Sponsor co-op of the week

A one bedroom in a prewar on the UES for $595,000, no board approval required

This co-op is priced well below the current median sales price for Lenox Hill. 

Warburg Realty

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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."

Thanks to the new Q train, the area between First and Second avenues on the Upper East Side is getting a lot of interest from buyers with areas like Lenox Hill now a lot more accessible. This co-op, 308 East 79th St., #2F, is in a prewar building at the upper edge of Lenox Hill and is offered at $595,000, which is below the current median sales price of $798,500 for similar sized units in the neighborhood. That said, it is due for some upgrades, which will add to the price tag.

Built in 1929, the building has amenities that include a 24-hour doorman, concierge, elevator, a live-in super, bike room, package room, and a laundry room. According to the listing, the building is also in the middle of installing a gym and a planted courtyard, so make sure to ask about any additional assessments. Monthly maintenance for the apartment is $1,692. 

The closed curtains in the living room don't bode well for the view but the dark hardwood floors look in good condition.

The kitchen is in need of some upgrades and the dining area with a window provides a bit of extra space for a possible expansion.

The bedroom and living room are of comparable size. There are no pictures of the bathroom, which is a sign it is likely in need of a complete overhaul. 

The layout shows a decent sized foyer with a closet and additional storage space in the corridor outside the bedroom. The building has 189 units over 17 floors. 

Pieds-à-terre are allowed, as are guarantors. Pets and subletting are subject to board approval.