Sponsor co-op of the week

A giant artist's loft in Williamsburg for $2,100,000

It’s hard not to ogle at all that space.

Corcoran

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2019
BRICK UNDERGROUND’S
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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."

If you're undaunted by L-train uncertainly, this loft, 705 Driggs Ave #23, offers more than 1,800 square feet in a prewar, landmarked building with extra storage and parking available as part of the deal. For all the square footage, you’d expect at least a bedroom or two, but the unit is a studio, albeit 23 feet wide, 70 feet long and with ceilings stretching 12 feet high. (Editor's note: Although this is a sponsor unit, which doesn't normally require board approval, in this case, the sponsor is the board, and they have told us they are requesting board approval.)

The loft has been an artist’s studio and was, until recently, commercially zoned. The unit on the floor above has been remodeled into a one bedroom and it would likely be possible to turn #23 into a two-bedroom apartment by adding walls at the back of the unit. It’s worth noting the median price for a two-bedroom unit in the area is $1,395,000—still well below the $2 million asking price of this unit.

That said, there’s something compelling about the space. The building facade is cast iron and dates back to the late 1800s. The oversized windows fill the wall overlooking the street and allow in plenty of southern light.

The kitchen is newly installed and runs along one wall of the unit. There are no pictures of the bathroom but the layout suggests it is a small windowless room near the front door. 

The co-op may have been three separate buildings at one point, before they were combined to become a department store. This history likely explains why there are brick walls separating each 23-foot wide loft. You’d likely be able to expose some of that brickwork in a remodel.

The building is pet-friendly and has an elevator. Maintenance is $866 per month and both storage and parking are available, starting at a low fee of $25 per month