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."
On the market for only a few weeks, this prewar one-bedroom sponsor co-op, 42 East 73rd St., #3B, is in an elevator brownstone building in the Upper East Side’s Lenox Hill neighborhood, just a block and a half from Central Park. It is listed for $775,000, just slightly below the median for the area, per StreetEasy.
The apartment has hardwood floors throughout, 10-foot, 8-inch ceilings, built-in cabinets and bookshelves, and a south-facing living/dining area with large windows. It also features a wood-burning fireplace, which will come in handy during the fall and winter.
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The kitchen is small and located just to the right of the entry. It is adjacent to the bathroom, next to which is a small closet that could be used for linens or as a small pantry.
There’s also a walk-in closet with walls that end a few feet below the ceiling, so there’s room for storage above.
The bedroom is narrow, but the photo shows two bedside tables and lamps. It’s on a corner so there are two exposures. The room looks long enough (14 feet) to be able to fit in an additional piece of furniture, like an armoire or at least a clothing rack since there isn’t a closet in this room.
The building is small, just nine units—most floors have just two apartments—and it is self-managed. Building amenities include basement storage and a laundry room. Pied-à-terre buyers and pets are welcome.
Being located between Park and Madison avenues, you are close not only to the park but also several world-class museums, including the Met Brauer on Madison and 75th Street. Designer boutiques and cozy restaurants line Madison; more shops and services are along Lexington Avenue, a block and a half east. The nearest subway is the 6 train at Lexington and 77th Street.
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