Buying a sponsor unit in nyc. I was in contract for a $450K studio but then Board declined my application. Buying a sponsor unit in nyc

 
 I was in contract for a $450K studio but then Board declined my applicationBuying a sponsor unit in nyc  NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place

This can be both good and bad for the OP and should be looked into. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. M. When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but they don’t require Board approval for subletting. We discuss the impact of the conversion on property condition, the relative pricing of converted units to new construction condominiums, its impact on homeownership rates, New York State and New York City tax and fee incomes generated, and the related economic activities that result. सुने NYC Sponsor Units - What You NEED To Know और seventy-nine अधिक एपिसोड Real Talk NYC Real Estate द्वारा, मुफ्त!. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. You’ll need to know how much you can afford or want to spend before starting your search. A timeline for buying a new development condo: From preparing your financing to closing. Glencore Plc will buy a majority stake in Teck Resources Ltd. 05% of the initial mortgage principal (includes a 1% New York City tax). 5. Sale Contingency. A Chinese investor bought two sponsor units at 111 West 57th St. It works this way: When you inspect a multifamily property, you’ll make a list of what. The most expensive unit to enter contract was Unit 8401 at 35 Hudson Yards. in Chelsea has 44 units on five stories and dates to 1865. And lastly, many condos in New York City enjoy tax abatements. When buying a brand new condo or a co-op directly from the developer (also known as a sponsor), expect to pay a New York City transfer tax of 1% of the sales price on purchases greater than $500,000. . SPONSOR UNIT, No Board Approval Needed, As Easy as buying a condo. It means that the sponsor cannot designate or nominate the majority of the managers. As mentioned above, offering plans can usually be declared effective once 15% of the units are sold in arms length transactions (not to the sponsor’s mom) and must be. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their attorney fees. The sponsor unit has. buying Co-ops family retiree sponsor unit. The earlier you have this, the better. Q. There are a number of different types of coop sublet policies in NYC. Search NYC Apartments . 10453 is home to approximately 75,320 people and 4,921 jobs. 7,052 Co-Ops For Sale in New York, NY. NMLS #507535. This can be. Each apartment owner will be required to pay the assessment. Although the buyer of a sponsor apartment cannot be rejected, the buyer is usually required to fill out an. Common Misconceptions. 3. You’ll need to know how much you can afford or want to spend before starting your search. RECOMMENDED IN SELL. #SponsorUnitsNYCThis two-bedroom sponsor co-op is a bit over the neighborhood's median, but you're getting a lot of renovated living space and decent amenities including a live-in super. Online searches for sponsor co-ops, which are exempt from co-op board approval, currently bring up more than 300 listings, up about 50 percent since before the pandemic, Brick Underground finds. The NYC Transfer Tax is between 1% to 1. It is asking $21. the New York Telephone Company in 1929, has been emphatic. 8 percent. We have 41 properties for sale listed as sponsor unit rego park, from just $285,000. This two-bedroom, one-bath sponsor co-op, 163 Ocean Ave. A few are. New York City developers and investors are seeing an uptick in bulk condo deals, thanks to an already soft market and coronavirus-related distress. As a result, prices have trended up for HDFC coop housing in recent years and made many out of reach for low-income New Yorkers. $330,000. it depends on what is written into the offering plan. undivided interest in the common elements of the building. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. Pay a premium price for the convenience of no board approval; Re-sale poses the hurdle of board approval for the next buyer; Higher closing costs similar to new developments; When do sponsor units list for sale? What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to buying a sponsor unit co op? What are some nuances to calculating transfer taxes owed for a sponsor sale coop? We'll teach you everything you need to know about buying a sponsor unit in NYC. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. The asking price for the sponsor unit was $5. 425 percent on purchases of $500,000 or more, plus a . Buy Open Buy sub-menu. Taxes are $497 a month. Buying a sponsor unit in a converted co-op or condo means that the unit does not need to comply with co-op bylaws such as board approval or right of first refusal. Inspection Contingency. and filed with the New York City Register. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. Co-op in Forest Hills. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. Your attorney will provide this and detail some important protections you must know before deciding to buy. Buy Menu Toggle. The Epic Journey of Building Construction in NYC: From Idea to Topping Out. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. If you’re planning on buying a co-op in New York City, you’ve probably heard of the dreaded coop board application and subsequent interview. New York City has about 75,000 pieds-a-terre. Once you’ve found a place you want to buy, it typically takes between 6 and 12 weeks to close on a coop in NYC. The NYS Transfer Tax was raised in Starting 2019 to 0. Special purpose acquisition companies, or SPACs, have been around in various forms for decades, but during the past two years they’ve taken off in the United States. $550,000. ) And they’re right. If you were buying an apartment for $1,000,000, that would add approximately $18,000 onto the purchase price. There have been some past sales in the building but it is probably still majority rental. licensed real estate brokers licensed to do business in. If the residents were in their 30s or 40s back then, they are now in their 70s and 80s. Berkshire Hathaway HomeServices New York Properties’ President Ellie Johnson invites you to an intimate conversation with one of New York City’s super brokers and a 30-year industry veteran,. See pricing and listing details of Forest Hills real estate for sale. New York City has a distinct class of apartments known as sponsor units. , #5K, in Prospect Lefferts Gardens is on the market for $695,000. Ariel Property Advisors. 65% for properties over $3 million. The gut-renovated apartment has recessed lights with dimmers, but its northwest-facing. For buyers, sponsor-owned apartments usually carry a higher price tag than resale units, despite the wear and tear they might. Map. Updated March 8, 2022. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but. I read online that this is undesirable because the majority owner can increase HOA fees significantly at any point or change up the rules that may negatively impact people who own their units. 3 bds; 3 ba; 1,700 sqft - Condo for sale. Pay Attention To Closing Costs. Listing by Redfin Real Estate. See more ideas about nyc, home buying, closing costs. Queens County, New York City, NY . For instance, if you're buying a $1 million dollar property and taking out an $800,000 mortgage, you'd be taxed on the full amount of the loan at a rate of 1. Forest Hills homes for sale. For example, purchasing a sponsor unit and picking up the transfer taxes will be tacked to the purchase price when calculating any potential mansion tax. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. This model allows prospective first-time homebuyers to enter a rental agreement or lease (‘rent to own contracts” or “rent to own lease”) with a property owner for a specified lease term, and this term is typically anywhere from one to three years. The Pros and Cons of Buying a Sponsor Unit in NYC Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. SPONSOR UNIT with NO Board Approval and only 10% down! This spacious and sun-drenched unit features a beautiful. Also I do not believe it is the Board who has power to decide what happens to a Sponsor Unit or who the Sponsor sell his unit to, for this you must consult your Offering Plan for the rules about selling non-eviction tenant units. Negotiating with a sponsor. September 26, 2023. Rent stabilized tenants are. Common charges are $355 a month. This condo overlooking the High Line comes with a rather startling deal: Two free years of common charges. How buying real estate in NYC is unlike anywhere else. However, the real market for sponsor units is in cooperative buildings, most of which underwent conversion from rentals to co-ops over the past three decades. What is the Benefit of Buying a Sponsor Apartment? Since most buildings in New York were converted into co-ops years ago, the opportunity to buy a co-op unit that has never. most of the time, you become like other unit owners. branch and doing business in New York State; 1. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. Buyer Closing Credit. For many New York buyers, so-called "sponsor units" are some of the most desirable options in the city, in part because buying directly from a building's sponsor generally allows you to skip the typical. Other reasons can include weak financials or lawsuits. 6. 825 percent of the purchase price (depending on the price of the property) that are paid. The state passed new transfer taxes in April 2019. Attorney Fees: $4,000. Buying a sponsor co-op also comes with other benefits: Some buildings will accept a smaller down payment, for example 10 percent instead of the standard 20 to 25 percent, removing one of the major barriers to buying in NYC. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals. The commercial NYC Transfer Tax rate is 1. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. If you’ve been shopping for real estate in NYC, you may have encountered the phrase “sponsor unit. NYC WEATHER & 7 Day Forecast; New York Times; Annualcreditreport. “This could add 1. In a co-op, a sponsor unit is. The coop foreclosure process is much faster than the foreclosure process for condos, houses and other real property because lenders do not need to go to court for a judgement to be able to seize and sell the property. Be very careful when buying a sponsor unit at a price of approximately $970,000 or more. By Jennifer White Karp | July 18, 2023 - 2:30PM. Escucha 50 Sponsor Apartments: Pros and Cons por The Real Estate Broads of New York instantáneamente en tu tablet, teléfono o navegador - no necesita descargas. Queens homes for sale. Pros and Cons of Buying A Sponsor Unit. Other perks of buying directly from a sponsor can be lower cost or a. There are many terms in the real estate world but one that has been bandied about for a long time is “Sponsor sale”. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). New Construction. HDFC coop in Brooklyn. 175% of the initial mortgage principal (includes a 1. Save 6% when your sell alternatively get a 2% commission rebate when you get in NY & FL with Hauseit. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. Conversion or Alteration. We’re focusing on “Residential Type 1” and “Residential Type 2” properties for this post which include 1-3 family houses, condos and co-ops – basically residential. The owner sells the house for $1. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. SOLD NOV 17, 2023. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. You might also land a newly renovated apartment with prewar details. Sponsor units are created when a rental building is converted into a co-op (or condo) and some apartments are kept as investments by the developer—or “sponsor”—of the conversion. coop #507534. $225,000--bds; 1 ba--sqft - Coming soon. Co-op/Condo Abatement - Frequently Asked Questions. Rental Unit in Financial District at 180 Water Street #302 for $3,495Buy Menu Toggle. Deal of the Week; Most Popular; Open Houses. Unfortunately, the same could be said of buying real estate in New York City: It’s different here. Established in 2011, the GrowNYC Compost Program strives to make composting second-nature for all New Yorkers by operating residential Food Scrap Drop-off sites and partnering with community composting facilities to make compost locally. There may be case by case downsides but your lawyer will advise you. 10453 is a fairly walkable zip code in Bronx County with a Walk Score of 88. By sponsor unit, we mean that the co-op itself owns the apartment that is being sold. Next, let’s assume this property has $1. 25th St. This 5,000 BTU unit is the best-selling model on Amazon, and is ideal for a 100- to 250-square-feet room. We #lovebrooklyn!28 Apr 2022 · The Real Estate Broads of New York. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. I was in contract for a $450K studio but then Board declined my application. See pricing and listing details of Queens real estate for sale. Similar to when buying in a new development, it is customary for the buyer of a sponsor unit to pay the New York State transfer taxes and New York City transfer taxes on behalf of the seller. The first step in buying a condo in NYC will be setting a budget for your purchase. Buying a sponsor co-op means that you’re exempt from co-op board approval, and you can forgo. 800 ft². Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. 7 million and $2,665 per square foot) and lowest. An icon in the shape of a person's head and shoulders. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. National Cooperative Bank offers competitive rates and easy pre-qualification. Listing by Douglas Elliman. 425 percent on purchases of $500,000 or more, plus a . Reads. Most Common Sublet Policy: 1-2 years of subletting permitted after 1-2 years of initial occupancy by the shareholder. The highest Mansion Tax rate of 3. 625% for sales of $500k or more. The pandemic upended New York City’s real estate market,. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. It s… 50 Sponsor Apartments: Pros and Cons - The Real Estate Broads of New York (podcast) |. ”. ) to find Rego Park, Queens, NY apartments for sale according to your specific needs. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. On March 31, 2019, the New York state Senate and Assembly agreed upon a new schedule of mansion tax rates as part of New York's 2020 budget. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. Come visit. 5 results. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. It often indicates a user profile. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. Main Menu. It has a four-and-a-half star rating with 1,202 customer reviews. Additionally, buyers might be responsible for paying the sponsor's lawyer. This will add a percentage of the purchase price to your closing costs. For transactions that are $500,000 and higher, that rate goes up to 1. Most sponsors ask for 10 or 15 percent down when you sign the contract. What is her first step?, Melissa just purchased a condop unit. It discusses what sponsor units are, who sponsors them, and the adv. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. 4% of the sales price on all properties valued below $3 million and 0. The appeal of these sponsor units is that there is no need to comply with co-op bylaws such as board approval or right of first refusal and other perks of buying directly from a sponsor can be. For buyers purchasing a. The earlier you have this, the better. Often such problems can be resolved, ifBuying and renovating a sponsor unit in New York City offers the benefits of a simplified purchase approval process and extensive customization opportunities, while considerations include the potential need for significant renovations, absence of certain modern features, financial implications, and the importance of working with knowledgeable. Absolute NYC & NYS Seller Transfer Tax rates in YORK are 1. The state passed new transfer taxes in April 2019. 425%. Subletting a sponsor-owned apartment is much simpler. More On: luxury real estate. Please reach out to me with any questions. Buyer having to pay transfer taxes applies to new and old sponsor condos. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster. The buy-ers ask the sponsor to combine the apart-ments into single unit 1AB prior to closing. Nearby homes similar to 100 Clinton Ave Unit 4A have recently sold between $180K to $440K at an average of $345 per square foot. Go! Manhattan Homes. So if you're buying a new apartment from the sponsor, be prepared to cover the transfer tax. Most Common Contingencies in NYC Real Estate Purchase Contracts. Pros of buying a sponsor unit in NYC No board approval process required: Sponsored co-op units can be a breeze to buy, mainly because the buyer is not. You’ll often encounter more rules in a co-op building vs a condo building. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. 4 percent state transfer. Rego Park Brand New Condo, Busy Area, Spacious open living areas, Modern open space style, Full floor-to-ceiling windows, Video intercom. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla345 East 57th Street, #16B$895,000. One of the best things about buying a sponsor unit in NYC is that you can forgo giving up days of your life putting together a massive coop board package. The apartment was listed back in November, which is the first time the apartment has been. 11374, Queens County, New York City, NY. Description. ∙ 4 Sadore Ln Unit 1Y, Yonkers, NY 10710 ∙ $340,000 ∙ MLS# H6260960 ∙ SPONSOR UNIT with NO Board Approval and only 10% down!sponsor unit means you are the first to have bought that unitYou bought it from the developer as opposed to a previous owner. The Pros and Cons of Buying a Sponsor Unit in NYC. Price Cuts: One57 penthouse gets $11 million reduction; Upper West Side condop discounts 3- and 4-bed sponsor units (Jun 27, 2023) When, why, and how to negotiate the purchase of a furnished apartment + Fully furnished New York City apartments (May 24, 2023) Waterline Square penthouse leads Manhattan sales at $25. Why buying a co-op directly from the sponsor may be worth every extra penny. My question is, doesn’t everyone in the building, shareholders and sponsor units alike have to adhere to the house rules and any fair a… What are the pros and cons of buying a sponsor unit in a co-op?. Investors often overlook this strategy, but it can be a powerful way to generate your multifamily property down payment funds. 67 likes. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. The ELIKA Team. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. So in Manhattan, where the median monthly rent is $3,100 (as of August 2021), that means an upfront fee of $5,580, on top of the first month’s rent and. You pay NYC transfer taxes of 1% of the purchase price because it's under $500,000. After you pay 400k in rent you’ll have had some nice memories. Anyone deemed worthy by the sponsor and a mortgage lender qualifies to buy the apartment, and the co-op has no control over who moves in. Hey showtime, you avoid the major ones by buying a coop at this price point. Purchasing a sponsor unit in a co-op, in particular, is a much different experience than buying a. Maximum allowance of subletting for a shareholder: Most co-ops. You avoid the 1% Mansion Tax since it’s under $1mm. Yes sponsor rights can be sold. 4% in NY State transfer taxes. Open Houses. 36 million for three-bedrooms. If you can afford it, yes. At [a unit purchase price of] $600,000, it's about $12,000; at $1 million, it's roughly $20,000. How to handle problems with a condominium board of managers. 4% and 2. You will also be subject to New York State transfer taxes, which is 0. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. 1 Bed. 📅 Stay informed and up to date with what is going on in your city - whether. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. All-cash buyers can expect to close in as little as 6-10 weeks. This Clinton Hill two-bedroom sponsor co-op, 451 Clinton Ave. “The law prevents you from suing the sponsor or developer for fraud due to omissions or failures to disclose material information in the offering plan because only the state attorney general can sue for fraud in an offering plan,” says Bonnie Reid Berkow, a NYC real estate lawyer and founding partner at the firm Wagner, Berkow & Brandt. Right of Refusal Contingency. New York, NY 10010. Knowing what type you’re buying is important. NORWOOD, BRONX: We like the look of the kitchen in this fully renovated one-bedroom co-op—note, a sponsor unit—which boasts cherry wood cabinetry, granite countertops, and a dishwasher. We also have a blog post that goes in-depth on the topic - check it out!Great article defining a sponsor unit and illustrating both the pros and cons of purchasing one. RECOMMENDED IN. , #5S, is a sponsor unit in a new building with occupancy expected for fall 2019. , managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. In addition to houses in 10453, there were also 4 condos, 1 townhouse, and 7 multi-family units for sale in 10453 last month. Buy smart: Before you buy a new or pre-construction condo in NYC, get the answers to these essential questions. Homes for Sale. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. A guide to using a no-fee renovation loan from a NYC real estate firm. The NYC Mansion Tax consists of 8 individual tax brackets. 2. The tax is as high as 3. . In a nutshell, Himmelstein says, “Don’t. That equates to $875 per month in common. (Though sponsor units do have their downsides, as well. $40,000) is the down payment of a house almost anywhere outside N. In addition to the NYC transfer tax, New York State also applies a transfer tax on all properties sold within the state. 72% per year, or $7,200 per year according to average NYC property tax rates discussed in our article on NYC real estate taxes. Title Insurance: $0. 4%. 1 ba. This 688-square-foot, one-bedroom condo sponsor unit condo has an open kitchen with a breakfast bar, stained oak flooring, radiant heat flooring in the bathroom, and a washer and dryer. The new rates start at 1% beginning with properties of $1,000,000 or greater and gradually increase to a maximum of 3. There's a condo that I'm interested in but it's been on the market for more than 2 years. That happened to Lincoln Towers, for instance. This is a 3-bed, 2-bath, 1,350 sqft property. The system was enacted in 1969 when rents were rising sharply in many post-war buildings. 101 Jackson Ave Unit 1E, Mineola, NY 11501. 00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. Buy Open Buy sub-menu. John Gasdaska and Jonathan Conlon are expert, experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. A number of units in the building have already entered contract, and remaining availabilities start at $570K for studios, $940K for two-bedrooms, and $1. In 2019, 59 were created. National Cooperative Bank offers competitive rates and easy pre-qualification. The building has a live-in super and a private courtyard, and is close to Montefiore Hospital, making it a good spot for medical residents. HPD rehabilitated some of these buildings and, over the years, gave the tenants the opportunity to own their apartments and become shareholders in limited-equity. Marketing for sale Sponsor (& Re-sale) Units in NYC. 2 million in 2019. 2. 2. The first step in buying a condo in NYC will be setting a budget for your purchase. conversions in New York City from 1961 to 2020. A Chinese investor bought two sponsor units at 111 West 57th St. , 75 Wall Street, and Greenwich West at 110 Charlton Street. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. He has finished a postdoctoral schedule at Columbia University and has acknowledged adenine new job in New York City. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. I’m a stabilized renter in a co-op. An offering plan becoming effective means the building is happening - the sponsor is committed to constructing the building and buyers are going to buy their apartments. I understand the benefits of buying a00:08:54 - You’re searching for an apartment and you continue to see this every now in the description and it says “sponsor apartment, no board approval”. Sponsor Unit - Forest Hills New York Real Estate. Y. 2. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. Financing Contingency. , #405, is going for $975,000. So, that’s it: no board approval,. This sweeping power vanishes, however, when a sponsor sells a unit. Most New York City co-ops require buyers to put down 20-25% of the purchase price, about the same as what most lenders require these days. 814 Amsterdam Avenue, New York, NY. Buying a condo in New York City is a dream for millions of people. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. 425% for sales of condos, co-ops and one- to three-family houses. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. The 421a tax exemption can bring your taxes down from 10-25 years.