--- title: "NYC Sponsor Co-ops for Sale" description: "173 sponsor co-op units for sale across Manhattan, Brooklyn and Queens, sold without board approval. Median asking $840K. Buyer Commission Share at closing." url: "https://realestaterebatesnewyork.com/new-developments/newyorkcity/co-ops-for-sale" source: "Real Estate Rebate Team" --- Real Estate Rebate Team Licensed Broker NY & NJ · License: 10491211335 NEW YORK CITY · SPONSOR CO-OP UNITS # NYC Sponsor Co-ops for Sale **173 sponsor co-op units** are for sale across **Manhattan, Brooklyn and Queens**, in **119 developments**, at a median asking price of **$840K** and $1,014 per square foot. Ground-up construction in New York is almost always condominium, so a co-op listed here is rarely a new building. It is a sponsor unit: shares in an existing co-operative that the building's original converter never sold and still owns. That distinction is the whole point, because a sponsor sells without sending you to the board. ## Showing 173 sponsor co-op units for sale in New York City · Inventory updated 12 September 2026 SORT: NEWEST ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ### Buyer Advantage Est. ## What New York City sponsor co-ops are asking Active listings173 Median asking price$841,500 Median price per sq ft$1,014 Median size1,161 sq ft By bedrooms: Studio 22 · 1 bed 58 · 2 bed 61 · 3 bed 18 · 4+ bed 10 Figures reflect active RLS listings at the time this page was built, after removing duplicate feed records. · Updated 12 September 2026 ## Buildings with sponsor units available [6 ### 625 Main Street 6 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/625-main-street)[### BRIGHTON TOWERS 5 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/brooklyn/brighton-towers)[### 555 Main Street 5 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/555-main-street)[### Brooklyn Point 5 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/brooklyn/brooklyn-point)[### The Solaire 4 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/the-solaire)[### Lincoln Towers 3 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/lincoln-towers)[### 360 West 22nd Street 3 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/360-west-22nd-street)[### 201 East 23rd Street 3 listings for sale](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/201-east-23rd-street) ## What the Buyer Commission Share looks like here On a purchase at the median asking price of **$841,500**, an eligible buyer represented by us would receive an estimated **$12,623** Buyer Commission Share at closing, assuming a 3% buyer-broker commission. Actual amounts depend on the listing-side compensation and your buyer agreement. [How the Buyer Commission Share works →](https://realestaterebatesnewyork.com/buyer-advantage) ## What a sponsor sale adds at closing On a resale you pay your own closing costs. On a sponsor sale the offering plan customarily moves the seller’s transfer taxes and the sponsor’s attorney fee onto you as well. Those terms are negotiable, and on a unit that has been sitting they are often the part of the deal a sponsor will move on before the asking price. Median asking price here$841,500 Sponsor's New York State transfer tax$3,366 Sponsor's New York City transfer tax$11,991 Added at closing, before the attorney fee$15,357 Buyer Commission Share, illustrative$12,623 On the median asking price here, the Buyer Commission Share of $12,623 offsets most of the $15,357 of sponsor-side transfer taxes. The attorney fee sits on top of both. Transfer taxes at the published rates: 0.4% New York State, 0.65% at $3M and above, plus 1.425% New York City above $500,000. The sponsor’s attorney fee varies by deal and is not included. The Buyer Commission Share is illustrative, on a 3% buyer-broker commission; the commission on any given purchase is whatever the sponsor offers. [How new development closing costs work](https://realestaterebatesnewyork.com/new-development-closing-costs-nyc) · [Price a specific purchase](https://realestaterebatesnewyork.com/calculators/new-development-closing-cost-calculator) ## What a sponsor unit is, and why it sells differently When a rental building converted to co-operative ownership, the sponsor offered shares to the tenants and the public and kept whatever went unsold. Decades later some of those apartments are still sponsor-owned, and when one comes to market it is sold by the sponsor under the original offering plan rather than by a shareholder. Three things follow. There is no board package and no interview, because the board does not approve a sponsor sale, which removes the largest single source of delay and rejection in a New York co-op purchase and opens the apartment to buyers a board would decline: the self-employed, foreign purchasers, parents buying for a child, and anyone buying through a trust. The sponsor customarily assigns the transfer taxes and its own attorney fee to the buyer, so the closing costs look more like a new development than a resale. And sponsors frequently ask for a larger deposit or a higher down payment than the building's own financing minimum. What you are buying is an existing apartment in an existing building, so the reserve fund, the underlying mortgage and the condition of the unit deserve exactly the scrutiny any resale would get. BUYER FAQ ## Common questions about sponsor co-ops in NYC ### What does sponsor unit mean in NYC? + An apartment still owned by the party that converted the building to co-operative ownership, rather than by a shareholder who bought one. The sponsor offered shares at conversion, kept what did not sell, and in many buildings rented those apartments out for years. When one is listed, you are buying from the sponsor under the original offering plan. The practical consequence is that the board does not vote on the sale. ### Do sponsor co-ops really skip board approval? + Yes, and it is the reason the category exists as a search. A sponsor sale is made under the offering plan, so there is no board package, no financial disclosure to a committee of neighbours, and no interview. For most buyers that removes four to eight weeks and the risk of a rejection nobody has to explain. It also opens the apartment to buyers a board would ordinarily decline. Verify it for the specific unit before relying on it: some buildings have amended their plans over the years, and a resale by a shareholder in the same building is an ordinary board-approved sale. ### What are the downsides of buying a sponsor unit? + Four, in the order they usually surprise people. The closing costs are larger, because the sponsor typically assigns the transfer taxes and its attorney fee to you. The deposit or down payment asked can exceed the building's own financing minimum. The apartment is often in original condition, because it was a rental for years and the sponsor had no reason to renovate. And when you sell, your buyer goes to the board like anyone else, so the no-approval advantage is yours going in and not going out. ### Do co-op buyers pay the mortgage recording tax? + No, and it is the largest single saving in a co-op purchase. The mortgage recording tax applies to loans secured by real property, and a co-op loan is secured by shares in a corporation and a proprietary lease instead. That exemption is worth roughly 1.8 to 1.925 percent of the loan amount, which on a financed purchase generally outweighs the extra transfer taxes a sponsor assigns. The New York State mansion tax still applies from $1 million, and the transfer taxes still apply to the share transfer. ### How much do sponsor co-ops cost in New York City? + The median asking price across the 173 listed here is $840K, or about $1,014 per square foot, on a median 1,161 sq ft. Compare per square foot rather than per apartment, because sponsor units skew older and larger than the condominium stock. The cash you need up front is the harder number: budget the deposit the sponsor asks for rather than the building's minimum, the transfer taxes the plan assigns to you, and enough left over afterwards for the work an apartment rented out for years usually needs. ### Where are most sponsor co-ops in New York City? + Manhattan holds most of them, because that is where the large pre-war rental stock converted in the 1980s. Brooklyn has a smaller number concentrated in the older co-operative buildings of Brooklyn Heights, Park Slope and along Eastern Parkway, and Queens has a modest supply in Forest Hills, Jackson Heights and Rego Park. The borough and neighborhood lists below carry live counts. ### Can I finance a sponsor co-op? + Usually, but check two limits before you offer. The building sets a maximum loan-to-value for the whole co-operative, commonly 75 or 80 percent and occasionally lower, and that applies to you regardless of who is selling. The sponsor may separately ask for more cash than that minimum. Beyond the apartment, lenders look at the corporation: the size of the underlying mortgage, when it refinances, and what share of the building the sponsor still owns, because a sponsor holding a large block is a concentration risk to a lender as much as a governance question for you. ### Is there a flip tax on a sponsor unit? + Frequently yes, and it is worth reading the plan rather than assuming. A flip tax is a transfer fee the corporation charges when shares change hands, typically one to three percent of the price or a set amount per share. Some buildings waive it on sponsor sales and many do not. It is paid on the way out rather than the way in, so it affects what your eventual sale nets rather than what this purchase costs, and it belongs in the arithmetic either way. ### Is there a Buyer Commission Share on a sponsor co-op? + On a purchase at the $840K median here it works out to an estimated $12,622.5, credited to you at closing. Where the sponsor agrees to compensate a buyer's broker, we share half of what we actually receive with you as Savings at Closing. It is not a discount on the asking price and it does not come out of your deposit. What it requires is a signed buyer agreement and that we are the broker who introduces you to the apartment. ## Explore sponsor and new construction inventory ### Sponsor co-ops by borough - [Manhattan sponsor co-ops](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/co-ops-for-sale) - [Brooklyn sponsor co-ops](https://realestaterebatesnewyork.com/new-developments/newyorkcity/brooklyn/co-ops-for-sale) - [Queens sponsor co-ops](https://realestaterebatesnewyork.com/new-developments/newyorkcity/queens/co-ops-for-sale) ### Sponsor and new construction by neighborhood - [Financial District new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/financial-district-manhattan) - [Upper West Side new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/upper-west-side-manhattan) - [Williamsburg new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/brooklyn/williamsburg-brooklyn) - [Midtown East new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/east-midtown-manhattan) - [Long Island City new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/queens/long-island-city-queens) - [Hell's Kitchen new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/hell-s-kitchen-manhattan) Show moreShow less- [Bushwick new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/brooklyn/bushwick-brooklyn) - [Midtown new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/midtown-manhattan) - [Downtown Brooklyn new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/brooklyn/downtown-brooklyn-brooklyn) - [Chelsea new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/chelsea-manhattan) - [Lincoln Square new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/lincoln-square-manhattan) - [Hudson Yards new developments](https://realestaterebatesnewyork.com/new-developments/newyorkcity/manhattan/hudson-yards-manhattan) ### Other ways to buy new construction in New York City - [Condos in New York City](https://realestaterebatesnewyork.com/new-developments/newyorkcity/condos-for-sale) - [Penthouses in New York City](https://realestaterebatesnewyork.com/new-developments/newyorkcity/penthouses-for-sale) ### Co-op buyer guides & tools - [NYC co-ops for sale](https://realestaterebatesnewyork.com/buy/newyorkcity/co-ops-for-sale) - [Condo vs co-op in NYC](https://realestaterebatesnewyork.com/guides/condo-vs-coop-nyc) - [Mortgage recording tax calculator](https://realestaterebatesnewyork.com/calculators/nyc-mortgage-recording-tax-calculator) - [Buyer closing cost calculator](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) - [Mansion tax calculator](https://realestaterebatesnewyork.com/calculators/nyc-mansion-tax-calculator) - [How the Buyer Commission Share works](https://realestaterebatesnewyork.com/buyer-advantage) Regis Roumila Licensed Real Estate Broker · NY & NJ NY DOS Licence10491211335 MembershipsREBNY & NAR Member ExperienceOver 25 Years of Local Expertise ## Looking at sponsor co-ops across New York? A sponsor unit is the one co-op purchase where the board is not the obstacle, which makes the terms of the sale the thing worth negotiating instead. The sponsor pays the buyer's broker, so bringing your own costs you nothing on the buying side, and where we are compensated every eligible purchase earns a Buyer Commission Share: half of what we actually receive, credited to you as Savings at Closing. There are 173 sponsor co-op units for sale across Manhattan, Brooklyn and Queens today, at a median asking price of $840K. Tell me the boroughs and the budget and I will tell you which of them genuinely skip board approval, which buildings carry a land lease or a heavy underlying mortgage, and what the Buyer Commission Share works out to on the ones you shortlist. [Schedule a Private Consultation](https://realestaterebatesnewyork.com/contact)[Estimate Your Buyer Advantage](https://realestaterebatesnewyork.com/buyer-advantage) Loading map... Chat with us on WhatsApp NEW YORK CITY PROPERTY TYPE PRICE BEDS FilterNEWEST NEW YORK CITYPRICE BEDS Layout [New · 1 day agoSponsor Residence·Residential·Crown Heights, Brooklyn ### 960 Sterling Place #4F, Brooklyn, NY 11213 2 Beds · 1 Bath$825,000●ActiveEstimated Buyer Advantage$20,625*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/brooklyn/11213/960-sterling-place-4f-ny-11213)[New · 1 day agoNew Development·Residential·Downtown Brooklyn, Brooklyn ### 1 CITY Point #27J, Brooklyn, NY 11201 1 Bed · 1 Bath · 792 sqft$1,395,000●ActiveEstimated Buyer Advantage$34,875*Courtesy of Corcoran Group](https://realestaterebatesnewyork.com/buy/newyorkcity/brooklyn/11201/1-city-point-27j-ny-11201)[New · 2 days agoSponsor Residence·Residential·Chelsea, Manhattan ### 360 West 22nd Street #1R, New York, NY 10011 Studio · 1 Bath$850,000●ActiveEstimated Buyer Advantage$21,250*Courtesy of Sothebys International Realty](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10011/360-west-22nd-street-1r-ny-10011)[New · 2 days agoSponsor Residence·Residential·Chelsea, Manhattan ### 360 West 22nd Street #11H, New York, NY 10011 Studio · 1 Bath$800,000●ActiveEstimated Buyer Advantage$20,000*Courtesy of Sothebys International Realty](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10011/360-west-22nd-street-11h-ny-10011)[New · 2 days agoSponsor Residence·Residential·Chelsea, Manhattan ### 360 West 22nd Street #8D, New York, NY 10011 1 Bed · 1 Bath$875,000●ActiveEstimated Buyer Advantage$21,875*Courtesy of Sothebys International Realty](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10011/360-west-22nd-street-8d-ny-10011)[New · 3 days agoSponsor Residence·Residential·Midtown East, Manhattan ### 345 East 61st Street #3A, New York, NY 10065 2 Beds · 1 Bath$849,000●ActiveEstimated Buyer Advantage$21,225*Courtesy of Real New York](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10065/345-east-61st-street-3a-ny-10065)[Sponsor Residence·Residential·Murray Hill, Manhattan ### 310 Lexington Avenue #2H, New York, NY 10016 1 Bed · 1 Bath$559,000●ActiveEstimated Buyer Advantage$13,975*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10016/310-lexington-avenue-2h-ny-10016)[New · 3 days agoSponsor Residence·Residential·Roosevelt Island, Manhattan ### 555 Main Street #1311, New York, NY 10044 Studio · 1 Bath · 596 sqft$475,000●ActiveEstimated Buyer Advantage$11,875*Courtesy of POWERED BY DMT LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10044/555-main-street-1311-ny-10044)[New · 3 days agoSponsor Residence·Residential·Carnegie Hill, Manhattan ### 1050 5th Avenue #7C, New York, NY 10028 1 Bed · 2 Baths · 1,325 sqft$2,245,000●ActiveEstimated Buyer Advantage$56,125*Courtesy of Brown Harris Stevens Residential Sales LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10028/1050-5th-avenue-7c-ny-10028)[New · 3 days agoSponsor Residence·Residential·Kips Bay, Manhattan ### 201 East 28th Street #2P, New York, NY 10016 1 Bed · 1 Bath$749,000●ActiveEstimated Buyer Advantage$18,725*Courtesy of Corcoran Group](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10016/201-east-28th-street-2p-ny-10016)[New · 3 days agoSponsor Residence·Residential·West Village, Manhattan ### 92 HORATIO Street #4S, New York, NY 10014 Studio · 1 Bath · 400 sqft$500,000●ActiveEstimated Buyer Advantage$12,500*Courtesy of Corcoran Group](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10014/92-horatio-street-4s-ny-10014)[New Development·Residential·Chelsea, Manhattan ### 228 West 21st Street #2, New York, NY 10011 2 Beds · 2 Baths$1,695,000●ActiveEstimated Buyer Advantage$42,375*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10011/228-west-21st-street-2-ny-10011)[New · 3 days agoNew Development·Residential·Lenox Hill, Manhattan ### 225 East 74th Street #2B, New York, NY 10021 1 Bed · 1 Bath$588,000●ActiveEstimated Buyer Advantage$14,700*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10021/225-east-74th-street-2b-ny-10021)[New · 4 days agoSponsor Residence·Residential·Hell's Kitchen, Manhattan ### 305 West 55th Street #A, New York, NY 10019 1 Bed · 2 Baths$899,000●ActiveEstimated Buyer Advantage$22,475*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10019/305-west-55th-street-a-ny-10019)[New · 4 days agoSponsor Residence·Residential·Yorkville, Manhattan ### 514 East 82nd Street #2E, New York, NY 10028 1 Bed · 1 Bath$549,000●ActiveEstimated Buyer Advantage$13,725*Courtesy of Douglas Elliman Real Estate](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10028/514-east-82nd-street-2e-ny-10028)[New · 4 days agoSponsor Residence·Residential·Upper West Side, Manhattan ### 200 West 108th Street #4CD, New York, NY 10025 2 Beds · 2 Baths$1,250,000●ActiveEstimated Buyer Advantage$31,250*Courtesy of Brown Harris Stevens Residential Sales LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10025/200-west-108th-street-4cd-ny-10025)[New · 4 days agoSponsor Residence·Residential·Flatiron, Manhattan ### 7 East 14th Street #220, New York, NY 10003 1 Bed · 1 Bath$775,000●ActiveEstimated Buyer Advantage$19,375*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10003/7-east-14th-street-220-ny-10003)[Sponsor Residence·Residential·Hudson Heights, Manhattan ### 340 Haven Avenue #5R, New York, NY 10033 Studio · 1 Bath$349,000●ActiveEstimated Buyer Advantage$8,725*Courtesy of Compass](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10033/340-haven-avenue-5r-ny-10033)[New · 4 days agoSponsor Residence·Residential·Kensington, Brooklyn ### 599 East 7th Street #3U, Brooklyn, NY 11218 2 Beds · 1 Bath · 1,050 sqft$640,000●ActiveEstimated Buyer Advantage$16,000*Courtesy of Abacus Properties LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/brooklyn/11218/599-east-7th-street-3u-ny-11218)[New · 5 days agoSponsor Residence·Residential·Yorkville, Manhattan ### 514 East 82nd Street #1W, New York, NY 10028 1 Bed · 2 Baths · 1,100 sqft$635,000●ActiveEstimated Buyer Advantage$15,875*Courtesy of Douglas Elliman Real Estate](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10028/514-east-82nd-street-1w-ny-10028)[New · 4 days agoSponsor Residence·Residential·Forest Hills, Queens ### 65-35 YELLOWSTONE Boulevard #6F, Forest Hills, NY 11375 2 Beds · 1 Bath$433,000●ActiveEstimated Buyer Advantage$10,825*Courtesy of Argo Residential](https://realestaterebatesnewyork.com/buy/newyorkcity/queens/11375/65-35-yellowstone-boulevard-6f-ny-11375)[Sponsor Residence·Residential·Roosevelt Island, Manhattan ### 555 Main Street #801, New York, NY 10044 1 Bed · 1 Bath · 803 sqft$649,000●ActiveEstimated Buyer Advantage$16,225*Courtesy of POWERED BY DMT LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10044/555-main-street-801-ny-10044)[Sponsor Residence·Residential·Roosevelt Island, Manhattan ### 555 Main Street #1408, New York, NY 10044 1 Bed · 1 Bath · 803 sqft$635,000●ActiveEstimated Buyer Advantage$15,875*Courtesy of POWERED BY DMT LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10044/555-main-street-1408-ny-10044)[Sponsor Residence·Residential·Roosevelt Island, Manhattan ### 625 Main Street #1432, New York, NY 10044 2 Beds · 2 Baths · 1,376 sqft$1,150,000●ActiveEstimated Buyer Advantage$28,750*Courtesy of POWERED BY DMT LLC](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10044/625-main-street-1432-ny-10044) Buyer savings estimates are illustrative only. Actual amounts vary and are subject to transaction terms, lender approval, applicable law and listing-side compensation. RLS IDX Data display by Real Estate Rebate Team. This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and the number of bedrooms listed is for informational purposes and is not a legal conclusion. 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The sponsor offered shares at conversion, kept what did not sell, and in many buildings rented those apartments out for years. When one is listed, you are buying from the sponsor under the original offering plan. The practical consequence is that the board does not vote on the sale."}},{"@type":"Question","name":"Do sponsor co-ops really skip board approval?","acceptedAnswer":{"@type":"Answer","text":"Yes, and it is the reason the category exists as a search. A sponsor sale is made under the offering plan, so there is no board package, no financial disclosure to a committee of neighbours, and no interview. For most buyers that removes four to eight weeks and the risk of a rejection nobody has to explain. It also opens the apartment to buyers a board would ordinarily decline. Verify it for the specific unit before relying on it: some buildings have amended their plans over the years, and a resale by a shareholder in the same building is an ordinary board-approved sale."}},{"@type":"Question","name":"What are the downsides of buying a sponsor unit?","acceptedAnswer":{"@type":"Answer","text":"Four, in the order they usually surprise people. The closing costs are larger, because the sponsor typically assigns the transfer taxes and its attorney fee to you. The deposit or down payment asked can exceed the building's own financing minimum. The apartment is often in original condition, because it was a rental for years and the sponsor had no reason to renovate. And when you sell, your buyer goes to the board like anyone else, so the no-approval advantage is yours going in and not going out."}},{"@type":"Question","name":"Do co-op buyers pay the mortgage recording tax?","acceptedAnswer":{"@type":"Answer","text":"No, and it is the largest single saving in a co-op purchase. The mortgage recording tax applies to loans secured by real property, and a co-op loan is secured by shares in a corporation and a proprietary lease instead. That exemption is worth roughly 1.8 to 1.925 percent of the loan amount, which on a financed purchase generally outweighs the extra transfer taxes a sponsor assigns. The New York State mansion tax still applies from $1 million, and the transfer taxes still apply to the share transfer."}},{"@type":"Question","name":"How much do sponsor co-ops cost in New York City?","acceptedAnswer":{"@type":"Answer","text":"The median asking price across the 173 listed here is $840K, or about $1,014 per square foot, on a median 1,161 sq ft. Compare per square foot rather than per apartment, because sponsor units skew older and larger than the condominium stock. The cash you need up front is the harder number: budget the deposit the sponsor asks for rather than the building's minimum, the transfer taxes the plan assigns to you, and enough left over afterwards for the work an apartment rented out for years usually needs."}},{"@type":"Question","name":"Where are most sponsor co-ops in New York City?","acceptedAnswer":{"@type":"Answer","text":"Manhattan holds most of them, because that is where the large pre-war rental stock converted in the 1980s. Brooklyn has a smaller number concentrated in the older co-operative buildings of Brooklyn Heights, Park Slope and along Eastern Parkway, and Queens has a modest supply in Forest Hills, Jackson Heights and Rego Park. The borough and neighborhood lists below carry live counts."}},{"@type":"Question","name":"Can I finance a sponsor co-op?","acceptedAnswer":{"@type":"Answer","text":"Usually, but check two limits before you offer. The building sets a maximum loan-to-value for the whole co-operative, commonly 75 or 80 percent and occasionally lower, and that applies to you regardless of who is selling. The sponsor may separately ask for more cash than that minimum. Beyond the apartment, lenders look at the corporation: the size of the underlying mortgage, when it refinances, and what share of the building the sponsor still owns, because a sponsor holding a large block is a concentration risk to a lender as much as a governance question for you."}},{"@type":"Question","name":"Is there a flip tax on a sponsor unit?","acceptedAnswer":{"@type":"Answer","text":"Frequently yes, and it is worth reading the plan rather than assuming. A flip tax is a transfer fee the corporation charges when shares change hands, typically one to three percent of the price or a set amount per share. Some buildings waive it on sponsor sales and many do not. It is paid on the way out rather than the way in, so it affects what your eventual sale nets rather than what this purchase costs, and it belongs in the arithmetic either way."}},{"@type":"Question","name":"Is there a Buyer Commission Share on a sponsor co-op?","acceptedAnswer":{"@type":"Answer","text":"On a purchase at the $840K median here it works out to an estimated $12,622.5, credited to you at closing. Where the sponsor agrees to compensate a buyer's broker, we share half of what we actually receive with you as Savings at Closing. It is not a discount on the asking price and it does not come out of your deposit. What it requires is a signed buyer agreement and that we are the broker who introduces you to the apartment."}}]} {"@context":"https://schema.org","@type":"BreadcrumbList","@id":"https://realestaterebatesnewyork.com/new-developments/newyorkcity/co-ops-for-sale#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://realestaterebatesnewyork.com/"},{"@type":"ListItem","position":2,"name":"New Developments","item":"https://realestaterebatesnewyork.com/new-developments"},{"@type":"ListItem","position":3,"name":"NYC Co-ops","item":"https://realestaterebatesnewyork.com/new-developments/newyorkcity/co-ops-for-sale"}]} ```