Sponsor co-op of the week

A Roosevelt Island three-bedroom duplex for $1,199,000, no board approval required

The listing pictures are of an apartment with a similar layout, but are not the exact same unit.

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2019
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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."

This three-bedroom duplex, 555 Main St., #912, on Roosevelt Island is offered at $1,199,000, which isn't far off the median price of $1,244,000 for apartments in the neighborhood. There are too few similarly sized apartments being sold on Roosevelt Island to calculate a median price for three bedrooms, but the last unit of this size to sell in the building went for $1,245,000 in 2016.

The apartment is one of a couple of sponsor units available in Island House, a complex built in 1975 that has 400 units and 19 stories. Amenities include a full-time doorman, various laundry rooms, a bike room, elevator, access to a fitness center, pool, community room, playrooms, and a common courtyard. The monthly maintenance is $1,641. 

Roosevelt Island is a unique neighborhood offering city living—with amazing views—but with more of a community feel. This particular unit gets East River views from one of the bedrooms and views of Queens from the living room. The building is pet-friendly and allows co-purchasing and pieds-à-terre. 

The listing pictures are of a unit with a similar layout but not the exact same unit. However, the finishes are all identical—the kitchen has stainless steel Viking appliances and custom cabinetry. Fixtures are from Pottery Barn.

The unit has hardwood floors. The view from the living room is of Queens (rather than Manhattan as pictured). 

The living and dining areas are on the upper level of the duplex along with the kitchen. The entrance to the unit is also on this floor with a bathroom and closet off the foyer. 

The bedrooms are all on the lower level of the duplex. All have storage and there's also a walk-in closet next to the master. 

One bath has a tub with a shower head, the other has a shower stall. The unit also has a washer dryer in one of the bathrooms. 

There are no taxes listed for the unit because there's an abatement in place until January 2020. That means you won't pay taxes until then but should still factor them into your carrying costs from the new year. 

For transport, you'll be relying on the F train. It's a six-minute walk to the subway stop. Parking has been tricky in the past but a fairly recent change allows free overnight street parking for residents. The island is owned by the city and is part of Manhattan but it’s mostly leased to the state. The Roosevelt Island Operating Corporation is working on breathing life into the community, keeping it accessible, renovating parks and capitalizing on the island’s history.