Sponsor co-op of the week

A Riverdale one bedroom for $280,000, no board approval required

The price of this Riverdale one bedroom co-op went up, but it is still a deal if you're used to Manhattan prices.

StreetEasy

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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."

A $41,000 increase about five weeks ago brought the price of this one-bedroom Riverdale sponsor co-op, 3840 Greystone Ave., #BA, up to $280,000—which is still, to anyone used to Manhattan prices, a good deal. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy.)

The residential neighborhood in the northwest Bronx—known for its abundance of green spaces (including Wave Hill, a botanical garden and outdoor art gallery, and Gaelic Park, where you might be able to catch a rowdy game of hurling)—has been getting more popular in recent years, so this may be a good time to get in on the ground floor.

The living room of this ground-floor apartment is both large and lovely, and has lots of charming details, including 10-foot beamed ceilings. As it’s currently staged, there’s room for two full-sized couches, a TV stand, and a flat screen. The flooring looks nice, but it’s faux-hardwood tiles—not real hardwood—which means that it may not stand the test of time.

Just off the living room is the spacious windowed kitchen, which has lots of room to move around, tons of cabinets, a good amount of counter space, and even a breakfast bar with a pair of stools where the apartment’s occupant can sip a hot cup of tea in the early morning hours. The appliances are mismatched—the fridge is white and the oven is stainless steel—but if they both work, there’s no reason to replace either of them.

The bedroom is a nice size, with room for a big bed, a dresser, and a night table, and has the same faux hardwood flooring and off-white paint as in the living room. Windows on two walls help ensure that it’s always bright in here.

There aren’t any photos of the bathroom, but the listing says that it’s been renovated and has a window—always a plus.

The one bedroom is located in Greystone Park, a six-story building built in 1951 that has 127 units, and accepts 10 percent down. There’s an elevator, a live-in super, on-site laundry, package room, and virtual doorman. There’s also a garage (but it currently has a long wait list) and storage (available for an additional fee). One dog or two cats are allowed. Maintenance is $709 a month. The buyer pays all seller transfer taxes.

The 1 stop at 238th Street is the closest subway stop, but it’s still a 10-minute walk away. It can get you to Midtown in just under an hour.

Last year, an application was filed to build a new six-story residential building within a block of Greystone Park at 9 Dash Place. If approved, this could bring construction-related annoyances, including noise and dust, until its expected completion in 2021.