This will add a percentage of the purchase price to your closing costs. RECOMMENDED IN BUY. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. You’ll need to know how much you can afford or want to spend before starting your search. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. For example, a couple agrees to buy adja-cent units 1A and 1B from the same sponsor, each unit priced at over $1,000,000. Open Houses. Rent stabilized tenants are. $315,000. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. Recently Sold. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. As a result, prices have trended up for HDFC coop housing in recent years and made many out of reach for low-income New Yorkers. Why? Because anyone with good credit, who can get a mortgage, the specified down payment and enough reserve funds. 📅 Stay informed and up to date with what is going on in your city - whether or not you are ready to start a real estate transaction, the information we provide can help you make smart decisions. Buy Open Buy sub-menu. . Buy smart: Before you buy a new or pre-construction condo in NYC, get the answers to these essential questions. 98-120 Queens Boulevard, Unit 4G. There have been some past sales in the building but it is probably still majority rental. 175% of the initial mortgage principal (includes a 1. Nuances to Buying a Sponsor Unit Co op in NYC. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. This 688-square-foot, one-bedroom condo sponsor unit condo has an open kitchen with a breakfast bar, stained oak flooring, radiant heat flooring in the bathroom, and a washer and dryer. Common Misconceptions. This model allows prospective first-time homebuyers to enter a rental agreement or lease (‘rent to own contracts” or “rent to own lease”) with a property owner for a specified lease term, and this term is typically anywhere from one to three years. Similar to when buying in a new development, it is customary for the buyer of a sponsor unit to pay the New York State transfer taxes and New York City transfer taxes on behalf of the seller. There are some exceptions (sponsor units) but this is the general rule. Currently on Streeteasy, income-restricted apartments in Manhattan. Any residential sale below $3 million will remain at the already established 0. Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. Set Your Price Range. By Jennifer White Karp | July 18, 2023 - 2:30PM. Taxes are $497 a month. By Sonja Gosine, Spokesperson at Hauseit® /. These documents are usually pretty long, so set aside some time to read through it yourself. If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. , managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation. 84-70 -th Street #4S, Kew Gardens, NY 11415. He or she collects the rent is responsible for dealing with. It’s in One Manhattan Square, a building that will have a 75-foot swimming pool, a basketball court, a bowling alley, a squash court, and a golf simulator. The most expensive unit to enter contract was Unit 8401 at 35 Hudson Yards. Construction: Despite not having to pass the co-op board’s approval process to buy a sponsor unit, any. Midtown East | Cooperative | 2 Bedrooms, 1 Bath. Needs complete renovation. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. This seems like an issue you’ve been asking all over Reddit this past week. Anyone with plans to purchase a sponsor-owned condo or co-op in NYC needs to understand an offering plan. Buy Open Buy sub-menu. Still, the apartment has a large living. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the. For transactions that are $500,000 and higher, that rate goes up to 1. You may also be able to negotiate on the deposit for the unit. , #5K, in Prospect Lefferts Gardens is on the market for $695,000. Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. branch and doing business in New York State; 1. It has a four-and-a-half star rating with 1,202 customer reviews. For example, he said, if a sponsor who still owns 60 units in a 100-unit building sells half of his apartments and walks away from the rest, the building might still be better off. The exact amount will be dependent on the interest of each owner, in addition to the total assessed amount and the duration over which the assessment must be paid. Sponsor units are created when a rental building is converted into a co-op (or condo) and some apartments are kept as investments by the developer—or “sponsor”—of the conversion. Remember that sponsors typically expect new construction buyers to pay the sponsor’s NYS and NYC transfer taxes in addition to the. (Though sponsor units do have their downsides, as well. Hey showtime, you avoid the major ones by buying a coop at this price point. Since a loan on a co-op apartment is not technically a mortgage, a bank can conduct a foreclosure sale under Article 9 of the. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. Added together, the buyer is at roughly $38,400 in closing costs, or 3. . This two-bedroom one-bath in a prewar co-op in Prospect Heights is a sponsor unit (so no co-op interview required!), and despite that significant selling point, doesn't seem to be significantly marked up. During the 1970s and 1980s, the City of New York acquired many residential buildings that were abandoned by their landlords and were in financial distress. Good Deals. Capital contribution fees. It can also mean higher closing costs, however, and, in the case of. One of the best things about buying a sponsor unit in NYC is that you can forgo giving up days of your life putting together a massive coop board package. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. Although uncommon, a rent-to-own agreement is one way to buy or sell a home in New York City. You may want to contact one of the following tenant groups who can also advise you on finding an attorney if necessary. According to the StreetEasy Data Dashboard, as of November 2022, the median asking price for a home in each. 1 ba. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. Most sponsors ask for 10. Buy Menu Toggle. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. National Cooperative Bank offers competitive rates and easy pre-qualification. Why buying a co-op directly from the sponsor may be worth every extra penny. We discuss the impact of the conversion on property condition, the relative pricing of converted units to new construction condominiums, its impact on homeownership rates, New York State and New York City tax and fee incomes generated, and the related economic activities that result. NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. Part of a 15-unit co-op built in 1912, the. $139,000 plus. Listing by Redfin Real Estate. 67 likes. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in the real estate market. Updated March 8, 2022. I am considering buying a unit from a sponsor who converted a commercial building into a condominium two years ago but decided to sell only two of six units atStudy with Quizlet and memorize flashcards containing terms like Your client, Georgette, wants to buy into a cooperative. Most sponsors ask for 10 or 15 percent down when you sign the contract. “ Procuring cause” does not get defined precisely anywhere. Morningside Heights one-bedroom, one-bath co-op, $749,000: This renovated sponsor unit at 535 West 110th St. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. Assisted FSBO Listing; Professional Photography; Virtual Staging; Custom Floor Plans; 3D Virtual. #SponsorUnitsNYCThis two-bedroom sponsor co-op is a bit over the neighborhood's median, but you're getting a lot of renovated living space and decent amenities including a live-in super. Associated with Compass. . Unfortunately, since the 421a tax abatement program got a major makeover in 2016, new developments with this type of abatement will become. A buyer who wants to reside in the building but does not want to own an apartment held by someone else directly might purchase the sponsor unit (direct ownership). The main difference to be aware of for sponsor unit purchases is that the developer or sponsor may trip to flip some of the seller's closing costs onto the buyer. 2. 9% for properties purchased for $25,000,000 or greater. You’re searching for an apartment and you continue to see this every now in the description and it says “sponsor apartment, no board approval”. 925 percent, totaling $15,400. S. It is asking $695,000. Stefano Ukmar for The New York Times. 825 percent of the purchase price (depending on the price of the property) that are paid. Once you’ve found a place you want to buy, it typically takes between 6 and 12 weeks to close on a coop in NYC. 4% transfer tax to New York State. Normally, the seller pays the transfer taxes on a sale, which, in NYC, amounts to 1. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. The earlier you have this, the better. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. Compass. This sweeping power vanishes, however, when a sponsor sells a unit. Also, see our Legal Assistance page and our Primary Residence FAQ. Be very careful when buying a sponsor unit at a price of approximately $970,000 or more. This is the fee associated with registering a mortgage with the state of New York. Sale Contingency. Your attorney will provide this and detail some important protections you must know before deciding to buy. New York. They range from outright prohibitions on all subletting at one end to unlimited subletting at the other end. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. and filed with the New York City Register. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. For more information, call 347-846-2421. The first step in buying a condo in NYC will be setting a budget for your purchase. They often lack amenities other than a doorman, which means you usually pay lower maintenance fees. LISTING BY: EXP REALTY NYC. A $41,000 increase about five weeks ago brought the price of this one-bedroom Riverdale sponsor co-op, 3840 Greystone Ave. Hi, I'm looking to purchase a condo in Williamsburg, Brooklyn. Buying a sponsor co-op means that you’re exempt from co-op board approval, and you can forgo. Street View. Let’s assume that property taxes are 0. See more ideas about nyc, home buying, closing costs. Main Menu. (OneKey® MLS as Distributed by MLS Grid) For Sale: 2 beds, 2 baths ∙ 1200 sq. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). Tudor City homes for sale. 8 percent. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. A condominium, co-op, or apartment that the builder or investor has kept after selling the other units is referred to as a sponsor unit. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. Save 6% when your sell alternatively get a 2% commission rebate when you get in NY & FL with Hauseit. Exceptions include sponsor units that were held aside by the developer after the building. It is asking $21. NYS Tenant and Neighbors Coalition 212-608-4320. Here's why these units can be advantageous for NYC buyers. 05% Mortgage Recording Tax (on loan amount) since it’s a coop and not a mortgage. Co-op/Condo Abatement - Frequently Asked Questions. There are many advantages as well as considerations to buying a sponsor unit in NYC. 05% of the initial mortgage principal (includes a 1% New York City tax). LISTING BY: DOUGLAS ELLIMAN REAL ESTATE. This can be. Rental Unit in Financial District at 180 Water Street #302 for $3,495Buy Menu Toggle. Right of Refusal Contingency. Condo for Sale in Queens, NY: Gorgeous 1 bed 1. 5-2% of. This can be both good and bad for the OP and should be looked into. A guide to using a no-fee renovation loan from a NYC real estate firm. In West Chelsea, this 1-bedroom HDFC unit is asking just $299K — significantly lower than average for the neighborhood. 118 Co-Ops For Sale in Yonkers, NY. The exact amount will be dependent on the interest of each owner, in addition to the total assessed amount and the duration over. All-cash buyers can expect to close in as little as 6-10 weeks. Main Menu. Calculating the transfer taxes you may pay for a sponsor unit coop purchase can be tricky and beyond the grasp of even many real estate lawyers. Forest Hills homes for sale. New York. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals. The two bedroom, three bath, 515 West 29th St. Buy Menu Toggle. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. New York City developers and investors are seeing an uptick in bulk condo deals, thanks to an already soft market and coronavirus-related distress. It means that the sponsor cannot designate or nominate the majority of the managers. in Chelsea has 44 units on five stories and dates to 1865. Here are five great sponsor units. 720 sqft. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. 75% New York. However, the real market for sponsor units is in cooperative buildings, most of which underwent conversion from rentals to co-ops over the past three decades. 5 results. Yes sponsor rights can be sold. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but. Rising interest from overseas investors should put homegrown NYC buyers on alert. There aren't that many 100%-sold co-ops. Queens County, New York City, NY . Repair Allowance. Search NYC Apartments . You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. If the residents were in their 30s or 40s back then, they are now in their 70s and 80s. 1 Bath. Condominium buyers acquire. It can take up to 10 to 15 weeks (or more) to find the right condo for you. You are not truly buying the property. The sponsor unit has. most of the time, you become like other unit owners. Many in the co-op and condo community welcome the trend because it means a decline in sublets and an accompanying rise in owner. A grown child buying an apartment for a parent presents some unique challenges. The OP needs to find out exactly which of units the sponsor owns. सुने NYC Sponsor Units - What You NEED To Know और seventy-nine अधिक एपिसोड Real Talk NYC Real Estate द्वारा, मुफ्त!. In addition to the NYC transfer tax, New York State also applies a transfer tax on all properties sold within the state. NMLS #507535. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. The offering plan to buy a new development apartment in NYCHowever, with many sponsor units, even when the market favors buyers, the developer will insist on the buyer paying the transfer tax of 1 percent of the purchase price on purchases over $500,000, plus a point four percent (0. You’ll need to know how much you can afford or want to spend before starting your search. Additionally, buyers might be responsible for paying the sponsor's lawyer. Pay a premium price for the. You avoid the 2. Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you. Find rego park properties for sale at the best price. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. HDFC apartments are also much cheaper than regular coop apartments. For transactions that are $500,000 and higher, that rate goes up to 1. Co-op in Forest Hills. 425% for sales of $500k or less. Deal of the Week; Most Popular; Open Houses. “Sponsor listings” mostly are found in condo buildings, since. Negotiating the deposit. 5 million. HDFC buildings were created in the 70s, and 80s to allow tenants to break free from their “slumlords” to form cooperative buildings. You might be able to negotiate with your landlord for a longer lease with a lump sum, but you wouldn't OWN at the end of it. The owner sells the house for $1. 05% for any property that sells for over $3,000,000. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. It's one of the last. If you're a townhouse buyer looking to gain some extra square footage, and don't need the income from rental units, you should begin the process of conversion by hiring an architect to draw up plans for turning the property into a single-family. The rent-to-own program is another “creative marketing scheme to sell the apartments,” says Jerome Strelov, a real estate attorney with Frankfurt Kurnit Klein & Selz, who is not associated with the Extell program. 4M, a 54% increase from January and a 25% increase from last year. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. There are so many questions, but all you need to know it's out there on the web just google "buying a co-op in NYC" and read all there is out there, really. Equal Housing Lender. Getting an accepted offer is the first big step in buying apartment. National Cooperative Bank offers competitive rates and easy pre-qualification. What does this mean for her?, Which document or documents will help the cooperative buyer learn how the board operates and learn the cooperative's future plans? and more. Marketing for sale Sponsor (& Re-sale) Units in NYC. So if the loan amount is conforming — up to $970,800 in New York City — then it’s possible to get as much as 97% financing, she says. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. If you’re planning on buying a co-op in New York City, you’ve probably heard of the dreaded coop board application and subsequent interview. Established in 2011, the GrowNYC Compost Program strives to make composting second-nature for all New Yorkers by operating residential Food Scrap Drop-off sites and partnering with community composting facilities to make compost locally. 425 to 1. Each unit represents a specific number of shares. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. For a $1 million home, this would equate to $4,000 – $6,000. If you are paying transfer taxes, the sponsor’s attorney fees and for your share. In a nutshell, Himmelstein says, “Don’t. But they are no longer common. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. A Chinese investor bought two sponsor units at 111 West 57th St. The 'personal use' rule usually do not apply to units cooperatives that have a 'non-harassment' plan filed as part of the conversion. While the low-interest-rate-fueled buying spree of the past few years burned through most of New York City’s residential inventory, it barely touched Manhattan’s newly built trophy apartments. 9% for sale prices of $25 million or more. If a tenant didn’t buy, the sponsor of the co-op conversion, usually the building owner, retained ownership of the apartment and continued renting it to the tenant. WELL. Board Approval Contingency. This condo overlooking the High Line comes with a rather startling deal: Two free years of common charges. If you are buying a sponsor unit or new construction, the buyer usually covers the seller’s attorney fees (in addition to the Transfer Taxes). We #lovebrooklyn!28 Apr 2022 · The Real Estate Broads of New York. A CO or certificate of occupancy specifies how a building may be used, how it's zoned, and how many residences are permitted. The sponsor is the person or entity who originally owned and converted the building from rental units to a co-op. An icon in the shape of a person's head and shoulders. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. 3. coop . 75% New York City tax) They're back: NYC buyers can expect more competition from foreign investors in 2023. The New York State Transfer Tax represents 0. Often such problems can be resolved, ifBuying and renovating a sponsor unit in New York City offers the benefits of a simplified purchase approval process and extensive customization opportunities, while considerations include the potential need for significant renovations, absence of certain modern features, financial implications, and the importance of working with knowledgeable. This 5,000 BTU unit is the best-selling model on Amazon, and is ideal for a 100- to 250-square-feet room. In a co-op, a sponsor unit is owned either by the original owner or is one the co-op corporation converted from a rental. What constitutes the “procuring cause” under REBNY buyer representation rules in NYC. In either case, as far as a co-op or a condo is concerned, an outside party — the original sponsor or an investor who bought the unit — is the landlord of those apartments. If you stumble upon a sponsor unit, that’s an apartment still owned by the building’s original owner, and is therefore exempt from the co-op board review. A guide to using a no-fee renovation loan from a NYC real estate firm. The application process for buying a co-op in NYC is notoriously daunting and one of the main advantages of the sponsor unit is that you don’t need board approval to buy. Title Insurance: $0. 2. View 456 homes for sale in Forest Hills, NY at a median listing home price of $399,000. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. Compass Exclusives. 8% of the initial mortgage principal (includes a 1. Higher prices. 4% for homes sold under $500,000, 1. 6. Negotiating with a sponsor. 10 Things You Need to Know Before Renting in NYC; What are Sponsor Units in New York City Real Estate? Your Guide to Renting an Apartment in New York City; Latest Trends in New York City Real Estate: 2023; Top 10 Things to Consider When Buying a Home in. 65% on sales from $3m. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. A sponsor unit in a New York City co-op or condominium can be a real find: It means more privacy and less bureaucracy. That being said, nothing is official at this point. “When you purchase from a sponsor you do not have to. Online searches for sponsor co-ops, which are exempt from co-op board approval, currently bring up more than 300 listings, up about 50 percent since before the pandemic, Brick Underground finds. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. RECOMMENDED IN RENT. Negotiating the deposit. To negotiate a transaction that benefits both parties, work with a buyer's agent. 25th St. Houses for Rent. Post A Rental Listing. New York City has a distinct class of apartments known as sponsor units. (For sales under $500,000, the mortgage recording tax rate is 1. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. . The New York State transfer tax is . Attorney Fees: $4,000. Buying a new development condo can take about 20 weeks from the initial search to closing. Sponsors will need to deliver a unit in accordance with both the Offering Plan and the Purchase Agreement. Buying a Sponsor Unit in NYC. If the sponsor owns 22-25 units and they are larger than the others, the sponsors share allocation might actually be greater than 50%. A grown child buying an apartment for a parent presents some unique challenges. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at [email protected] a certain type of apartment hunter, a sponsor co-op—that is, an apartment that was once a rental, and is still owned by the original owner or corporation of a building that's now co-op—is the be all and end all of NYC real estate. All told, the transfer taxes in NYC can be between 1. 2 bds; 2 baSubletting a Sponsor Unit in a Co-op. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. View 7030 homes for sale in Queens, NY at a median listing home price of $699,000. out this great listen on Audible. In a typical resale transaction, such transfer tax is paid by the seller. Some co-ops allow for up to a 2- year period. Sale Contingency. , #6A, in the West Village is on the market for the first time since 2012,. 4% for NY State. By CityRealty Staff Thursday, August 26, 2021. RECOMMENDED IN SELL. Common Misconceptions. HPD rehabilitated some of these buildings and, over the years, gave the tenants the opportunity to own their apartments and become shareholders in limited-equity. Studio. 89-00 170th Street UNIT 2N, Jamaica,. Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. Buy Rent Sell. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. In this week’s Buy Curious, guest broker Eydie Saleh of Mirador Real Estate shares her intel on co-op sponsor units so you can determine whether they may or may not turn you into a homeowner after all. By. 4%. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. Pros and Cons of Buying A Sponsor Unit. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. (Please keep in mind these numbers illustrate a point, and estimates shared here are subject to. Also, some co-ops and condos management boards will not let a unit go for under what they deem an exceptable threshhold (they have the option to buy the unit themselves and then resell it). For those of you who are familiar with accounting, the REBNY financial form is a combination of a personal balance sheet and income statement, and allows sellers to evaluate your financial capability. A downside to buying a sponsor condo is that the buyer pays the New York State and New York City transfer taxes. ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. for a total of $34 million, including this three bedroom with views of Central Park. 405 215 E 24th Street New York, NY 10010. The asking price for the sponsor unit was $5. , #5K, in Prospect Lefferts Gardens, is on the market for $695,000, which is much lower than the neighborhood's median for two bedrooms, currently $899,000 according to RealtyHop. — sq ft. ” Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. Next, let’s assume this property has $1. Also I do not believe it is the Board who has power to decide what happens to a Sponsor Unit or who the Sponsor sell his unit to, for this you must consult your Offering Plan for the rules about selling non-eviction tenant units. 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. When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. Buying a Sponsor Unit in NYC: Up to 2% When Buying in NYC: New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. in Chelsea has 44 units on five stories and dates to 1865. RECOMMENDED IN. 425% on. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. 62-54 97th Pl Unit 14B. The tax is as high as 3. Other negative aspects of buying a sponsor unit. 425%. Business, Economics, and Finance. NMLS #507535.