If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster.
Buying a sponsor co-op also comes with other benefits: Some buildings will accept a smaller down payment, for example 10 percent instead of the standard 20 to 25 percent, removing one of the major barriers to buying in NYC. You might also land a newly renovated apartment with prewar details. And you have plenty of options right now: There are currently 213 sponsor co-ops listed on StreetEasy.
Of course there are some drawbacks. For starters, these apartments are usually priced at a premium, especially if they have recently been renovated. And your closing costs might be high because you have to pay city and state transfer taxes.
To help with your search, here are five sponsor co-ops for sale in Lenox Hill, Turtle Bay, Forest Hills, Sunnyside, and Yorkville.
399 East 78th St., #4C, Lenox Hill
This studio is listed for $325,000. Apartment #4C has a decorative fireplace, sleeping loft, hardwood floors, high ceilings, oversized windows, stainless steel appliances, and built-in storage. The building has a laundry room and live-in super. Monthly maintenance is $1,014.
349 East 49th St., #1J, Turtle Bay
This studio is listed for $328,000. It has a foyer, new hardwood floors, arched doorways, crown moldings, three closets, and white appliances. Amenities include a doorman, laundry room, and bike storage. Monthly maintenance is $860.
102-40 67th Dr., #B5, Forest Hills
This one bedroom, one bath is listed for $349,000. It has stainless steel appliances, white cabinetry, beamed ceilings, moldings, hardwood and tile floors, and several windows. Amenities include a live-in super, laundry room, bike room, and garage parking. Monthly maintenance is $511.
43-10 44th St., #4D, Sunnyside
This one bedroom, one bath is listed for $350,000. The apartment has a foyer, stainless steel appliances, parquet floors, arched doorways, high ceilings, and several windows. The building has a live-in super. Monthly maintenance is $566.
522 East 88th St., #4B, Yorkville
This one bedroom, one bath is listed for $359,900. Apartment #4B has a decorative fireplace, exposed brick, refinished hardwood floors, stainless steel appliances, new vanity and fixtures in the bath, and south-facing windows. The building has a laundry room. Monthly maintenance is $1,190.
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