Sponsor co-op of the week

A Brooklyn Heights three bedroom for $1.4 million, no board approval required

This condo is listed for $1,395,000, more than half below the median for three bedrooms in the neighborhood.

Corcoran

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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."

This three-bedroom, two-and-a-half bath, 19 Grace Court, #2C, was already priced well below the median for a three bedroom in Brooklyn Heights—$2,995,000, according to StreetEasy. But about a week ago, the price dropped by $100,000, to $1,395,000, making this expansive apartment an even better deal.

The generously sized living room has a large closet and a powder room, making it convenient for entertaining. Every room has at least one window, and most overlook interior gardens.

The updated kitchen has custom cabinetry, and stainless steel appliances (including a dishwasher). Between the kitchen and living room is a dedicated dining area. And that half bath near the entry includes a washer/dryer.

The master bedroom has north and west exposures and an en-suite bath.

The hallway bathroom is nearly twice the size of the en-suite bath and includes a closet.

The apartment is located on the second floor of a six-story elevator building with 33 units. Building amenities include a common laundry room in the basement and a live-in super. The monthly maintenance is $1,735.

The pet-friendly building is located on a quiet cul-de-sac with views of the Manhattan skyline. It’s also around the block from the Brooklyn Promenade. Shops and restaurants are on nearby Montague Street. The closest subway is the R at Court Street, but just couple blocks farther are the 2, 3, 4, and 5 trains at Borough Hall. It’s also not far from Brooklyn Bridge Park and its ferry terminal.

An open house is scheduled for Sunday, August 26th, from 4-5 p.m.