Sponsor Apartments
The Sponsor is the person, or corporation that has converted, or is converting a residential rental building to a co-op or a condominium. The sponsor can also be selling apartments in a new building as co-ops or condominiums.
In a co-op, sponsor units are called "unsold shares" and they can be marketed by the sponsor until they are all sold. This process can take many years in a co-op or condo when a converted building has rent-regulated tenants who are not required to vacate.
Typically, in a Sponsor sale there is:
- limited paperwork involved and no board approval process.
- minimal down payment required, usually only ten percent, even if requirements are higher for non-sponsor sales.
- a passing-along of certain taxes and fees to the Buyer that are usually paid for by the Seller, such as real estate transfer taxes, filing fees and legal fees. | |
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Size/Type:
Location:
Web ID: |
$292,950
1BR Co-op
900 West 190th St.
1040 |
| Click on picture for detailed information |
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| | | Price:
Size/Type:
Location:
Web ID: |
$625,000
3BR Co-op
900 West 190th St.
1041 |
| Click on picture for detailed information |
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| | Contract Signed | Price:
Size/Type:
Location:
Web ID: |
$649,000
3BR Co-op
875 West 181st St.
863 |
| Click on picture for detailed information |
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Information regarding property for sale or rent is from sources deemed reliable. No representation is made regarding the accuracy thereof. Such information is subject to errors, omission, change of price, rental, commission, prior sale, or lease, or withdrawal without notice. | |
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