the New York Telephone Company in 1929, has been emphatic. 625% for sales of $500k or more. Rising interest from overseas investors should put homegrown NYC buyers on alert. Mansion Tax must be paid on all real estate purchases over $1000000. New York City developers and investors are seeing an uptick in bulk condo deals, thanks to an already soft market and coronavirus-related distress. NYC and state transfer taxes. Conversion or Alteration. 36 million for three-bedrooms. 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. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. If you want to buy a co-op in New York City without the intrusive buying experience that they’re known for—a sponsor unit is your best bet. 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. Manhattan Mini Storage offers access around the clock, 365 days a year, with no extra charge for bulky items. 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. When purchasing these types of units, buyers can completely skip over the (sometimes harrowing) board interview portion of the process. Most sponsors ask for 10. 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. )The Penthouse at The Wales, a new condo conversion of a 1905 loft building, has outdoor space on two levels and Central Park views. There are some exceptions (sponsor units) but this is the general rule. In NYC real estate, a listing being labeled “sponsor unit” means the apartment is on the market for the first time. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. Tend. Yes exactly. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to buying a sponsor unit co op? What are some nuances to calculating transfer taxes owed for a sponsor sale coop? We'll teach you everything you need to know about buying a sponsor unit in NYC. Submit the Board Application Package. It’s Energy Star certified and has a dBA of 50. You avoid the 1% Mansion Tax since it’s under $1mm. NYS Tenant and Neighbors Coalition 212-608-4320. That happened to Lincoln Towers, for instance. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. In a condo building, a sponsor co-op is a unit the developer owns and is offered for sale for the first time. 4% to 2. If price > $499,999 then 1. 89-00 170th Street UNIT 2N, Jamaica,. 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’. Although you current income reflects own position and the region of the country he living in, his new job will pay $120,000 per year. Currently on Streeteasy, income-restricted apartments in Manhattan. You may want to contact one of the following tenant groups who can also advise you on finding an attorney if necessary. 425%. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. Buyer Closing Credit; Search for Listings; Closed Buy;. $499,000. 8% of the initial mortgage principal (includes a 1. 05% of the initial mortgage principal (includes a 1% New York City tax). As a result, prices have trended up for HDFC coop housing in recent years and made many out of reach for low-income New Yorkers. There are currently 79 condos for sale in Rego Park, Queens, NY to browse through, with prices between $150,000 and $1,875,000. Rego Park Brand New Condo, Busy Area, Spacious open living areas, Modern open space style, Full floor-to-ceiling windows, Video intercom. . 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. 4 All checks for closing adjustments aggregating in excess of $2,500. Exceptions include sponsor units that were held aside by the developer after the building. When they refer to post-closing liquidity, co-op boards mean the amount of months’ worth of “rent” you. The offering plan to buy a new development apartment in NYCHowever, with many sponsor units, even when the market favors buyers, the developer will insist on the buyer paying the transfer tax of 1 percent of the purchase price on purchases over $500,000, plus a point four percent (0. They're back: NYC buyers can expect more competition from foreign investors in 2023. The argument for buying is even more persuasive in a market with low mortgage rates. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. Estimate your buyer closing costs in NYC with Prevu's interactive calculator. The pandemic upended New York City’s real estate market,. Financing Contingency. However, this term can have a different meaning depending on whether the unit is in a. The rent-to-own program is another “creative marketing scheme to sell the apartments,” says Jerome Strelov, a real estate attorney with Frankfurt Kurnit Klein & Selz, who is not associated with the Extell program. 4% transfer tax to New York State. In a typical resale transaction, such transfer tax is paid by the seller. Property types in NYC range from condos, coop, townhouses, multi-family properties to new construction and sponsor units. He has finished a postdoctoral schedule at Columbia University and has acknowledged adenine new job in New York City. These documents are usually pretty long, so set aside some time to read through it yourself. 65% on sales by $3m. Total NYC & NYS Seller Transfer Tax rates in NYC are 1. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. New York, NY Home for Sale. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in the real estate market. New York City co-op buyers who want to skip the board approval process have more sponsor co-op listings to choose from these days. If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. ft. National Cooperative Bank offers competitive rates and easy pre-qualification. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. The sponsor is the person or entity who originally owned and converted the building from rental units to a co-op. Main Menu. The coop foreclosure process is much faster than the foreclosure process for condos, houses and other real property because lenders do not need to go to court for a judgement to be able to seize and sell the property. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. undivided interest in the common elements of the building. 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 . 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. Also, some co-ops and condos management boards will not let a unit go for under what they deem an exceptable threshhold (they have the option to buy the unit themselves and then resell it). , #405, is going for $975,000. One of the best things about buying a sponsor unit in NYC is that you can forgo giving up days of your life putting together a massive coop board package. 13 days on Zillow. in Chelsea has 44 units on five stories and dates to 1865. There are roughly 3,644,000 homes in New York City. If buying a new construction unit, the Offering Plan (with any amendments) may be your sole source of diligence. $440,000 Last Sold Price. In either case, as far as a co-op or a condo is concerned, an outside party — the original sponsor or an investor who bought the unit — is the landlord of those apartments. 175% of the initial mortgage principal (includes a 1. 84% of the purchase price. And it is a mistake to sign on the dotted line unless you truly understand the particulars of buying here, such as tax abatements, sponsor units, and the big one: The difference between a co-op and a condo. Buying a sponsor unit means that prospective purchasers can dodge the entire board application process, which can be arduous and stressful. Co op rules and regulations in NYC can be extremely onerous for residents. 4% for sales under $3 million. Buy Menu Toggle. 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. Assisted FSBO Listing; Professional Photography; Virtual Staging; Custom Floor Plans; 3D Virtual. 825% for those that go for $500,000 to $2,999,999, and 2. Stefano Ukmar for The New York Times. 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,. New York rentals. 62-54 97th Pl Unit 14B. You are not truly buying the property. 175% of the initial mortgage principal (includes a 1. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. HDFC apartments are also much cheaper than regular coop apartments. 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. Share 0. For context, there are 217 current HDFC listings in NYC, according to StreetEasy, ranging in price from $89,000 for a one bedroom in the East Tremont neighborhood of the Bronx to $1. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. New York. Although uncommon, a rent-to-own agreement is one way to buy or sell a home in New York City. There are two types of sponsor units you may encounter while browsing real estate in NYC: condo sponsor units and co-op sponsor units. Rental Listing Service; Closed Transactions; How it Works; Pricing; Resources Menu Toggle. 5 million. 425 percent on purchases of $500,000 or less), plus there’s a 0. , buying will most likely always make more sense than renting. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. Here are five great sponsor units. The first step in buying a condo in NYC will be setting a budget for your purchase. An offering plan becoming effective means the building is happening - the sponsor is committed to constructing the building and buyers are going to buy their apartments. , #405, is going for $975,000. ” What's Next? As with anything that involves a major investment or purchase, it's important for the potential buyer of a. Pros and Cons of Buying A Sponsor Unit. buying Co-ops family retiree sponsor unit. coop . In West Chelsea, this 1-bedroom HDFC unit is asking just $299K — significantly lower than average for the neighborhood. Midtown East | Cooperative | 2 Bedrooms, 1 Bath. A condominium, co-op, or apartment that the builder or investor has kept after selling the other units is referred to as a sponsor unit. Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. Find rego park properties for sale at the best price. Tudor City homes for sale. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. Street View. 118 Co-Ops For Sale in Yonkers, NY. Sublet surcharge — some NYC coops impose sublet ‘surcharges’ based on the size of the unit being sublet. RECOMMENDED IN. The first step in buying a condo in NYC will be setting a budget for your purchase. Sponsor Unit - New York NY Real Estate. Your attorney will provide this and detail some important protections you must know before deciding to buy. Apartments for Rent. Exceptions include sponsor units that were held aside by. Anyone deemed worthy by the sponsor and a mortgage lender qualifies to buy the apartment, and the co-op has no control over who moves in. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only. It’s located in The Harmony, a 16-unit boutique elevator condo building with a fitness center, parking garage, furnished roof deck, storage units, and bike storage. The state passed new transfer taxes in April 2019. 2. 9 million. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. 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. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. This can be both good and bad for the OP and should be looked into. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. The lower rate applies to sales of $500k and below. What distinguishes a sponsor unit from other apartments is that they have never been sold before. Set Your Price Range. If you were buying an apartment for $1,000,000, that would add approximately $18,000 onto the purchase price. , #5S, is a sponsor unit in a new building with occupancy expected for fall 2019. You will also be subject to New York State transfer taxes, which is 0. This model allows prospective first-time homebuyers to enter a rental agreement or lease (‘rent to own contracts” or “rent to own lease”) with a property owner for a specified lease term, and this term is typically anywhere from one to three years. Main Menu. And lastly, many condos in New York City enjoy tax abatements. The fees & closing costs associated with buying a co-op in NYC are approximately 1-2% of the purchase price. Map. The earlier you have this, the better. #4FE) Prices are based on the U. You’ll need to know how much you can afford or want to spend before starting your search. 2. A. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. 5-2% of. See pricing and listing details of Queens real estate for sale. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. One of the most desirable towers in Midtown East’s stately Tudor City complex, this 24-hour doorman building is equipped with on-site laundry and a 2,000-square-foot, recently updated gym with river views. Here's a checklist of things to look out for in a New York City apartment. Construction: Despite not having to pass the co-op board’s approval process to buy a sponsor unit, any. and filed with the New York City Register. What does this mean for her?, Which document or documents will help the cooperative buyer learn how the board operates and learn the cooperative's future plans? and more. Aaron2, you're right. Listing by: Douglas Elliman Real Estate. The city transfer tax is 1 percent of the purchase price on sales over $500,000 (or 1. For example, a couple agrees to buy adja-cent units 1A and 1B from the same sponsor, each unit priced at over $1,000,000. . However, these can be ponderous tomes to read through. 425% for sales of condos, co-ops and one- to three-family houses. The roughly 1,006,000 rent-stabilized homes make up about 28 percent of the overall housing stock and 44 percent of all rentals. Close to shopping, bus to main street, LIRR station and Bell Boulevard. • 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. August 27, 2020. Yep they can be pricey. The attraction of buying a furnished sponsor unit is that the furniture has been selected by a professional designer and has not been used by anyone else. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. Recently Sold. The boutique building at 100 West 15th St. Studio. including Gaia’s 144-unit buy at the. Listing by Alexander Madison Realty Inc. licensed real estate brokers licensed to do business in. Buy Open Buy sub-menu. Sponsors will need to deliver a unit in accordance with both the Offering Plan and the Purchase Agreement. Taxes are $497 a month. It's located in 11415, Kew Gardens, Queens County, New York City, NY. Yes sponsor rights can be sold. ) Here are a few major things the board will look at. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. For example, he said, if a sponsor who still owns 60 units in a 100-unit building sells half of his apartments and walks away from the rest, the building might still be better off. 425 percent on purchases of $500,000 or more, plus a . If you’re planning on buying a co-op in New York City, you’ve probably heard of the dreaded coop board application and subsequent interview. NMLS #507535. . “Sponsor listings” mostly are found in condo buildings, since. The purchase price for new development may include: Sponsor’s attorney fees. For buyers, sponsor-owned apartments usually carry a higher price tag than resale units, despite the wear and tear they might. Y. 00 shall be certified checks of Purchaser or official bank checks payable to Seller or as Seller. . 2. On market Nov 27. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. For transactions that are $500,000 and higher, that rate goes up to 1. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. An icon in the shape of a person's head and shoulders. I read online that this is undesirable because the majority owner can increase HOA fees significantly at any point or change up the rules that may negatively impact people who own their units. 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. Listing by E Realty International Corp. If you prefer to use a map view, click See all neighborhoods and select neighborhoods directly from. Hauseit LLC co-brokes all listings. 4 percent transfer tax to New York. Normally, the seller pays the transfer taxes on a sale, which, in NYC, amounts to 1. In this episode of the Real Talk NYC Real Estate Podcast, John and Jonathan will cover what a sponsor unit/apartment is, the pros and cons of sponsor sales, how to know if a sponsor unit is the right fit for you, and what the pros and cons of purchasing a sponsor unit are. Since a loan on a co-op apartment is not technically a mortgage, a bank can conduct a foreclosure sale under Article 9 of the. The NYC Mansion Tax consists of 8 individual tax brackets. 800 ft². Closing costs involved in buying a new condo in NYC are usually higher than in resale transactions. 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. There are many types of apartments in NYC for home buyers and renters to choose from. 825% of the purchase price if the price is over $500K and 1. coop . Only eneral downside I can think of is that you pay higher closing costs as stated by #4 and #5. Yes, you can avoid all of the trouble by buying a sponsor unit. 2 million in 2019. In most cities in the U. 5. 2. This amounts to about 2 percent of the property price. The mortgage recording tax is 2. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. Y. 1ba. View All. 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. RECOMMENDED IN SELL. RECOMMENDED IN SELL. 84-70 -th Street #4S, Kew Gardens, NY 11415. 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. In March, according to StreetEasy, a four-bedroom on the 22nd floor was the condo’s least-expensive unit, at $6. Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. 2 bds; 2 baSubletting a Sponsor Unit in a Co-op. The New York City Mansion Tax starts at 1% for purchases on/above $1 million and below $2 million. 1 ba. 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. Spectacular 14th floor one bedroom condo with private balcony and Manhattan skyline views. The Business Corporation Law (BCL) is the main New York State law which governs how most co-ops must operate, with court decisions providing the case law which interprets the statute. out this great listen on Audible. So if you're buying a new apartment from the sponsor, be prepared to cover the transfer tax. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. 2. All-cash buyers can expect to close in as little as 6-10 weeks. Dear Board of Directors, It is with great pleasure that I write to you about my application to. Sale Contingency. 1 Bed. The apartment was listed back in November, which is the first time the apartment has been. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. 10453 is home to approximately 75,320 people and 4,921 jobs. 825% for the transfer taxes and $2000-3000 for. licensed real estate brokers licensed to do. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. 25 per square foot in common charges 1, and that the property is 700 square feet. Marketing for sale Sponsor (& Re-sale) Units in NYC. Be very careful when buying a sponsor unit at a price of approximately $970,000 or more. Once you’ve found a place you want to buy, it typically takes between 6 and 12 weeks to close on a coop in NYC. 6 million, according to his longtime broker and real. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. This updated apartment has new appliances, new kitchen sink. My question is, doesn’t everyone in the building, shareholders and sponsor units alike have to adhere to the house rules and any fair a… What are the pros and cons of buying a sponsor unit in a co-op?. And you would pay 0. Sponsor unit queens. 9% for properties purchased for $25,000,000 or greater. So, instead of buying your new apartment from the prior owner, you are buying it from the original developer or corporation who made the building. Each listing provides the specific income limits that the HDFC. ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. Listing by EXP Realty. Note that the 90-day period can be extended, so you don’t have to rush the negotiation. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. The most common requirement of shareholders is to live in the unit for one to three years before being allowed to sublet. This two-bedroom, one-bath sponsor co-op, 163 Ocean Ave. Obviously it’s a no-brainer, if you can afford it. We have 41 properties for sale listed as sponsor unit rego park, from just $285,000. This one-bedroom, one-bath sponsor co-op, 211 West 10th St. Buy Menu Toggle. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. 10453 is a fairly walkable zip code in Bronx County with a Walk Score of 88. Since it’s a sponsor unit, the transfer taxes for NYC are 1% (since it’s under $500k) and 0. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. That equates to $875 per month in common. Morningside Heights one-bedroom, one-bath co-op, $749,000: This renovated sponsor unit at 535 West 110th St. The tax is as high as 3. 67 likes. 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. 📅 Stay informed and up to date with what is going on in your city - whether or not you are ready to start a real estate transaction, the information we provide can help you make smart decisions. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. You’ll need to know how much you can afford or want to spend before starting your search. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. What does it mean and. The New York City transfer tax sits at 1% of the sales price for homes worth $500,000 or less. Buying a condo in New York City is a dream for millions of people. 110-15 71 Road #2E. You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. . by REW November 23, 2020 November 23, 2020 0 4260. One of the most overlooked parts of the application process requires you to obtain personal reference letters (aka recommendation letters) from friends or colleagues who can vouch for your good character. Yes sponsor rights can be sold. 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. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. If you live in a co-op building, then you will most likely need coop board approval unless you are the sponsor and you are renting out a sponsor unit. If you’re financing the Coop, you can expect it to take 8. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. buying Co-ops family retiree sponsor unit. In my coop the rule is the Sponsor must sell the unit upon the death or voluntary move out of the Non-eviction tenant. Search NYC Apartments . Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. $315,000. 4%. New York, NY 10010. 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. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at [email protected] a certain type of apartment hunter, a sponsor co-op—that is, an apartment that was once a rental, and is still owned by the original owner or corporation of a building that's now co-op—is the be all and end all of NYC real estate. They range from outright prohibitions on all subletting at one end to unlimited subletting at the other end. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. $139,000 plus. 11374, Queens County, New York City, NY. This seems like an issue you’ve been asking all over Reddit this past week. It can take up to 10 to 15 weeks (or more) to find the right condo for you. It discusses what sponsor units are, who sponsors them, and the adv. Also, see our Legal Assistance page and our Primary Residence FAQ. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. 1 Bath. This sweeping power vanishes, however, when a sponsor sells a unit. 05% on mortgages under $500,000 and 2. 60-70 Woodhaven Boulevard UNIT 3C, Elmhurst, NY 11373. With mortgage rates at record lows, it’s a great time to buy an apartment in NYC. 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%. LISTING BY: R NEW YORK.