Sponsor co-op of the week

A Sutton Place two bedroom with an open layout for $1,599,000, no board approval required

The open layout flows into a modern kitchen in this renovated apartment.

Compass

Share this Article

2020
BRICK UNDERGROUND’S
Holiday Tipping Poll
Holiday Tipping Poll
How much do you plan to tip the building staff this year?

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 two-bedroom, two-bath sponsor co-op, 400 East 56th St., #9D, in Sutton Place, is listed at $1,599,000 with a monthly maintenance fee of $2,477. It’s just over the neighborhood's median asking price for two bedrooms, which is currently $1,425,000, according to StreetEasy.

You’re getting a lot for the price, however. The fully renovated co-op has a private balcony, eight closets (two are walk-in), and a top-of-the-line kitchen. Amenities include a 24-hour doorman, rooftop pool with 360-degree views of Manhattan, fitness center, children's playroom, bike storage, and onsite parking.

Built in 1968, the 40-story postwar building has a total of 627 apartments. Pets are not permitted, however the co-op allows co-purchasing, guarantors, pied-à-terre buyers, and sublets.

The combined living and dining room features hardwood floors, large windows, and access to the balcony.

The kitchen has granite countertops, stainless steel Bertazzoni appliances, and a Sub-Zero wine cooler.

The master bedroom features an en-suite bath, walk-in closet, and a second closet.

There are two windows and a walk-in closet in the second closet.

The main bathroom is tiled and windowed.

The master bath has a glass-enclosed shower and tub.

There’s a Morton Williams supermarket one block away and nearby eateries include Mr. Chow, Rosa Mexicano, and Neary’s. The building is only a three-minute walk from the waterfront Sutton Place Park.