Sponsor co-op of the week

A one bedroom near Central Park for $775,000, no board approval required

This co-op has a wood-burning fireplace.

Corcoran

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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."

On the market for only a few weeks, this prewar one-bedroom sponsor co-op, 42 East 73rd St., #3B, is in an elevator brownstone building in the Upper East Side’s Lenox Hill neighborhood, just a block and a half from Central Park. It is listed for $775,000, just slightly below the median for the area, per StreetEasy.

The apartment has hardwood floors throughout, 10-foot, 8-inch ceilings, built-in cabinets and bookshelves, and a south-facing living/dining area with large windows. It also features a wood-burning fireplace, which will come in handy during the fall and winter.

The kitchen is small and located just to the right of the entry. It is adjacent to the bathroom, next to which is a small closet that could be used for linens or as a small pantry.

There’s also a walk-in closet with walls that end a few feet below the ceiling, so there’s room for storage above.

The bedroom is narrow, but the photo shows two bedside tables and lamps. It’s on a corner so there are two exposures. The room looks long enough (14 feet) to be able to fit in an additional piece of furniture, like an armoire or at least a clothing rack since there isn’t a closet in this room.

The building is small, just nine units—most floors have just two apartments—and it is self-managed. Building amenities include basement storage and a laundry room. Pied-à-terre buyers and pets are welcome.

Being located between Park and Madison avenues, you are close not only to the park but also several world-class museums, including the Met Brauer on Madison and 75th Street. Designer boutiques and cozy restaurants line Madison; more shops and services are along Lexington Avenue, a block and a half east. The nearest subway is the 6 train at Lexington and 77th Street.

 

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