A convertible three bedroom overlooking Riverside Park, for $999,000, no board approval required
![image](/sites/default/files/styles/new_blog_entry_primary_image_sm/public/blog/images/Living%20MAIN.jpg)
The crown moldings in this sponsor co-op on Riverside Drive have been restored. Keep in mind the photos are digitally staged.
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."
A three bedroom for under $1 million is considered something like the Holy Grail in Manhattan, so if you have a large family, this sponsor co-op, 471 Riverside Dr., #4C, might be worth a look, but you would have to give up a dining room—and add some doors— in order to create an additional bedroom.
And still, the asking price of $999,000 for this apartment (really a two bedroom) is high for the neighborhood of Morningside Heights, where the median asking price for a two bedroom is $795,000, and a three bedroom is $947,000, so you may be able to negotiate with the seller for a lower price.
The 1908 building has a full-time doorman, live-in super and newly refurbished laundry room. It is next to Riverside Park and two blocks from Columbia University. Over on Amsterdam are lots of restaurants, plus there’s a bunch of grocery and book stores nearby.
![image](/sites/default/files/dining%20room_15.jpg)
The apartment has its original hardwood floors and has been recently repainted. (Keep in mind the photos are digitally staged).
![image](/sites/default/files/kitchen_169.jpg)
The kitchen is newly renovated.
![image](/sites/default/files/bedroom_85.jpg)
The crown moldings that have been restored. Only one of the bedrooms is shown in the listing photos. The bathroom is not shown.
![image](/sites/default/files/view_1.jpg)
Presumably, this is a view from the apartment of Riverside Park.
![image](/sites/default/files/floorplan_28.png)
The building allows washer/dryers in the unit and pets on a case-by-case basis. The buyer pays NYC and NYS transfer taxes.
The building is three blocks fom the 1 train at 116th Street station.
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