Sponsor co-op pick of the week

A Prospect Lefferts Gardens two bedroom with low monthly maintenance, for $695,000

By Austin Havens-Bowen  |
February 28, 2020 - 10:00AM

Apartment #5K has an open-floor plan and features original hardwood floors throughout.


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, 163 Ocean Ave., #5K, in Prospect Lefferts Gardens, is on the market for $695,000, which is much lower than the neighborhood's median for two bedrooms, currently $899,000 according to RealtyHop. 

The apartment was listed back in November, which is the first time the apartment has been on the market since 2005, when it sold for $45,000, according to StreetEasy.

Apartment #5K is located in a six-story building built in 1930 with 84 other apartments. The monthly maintenance is rather low at $556. Amenities include a laundry room, package room, bike room, storage space, garden courtyard, and there's a live-in super. Pets are welcome.

163 Ocean Avenue, Brooklyn, NY, 11225

The galley kitchen features stainless steel appliances, white shaker cabinets, subway tile backsplash, and opens to the dining area.

163 Ocean Avenue, Brooklyn, NY, 11225

The living room is open to the dining area and has two windows.

163 Ocean Avenue, Brooklyn, NY, 11225

The bedroom pictured in the listing is quite large and has two windows. 

Prospect Park is across the street and you can catch the B and Q trains at the Prospect Park station, which is a three-minute walk away. Nearby eateries include El Patron, King of Tandoor, and Erv's cocktail bar.



Austin Havens-Bowen

Staff Writer

Staff writer Austin Havens-Bowen covers the rental market and answers renters' questions in a column called Realty Bites. 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. He rents a one-bedroom apartment in Astoria with his boyfriend and their two cats.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.