Sponsor co-op of the week

A convertible three bedroom overlooking Riverside Park, for $999,000, no board approval required

The crown moldings in this sponsor co-op on Riverside Drive have been restored. Keep in mind the photos are digitally staged.

Brown Harris Stevens

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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 three bedroom for under $1 million is considered something like the Holy Grail in Manhattan, so if you have a large family, this sponsor co-op, 471 Riverside Dr., #4C, might be worth a look, but you would have to give up a dining room—and add some doors— in order to create an additional bedroom.

And still, the asking price of $999,000 for this apartment (really a two bedroom) is high for the neighborhood of Morningside Heights, where the median asking price for a two bedroom is $795,000, and a three bedroom is $947,000, so you may be able to negotiate with the seller for a lower price.

The 1908 building has a full-time doorman, live-in super and newly refurbished laundry room. It is next to Riverside Park and two blocks from Columbia University. Over on Amsterdam are lots of restaurants, plus there’s a bunch of grocery and book stores nearby.

The apartment has its original hardwood floors and has been recently repainted. (Keep in mind the photos are digitally staged). 

The kitchen is newly renovated.

The crown moldings that have been restored. Only one of the bedrooms is shown in the listing photos. The bathroom is not shown.

Presumably, this is a view from the apartment of Riverside Park.

 

The building allows washer/dryers in the unit and pets on a case-by-case basis. The buyer pays NYC and NYS transfer taxes.

The building is three blocks fom the 1 train at 116th Street station.