Sponsor co-op pick of the week

A Riverdale two bedroom with closing credits on the table, and no board approval required

By Emily Myers| February 22, 2019 - 9:00AM

Amenities at this Riverdale complex include an outdoor pool, basketball courts and a live-in super. 

Halstead

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 Riverdale two-bedroom, one-bath co-op, 5800 Arlington Ave., #4H, is on the market for $542,000, which is above the current median price of $440,000 for similar units in the area according to StreetEasy. On the plus side, this unit has been completely remodeled. It's in the Skyview, a building completed in 1961 that sits on 23 acres of private property and has amenities like an outdoor pool, gym, basketball courts, a live-in super, bike room, concierge, package room, parking, and laundry facilities in the building. As a price guide, the last two bedroom sold in the building in November 2018 for $568,000 although it was bigger, with two baths and a 115-square-foot balcony. 

If you're looking to act fast, the developer is offering a closing credit of $2,000 to buyers this month. Closing credits can help you pay for closing costs while keeping the official sales price high for the developer. It's a sign of the slowing market that they are on the table at all.

The kitchen is in an alcove off the living room and has stainless steel appliances, a quartz countertop, and Italian cabinetry. There's a balcony off the living room, which faces west, a good orientation for natural light.

The master bedroom has double closets. 

The bathroom has a window and is shared by both bedrooms, though it is closer to the master. 
The layout is practical with the entrance opening into a corridor with plenty of closet space. The building is comprised of studios through four-bedroom units and has 435 units and 20 stories.
 
The area isn't well served by transit but there's a shuttle service organized by the building that takes residents to Metro North. 
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.

topics:

amenities Bronx closing Co-ops Riverdale Sponsor co-op pick of the week