the Brooklyn Heights historic district, just one block away from the Brooklyn Heights Promenade. There are nine subway lines nearby, including the 2, 3, and 4. Local destinations include The Brooklyn Cat Cafe, Brooklyn Historical Society, and the New York Transit Museum.
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