Assisted FSBO Listing; Professional Photography; Virtual Staging; Custom Floor Plans; 3D Virtual. 1 Bed. primary residence). Rego Park Brand New Condo, Busy Area, Spacious open living areas, Modern open space style, Full floor-to-ceiling windows, Video intercom. $360,000. The argument for buying is even more persuasive in a market with low mortgage rates. 1bd. coop #507534. 05% of the initial mortgage principal (includes a 1% New York City tax). “A tenant. “ Procuring cause” does not get defined precisely anywhere. The difference between these three is important to know when. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. 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. Dear Board of Directors, It is with great pleasure that I write to you about my application to. It’s in One Manhattan Square, a building that will have a 75-foot swimming pool, a basketball court, a bowling alley, a squash court, and a golf simulator. This can be a tedious process as some co-op boards will require potential sublessees to fill out the same lengthy co-op board application as prospective purchasers in the building. $440,000 Last Sold Price. The Epic Journey of Building Construction in NYC: From Idea to Topping Out. 65% on sales from $3m. You’ll need to know how much you can afford or want to spend before starting your search. View 456 homes for sale in Forest Hills, NY at a median listing home price of $399,000. You might be able to negotiate with your landlord for a longer lease with a lump sum, but you wouldn't OWN at the end of it. No issues at all with the tenants. A condo or condominium is real property unlike a co-op. This video explains the concept of sponsor units in the New York City real estate market. If you’re buying a sponsor unit (new construction), it’s customary for the buyer to also cover the seller’s attorney fees in addition to the NYC and NYS Transfer Taxes. In 2008, it sold for $442,000, and in 2018, for $560,000, before ending up with. Or in the case of a co-op, it is owned by the original owner or the corporation that originally converted rental units into co-ops. However, this term can have a different meaning depending on whether the unit is in a. Submit the Board Application Package. Unfortunately, the same could be said of buying real estate in New York City: It’s different here. “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. Some co-ops allow for up to a 2- year period. #4FE) Prices are based on the U. An Accessory Dwelling Unit (ADU) is a small, independent residential dwelling unit located on the same lot as your home. Exceptions include sponsor units…For example, let’s say that you are in contract to buy a co-op sponsor unit. 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. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. . Private Exclusives; Coming Soon;. Extell's rent-to-own offering allows you to credit a year of rental payments towards a condo purchase if you buy within 12 months. Landing a rent-stabilized apartment in New York City can be a lifeline for renters who would otherwise struggle to afford to live here. 075%. Rising interest from overseas investors should put homegrown NYC buyers on alert. You may want to contact one of the following tenant groups who can also advise you on finding an attorney if necessary. This two-bedroom, one-bath sponsor co-op 163 Ocean Ave. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. Common Misconceptions. Generally, a lender may not consider granting a loan to purchase a co-op in a building which is less than 80% owner-occupied or in which the sponsor still holds the majority of shares after a significant amount of time has passed since the conversion plan was approved. Buy Open Buy sub-menu. Brooklyn Realty Specialists - Residential and Commercial Sales and Rentals, Condos and Co-Ops With Exceptional Service – Realty Collective. )Most co-ops require a strict board approval for move-in, but buying a sponsor unit in the building means skipping the interrogation. Repair Allowance. The tax is as high as 3. How buying real estate in NYC is unlike anywhere else. 5 results. National Cooperative Bank offers competitive rates and easy pre-qualification. Forest Hills homes for sale. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. 9 million. Buying a condo in New York City is a dream for millions of people. By. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. 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. out this great listen on Audible. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. 2. Yes exactly. Thank you sharing your experience. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. In 2022, more NYC buyers will get something they have not had before: Cheaper conforming loans from Fannie Mae and Freddie Mac that will boost their buying power. 5 million. Among more than 16,200 new condo units built since 2013 in New York City, roughly 4,100, or one in four, remain unsold. Nourish generated revenue of $1. . First time home buyers will often be confused by the term ‘sponsor’ as it relates to buying a sponsor unit in NYC. Ariel Property Advisors. The Mansion Tax in NYC is a progressive buyer closing cost which ranges from 1% to 3. Come visit. This means that buyers of new housing developments. For a $1 million home, this would equate to $4,000 – $6,000. Negotiating the deposit. Construction: Despite not having to pass the co-op board’s approval process to buy a sponsor unit, any. 10% of annual maintenance (1st year) 20% of annual maintenance (2nd year) 25% of annual maintenance (3rd year) Annual sublet renewal fee — many coops in NYC will charge shareholders an fixed ‘annual sublet renewal fee’. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. This two-bedroom one-bath in a prewar co-op in Prospect Heights is a sponsor unit (so no co-op interview required!), and despite that significant selling point, doesn't seem to be significantly marked up. In my coop the rule is the Sponsor must sell the unit upon the death or voluntary move out of the Non-eviction tenant. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. It means you and the seller have come to an agreement about the price and rough terms of the deal. 2. Buying a co-op sponsor unit means you don't need board approval, but you'll likely pay a premium You get to avoid the intense scrutiny of a typical NYC co-op. 84% of the purchase price. If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. In most cases, they require one to two years of post-closing money in order to get approved for a unit. 800 ft². What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. , buying will most likely always make more sense than renting. 2. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. All-cash buyers can expect to close in as little as 6-10 weeks. 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. Main Menu. Compass Exclusives. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. A few are. ” What's Next? As with anything that involves a major investment or purchase, it's important for the potential buyer of a. Any residential sale below $3 million will remain at the already established 0. You must also pay RPTT for the sale or transfer of at least 50% of ownership in a corporation, partnership, trust, or other entity that owns/leases property and transfers of cooperative housing stock. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. 1 bath. Equal Housing Lender. So, that’s it: no board approval,. 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. It can take up to 10 to 15 weeks (or more) to find the right condo for you. 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. That’s because buyers are expected to pay city and state transfer taxes on co-op sponsor sales. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. 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. For those of you who are familiar with accounting, the REBNY financial form is a combination of a personal balance sheet and income statement, and allows sellers to evaluate your financial capability. 6 million, according to his longtime broker and real. (Though sponsor units do have their downsides, as well. 60-70 Woodhaven Boulevard UNIT 3C, Elmhurst, NY 11373. 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. 8% of the initial mortgage principal (includes a 1. The 4,600-square-foot unit had an asking price of $13. There are currently 79 condos for sale in Rego Park, Queens, NY to browse through, with prices between $150,000 and $1,875,000. most of the time, you become like other unit owners. This may be negotiable when it is a resale but less so if it’s a sponsor unit. , 75 Wall Street, and Greenwich West at 110 Charlton Street. ∙ 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. You’ll need to know how much you can afford or want to spend before starting your search. A New York sponsor unit Sponsor units are apartments in a co-op where the real estate developer or building owns the unsold shares allocated to the unit. 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. 425 to 1. By CityRealty Staff Thursday, August 26, 2021. Why? Because anyone with good credit, who can get a mortgage, the specified down payment and enough reserve funds. 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. New Construction. ft. When they refer to post-closing liquidity, co-op boards mean the amount of months’ worth of “rent” you. Buying a Sponsor Unit in NYC: Up to 2% When Buying in NYC: Buying Guide; Foreclosure center; Real estate app; Down payment assistance; Find a buyer's agent; Rent Open Rent sub-menu. 5 Sadore Lane, Unit 6E, Yonkers, NY 10710 is a co-op not currently listed. 2 bedrooms. (A TCO is a temporary certificate of occupancy, which means the building can be inhabited but there is still some work to be done on it. $139,000 plus. Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you. Queens County, New York City, NY . A $41,000 increase about five weeks ago brought the price of this one-bedroom Riverdale sponsor co-op, 3840 Greystone Ave. What does it mean and. Sort: Homes for You. 4 All checks for closing adjustments aggregating in excess of $2,500. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. 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. But a sponsor is not prevented from voting its percentage of common interests for unit owners who have similar views, as long as the unit owners are not on the sponsor's payroll or otherwise given money by the sponsor. In a co-op, a sponsor unit is owned either by the original owner or is one the co-op corporation converted from a rental. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. 425% for sales of $500k or less. 4% for sales under $3 million. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. See morePros of buying a sponsor unit in NYC. . It is asking $695,000. . With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. Taxes are $497 a month. In a co-op, a sponsor unit is. In a Prewar Co-op. If price > $499,999 then 1. Appraisal Contingency. for a total of $34 million, including this three bedroom with views of Central Park. — sq ft. When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. A grown child buying an apartment for a parent presents some unique challenges. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. 2 bds; 2 ba; 721 sqft - Condo for sale. 75% New York. Although the buyer of a sponsor apartment cannot be rejected, the buyer is usually required to fill out an. Aren’t New Developments Technically Sponsor Units? New developments are technically sponsor units, but NYC brokers don’t refer to them as such – they’re just called new developments. “When you purchase from a sponsor you do not have to. Nearby homes similar to 100 Clinton Ave Unit 4A have recently sold between $180K to $440K at an average of $345 per square foot. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. Buy Open Buy sub-menu. $550,000. LISTING BY: SOTHEBY'S INTERNATIONAL REALTY. Studio. Listing by Alexander Madison Realty Inc. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. 1 ba. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. National Cooperative Bank offers competitive rates and easy pre-qualification. 425% of the purchase price if it’s under $500K. There aren't that many 100%-sold co-ops. 7,052 Co-Ops For Sale in New York, NY. 8 million, down from $27. most of the time, you become like other unit owners. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. A guide to using a no-fee renovation loan from a NYC real estate firm. 425%. Other perks of buying directly from a sponsor can be lower cost or a. Houses for Rent. Q What should a buyer be aware of when purchasing a sponsor unit in a prewar co-op?. Co-op in Forest Hills. Also, see our Legal Assistance page and our Primary Residence FAQ. The application process for buying a co-op in NYC is notoriously daunting and one of the main advantages of the sponsor unit is that you don’t need board. 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. 4% in NY State transfer taxes. 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,. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. If you’ve been shopping for real estate in NYC, you may have encountered the phrase “sponsor unit. A sponsor unit in a New York City co-op or condominium can be a real find: It means more privacy and less bureaucracy. 9% for sale prices of $25 million or more. This two-bedroom, one-bath sponsor co-op, 163 Ocean Ave. 5. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. Listings from Canal Street to West 30th Street are selling at a median price of $2,010 per square foot, with Noho having the highest median prices ( $5. Come visit. 10 Things You Need to Know Before Renting in NYC; What are Sponsor Units in New York City Real Estate? Your Guide to Renting an Apartment in New York City; Latest Trends in New York City Real Estate: 2023; Top 10 Things to Consider When Buying a Home in. Find rego park properties for sale at the best price. 425%. 05% Mortgage Recording Tax (on loan amount) since it’s a coop and not a mortgage. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. 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. The downside is that there are additional costs to buying one. This amounts to about 2 percent of the property price. Knowing what type you’re buying is important. setting himself a positive precedent by buying a sponsor unit for $4. buying Co-ops family retiree sponsor unit. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. If it’s a five-unit building and the roof needs $100,000 of repairs, you know where the building is going to. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. The first step in buying a condo in NYC will be setting a budget for your purchase. Description. Rent stabilized tenants are. 5 million (May 22, 2023)Example: One unit of a two-family house is used for residential purposes, and the other unit is used for commercial purposes as a retail store. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. Sponsor units are not common in New York City real estate. 2. Sometime you can buy unsold shares from the sponsor and keep unit as an investment property (vs. Right of Refusal Contingency. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. • Quicker buying process: There’s no board review or interview necessary when buying a sponsor unit, which makes the buying process much quicker and easier. I also understand that sponsor unit condos can come with significantly higher closing costs due to the transfer taxes and mortgage taxes. 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. RECOMMENDED IN. This seems like an issue you’ve been asking all over Reddit this past week. Remember that sponsors typically expect new construction buyers to pay the sponsor’s NYS and NYC transfer taxes in addition to the. Co-ops still make up a big percentage of housing in New York City—about 75%, according to brokers—and sponsor units are actually "unsold shares" in the building. Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. If you’re interested in purchasing an apartment in a condominium building and wondering how to do it, this comprehensive guide will walk you through the process. 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. Brick has found that listings of these apartments are up about 50 percent from before the pandemic. There are many terms in the real estate world but one that has been bandied about for a long time is “Sponsor sale”. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. How buying real estate in NYC is unlike anywhere else. Once upon a time, you knew you had finally made it in New York City when you could afford to buy a penthouse apartment. The offering plan is a document that discloses important information about a condo or co-op to a prospective buyer. , #4A, saw its price drop a couple weeks ago by $35,000, bringing the asking price to $845,000, which is just slightly north of the median for a two bedroom in the neighborhood, per StreetEasy. NYC and state transfer taxes. Conversion or Alteration. Your attorney will provide this and detail some important protections you must know before deciding to buy. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. NYC WEATHER & 7 Day Forecast; New York Times; Annualcreditreport. 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. New York City has about 75,000 pieds-a-terre. If buying a new construction unit, the Offering Plan (with any amendments) may be your sole source of diligence. 36 million for three-bedrooms. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. The commercial NYC Transfer Tax rate is 1. Anyone with plans to purchase a sponsor-owned condo or co-op in NYC needs to understand an offering plan. Sponsors will need to deliver a unit in accordance with both the Offering Plan and the Purchase Agreement. coop . Simple answer -- when they were sold to an individual buyer, they were no longer sponsor units. Q. Street View. Deal of the Week; Most Popular; Open Houses. HDFC apartments are also much cheaper than regular coop apartments. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. If there is no "owner" and you are either dealing with a sponsor or with a lawyer if it is being sold by an estate, then you can start much lower. 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. But they are no longer common. lower_nyc. Its iconic skyline is a testament to human ingenuity, ambition, and the relentless drive for…. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. It s… 50 Sponsor Apartments: Pros and Cons - The Real Estate Broads of New York (podcast) |. In NYC real estate, a listing labeled “sponsor unit” means that the apartment is on the market for the first time. 075% depending on the property’s price. Still, the apartment has a large living and. Tend. 300 ft². Financing: If a sponsor holds a significant chunk of the building shares — usually 50 percent or more — banks and mortgage lenders are going to pass. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. 1 bed. 1 Bath. 075%. No. $859,000. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. 227-07 Hillside Ave Unit Duplex, Queens Village, NY 11427. Once the landlord gets the requisite number of purchasers, the conversion will be approved and the building will go condo—but for those stabilized tenants who don’t want to buy, they can continue to rent. However, case law suggests that a real estate buyer’s broker in NYC must show a “ direct and proximate link between the bare introduction of the purchaser and seller and the transaction . 4%. 1% Full Service;. 8% of the initial mortgage principal (includes a 1. Property types in NYC range from condos, coop, townhouses, multi-family properties to new construction and sponsor units. Co-op/Condo Abatement - Frequently Asked Questions. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. undivided interest in the common elements of the building. See more ideas about nyc, home buying, closing costs. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in. For Residential 1-3 family homes, condos, and co-ops the New York State transfer tax rates are as follows: Let’s say you purchased a new development condo for $1,000,000. 101 Jackson Ave Unit 1E, Mineola, NY 11501. That can be up to 1. Any residential sale below $3 million will remain at the already established 0. Sponsor Unit - Forest Hills New York Real Estate. My own converted in the early '90s with a bit more than 50% sold, and is now at 22% of shares still owned by the sponsor. 425% on. 9% for properties purchased for $25,000,000 or greater. Most Common Contingencies in NYC Real Estate Purchase Contracts. The new laws require disclosure of the name of every natural person who owns a membership interest, directly or indirectly, in an LLC that is the grantor or grantee of residential property containing one to four units. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. The tax is as high as 3. If you stumble upon a sponsor unit, that’s an apartment still owned by the building’s original owner, and is therefore exempt from the co-op board review. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. Absolute NYC & NYS Seller Transfer Tax rates in YORK are 1. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. 84-70 -th Street #4S, Kew Gardens, NY 11415. Building for sale! This lovely 5 story townhouse in the heart of Manhattan is perfect for conversion to 1-family home. The exact amount will be dependent on the interest of each owner, in addition to the total assessed amount and the duration over which the assessment must be paid. For example, if you're buying a home in New York City, you will pay 1. 925 percent, totaling $15,400. 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. Still, the apartment has a large living. , #405, is going for $975,000. A. 814 Amsterdam Avenue, New York, NY. located at 111 Fifth Avenue, New York, New. By sponsor unit, we mean that the co-op itself owns the apartment that is being sold. 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. 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 interview process you'd have to go through to purchase, particularly in co-ops. Y. How buying real estate in NYC is unlike anywhere else. Exceptions include sponsor units…This special risk to buying a new construction home in NYC is disclosed in the Special Risks section of the building’s offering plan. Added together, the buyer is at roughly $38,400 in closing costs, or 3. The benefits of buying into a. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. The Pros and Cons of Buying a Sponsor Unit in NYC. (The average Manhattan apartment last year cost around $1. In a nutshell, Himmelstein says, “Don’t. $499,000. 00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller. It often indicates a user profile.