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.
The galley kitchen features stainless steel appliances, white shaker cabinets, subway tile backsplash, and opens to the dining area.
The living room is open to the dining area and has two windows.
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.
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