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 Riverdale two-bedroom, one-bath co-op, 5800 Arlington Ave., #4H, is on the market for $542,000, which is above the current median price of $440,000 for similar units in the area according to StreetEasy. On the plus side, this unit has been completely remodeled. It's in the Skyview, a building completed in 1961 that sits on 23 acres of private property and has amenities like an outdoor pool, gym, basketball courts, a live-in super, bike room, concierge, package room, parking, and laundry facilities in the building. As a price guide, the last two bedroom sold in the building in November 2018 for $568,000 although it was bigger, with two baths and a 115-square-foot balcony.
If you're looking to act fast, the developer is offering a closing credit of $2,000 to buyers this month. Closing credits can help you pay for closing costs while keeping the official sales price high for the developer. It's a sign of the slowing market that they are on the table at all.
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The kitchen is in an alcove off the living room and has stainless steel appliances, a quartz countertop, and Italian cabinetry. There's a balcony off the living room, which faces west, a good orientation for natural light.
The master bedroom has double closets.