Sponsor co-op of the week

An UES two bedroom for $1,195,000, no board approval required

A price cut puts this two-bedroom co-op $200,000 below the median for similar apartments in Yorkville.  

James Development Corporation

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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."

Agents have struggled to get the price right for this co-op, 530 East 90th St., #2K, in Yorkville. Earlier in the year it was listed for just over a million and a week ago the price came down by $100,000, putting it below the median price of $1,399,000 for a two bedroom in the neighborhood.

The apartment is newly renovated within Gracie Gardens, a prewar co-op building comprising of 68 units, all of which share a common courtyard, children’s playroom and garden. The space has hardwood floors throughout and new through-wall air conditioning units. There’s also a washer/dryer in the unit.

Views from the living room and master bedroom look out on Asphalt Green, a sports facility with an Olympic-sized swimming pool.

It’s rare to find bathrooms with windows and this apartment has two of them, even though they look fairly small and the kitchen appears to have none. The greenery you can see from the living room and master bedroom might make up for the lack of windows elsewhere.

The kitchen is fitted with a Sub-Zero refrigerator, a Wolf range, a dishwasher and wine cooler. There’s a countertop bar and enough room for a table that seats four.

The full-service co-op building is pet friendly and has a full time doorman, a super, storage and a bike room. No board approval is required plus the co-op rules allow for pied-à-terre, co-purchase or guarantors involved in the sale. 

Transit options include the Second Avenue line and ferry service to Wall Street.