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."
Granted, the kitchen needs work, but there’s lots to like about this Sutton Place two-bedroom, two-bath co-op, 419 East 57th St., #7F. The $995,000 price tag, for starters, is well below the median $1,490,000 for similar apartments in the area. Then there's the neighborhood. Sutton Place, which runs from 53rd to 59th streets between First Avenue and the East River, is an upscale neighborhood with parks and classic architecture, not far from some first-class shopping.
One probable reason why the price tag is lower than the median is because there’s a 2 percent flip tax, which comes out at around $20,000 for the buyer. It could also be a nod to the fact that the space requires some work. There’s certainly an argument for redesigning the kitchen/dining area to be more practical. Monthly maintenance isn't cheap either, at $2,626.
The co-op’s original oak floors and plaster moldings are still intact, which give the apartment a certain appeal and the living room is spacious with a wall of south facing windows. There's an arched doorway leading between the living and dining areas.
This seventh-floor apartment has exactly the same layout as another apartment on the third floor, which is on the market for $1,215,000. The difference is the kitchens. The galley kitchen in 7F is outdated. Pictures show white cabinets and appliances that could definitely do with an upgrade.
Listing pictures don’t include the bathrooms, which suggests, like the kitchen, they may be in need of work. On the plus side, both bathrooms have windows, which is rare, and one is an en-suite to the master bedroom. Both bedrooms have original oak floors and walk in closets, the master has windows on two walls.
The pet-friendly building dates back to 1927 and is a full-service cooperative with a 24-hour doorman, live-in super, a storage area, bike room, central laundry room, gym and recently expanded and planted roof deck. There’s two sets of elevators including a service elevator—which might just make those possible kitchen and bathroom renovations a little easier.
As for transit options, the M31 and M57 buses travel crosstown on 57th Street. The M15 bus travels up First Avenue and down Second. The area is also served by the 4, 5, 6, N, Q, R, E and M trains.