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."
Nine months ago, the seller of 675 Walton Ave., #1L, in Concourse, was hoping to get $350,000 for this one-bedroom co-op in the Bronx. The property came off the market and is now being offered at $275,000, a figure closer to, but still above, the median price of $269,000 for a one bedroom in the area. Armed with this information, you may be able to negotiate something with the seller.
The prewar building is Art Deco in design (think Chrysler and Empire State buildings). You can see that style in the exterior with its flatiron corner at the junction of Walton and East 153 streets. Monthly maintenance is $647 and there’s currently an additional assessment of $77 per month in place until 2023. The pet-friendly building has new elevators, a bicycle room, and a laundry room. There’s also a live-in super, a porter on staff, and a part-time doorman.
Inside the apartment, the sunken living room is a distinctive Art Deco feature and gives the space some extra height.
The parquet wood flooring looks in good condition and there's some decorative recessed shelving. The pictures show plenty of natural light coming into the living room and bedroom.
The bedroom has some closet space but there's no layout provided by the broker so it's hard to tell the size. The listing says the apartment opens into a foyer or dining area which leads into the living room. The bedroom is down the hall and looks like it would accommodate a queen- or even king-size bed.
The kitchen has recently been renovated with gray floor tile, white cabinets, granite countertops, subway tile backsplash, and stainless steel appliances. There's a dishwasher, refrigerator, a Frigidaire range, and a GE microwave.
The bathroom has been finished with the same flooring and tile as the kitchen. There seems to be a step as you enter the bathroom.
In terms of transit, the co-op is a 10-minute walk from the 4, 2, 5, B, and D lines. New elevators are planned to improve access to the 149th Street-Grand Concourse station.
A Hip Hop Museum and movie theater are coming to the South Bronx waterfront by 2022 as well as a landscaped walkway, which is expected to make Harlem River more accessible. The co-op is steps away from the new Bronx Terminal Mall, Franz Sigel Park, and the Yankee Stadium.
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