Sponsor co-op of the week

A Windsor Terrace one bedroom in need of an update for $545,000, no board approval required

The apartment is ready for a renovation.

Douglas Elliman

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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."

The inventory in Windsor Terrace isn't huge—the area is fairly small and the housing stock is predominantly single-family or multi-family homes rather than apartment buildings—so this one-bedroom, 140 East 2nd Street #2M, might be a good way to get your foot on the property ladder in this family-friendly neighborhood. The current median asking price for one bedrooms in the area is $600,000 according to StreetEasy, and this one-bedroom co-op, priced at $545,000, is well below that. 

Granted, the unit needs modernizing, but it benefits from a large bedroom with double closets, an equally sizable living room, an eat-in kitchen, and a spacious foyer. The pet-friendly building is between Green-Wood Cemetery and Prospect Park, and about a 10-minute walk to the nearest F and G subway stops.

Monthly maintenance for the apartment is $735 and amenities include a bike room, shared laundry facilities, a live-in super, and two elevators.

The hardwood floors seem pretty worn. The living room faces southeast, overlooking the street. 

 

The kitchen needs updating but has a west-facing window and has some additional space to accommodate a table. 

Brick Underground has lots of advice on how to tackle your dream bath renovation with specific tips on how to go about it in a co-op. 

The apartment building has 114 units and six stories and was built in 1940. The apartment's foyer retains some of prewar details like arched doorways and decorative built-in shelving. 

The layout shows two storage closets in the apartment's foyer.

Street repairs have recently been carried out so residents are unlikely to see any more road construction until 2022, however a three-story residential complex is going up nearby, replacing an empty lot on the corner.