(Estimated Timeframe: 30-45 Days) Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step. 345 East 57th Street, #16B (Compass) From the Listing: This classic 5 into 4 room apartment gem features a bright 2 bedroom apartment in a boutique pre-war co. Rental Listing Service; Closed Transactions; How it Works; Pricing; Resources Menu Toggle. Also I do not believe it is the Board who has power to decide what happens to a Sponsor Unit or who the Sponsor sell his unit to, for this you must consult your Offering Plan for the rules about selling non-eviction tenant units. , managing partner at Woods Lonergan PLLC, a Manhattan-based law firm that concentrates on real estate and in particular, buyer, seller, and cooperative and condominium representation. There are some exceptions (sponsor units) but this is the general rule. . 1 Bath. Attorney fees usually run between $2,500 and $5,000 as a flat, one-time fee, Babst says. You may also be able to negotiate on the deposit for the unit. Most Common Contingencies in NYC Real Estate Purchase Contracts. Ariel Property Advisors. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. View property. — sq ft. There are many advantages as well as considerations to buying a sponsor unit in NYC. The sponsor is selling 2 similar studio units for $565K and $575K, without Board approval. The first step in buying a condo in NYC will be setting a budget for your purchase. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. Pay Attention To Closing Costs. In a nutshell, Himmelstein says, “Don’t. 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. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. 2. No board approval required; Tend to be renovated; Cons of buying sponsor unit in NYC. , #405, is going for $975,000. It makes sense to buy. 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. 6 million, according to his longtime broker and real. $749,210. 2 bds; 2 ba; 721 sqft - Condo for sale. 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. 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. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. 187 results. New York City, the concrete jungle where dreams are built, is a place of constant transformation. The difference between these three is important to know when. The pandemic upended New York City’s real estate market,. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. . 1 bed. Buyer Closing Credit. The OP needs to find out exactly which of units the sponsor owns. and filed with the New York City Register. A Chinese investor bought two sponsor units at 111 West 57th St. Y. Nearby homes similar to 100 Clinton Ave Unit 4A have recently sold between $180K to $440K at an average of $345 per square foot. Yes, you can avoid all of the trouble by buying a sponsor unit. Buy Menu Toggle. The owner sells the house for $1. ) Without this document, buildings cannot be legally inhabited. Buyer having to pay transfer taxes applies to new and old sponsor condos. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. Why? Because anyone with good credit, who can get a mortgage, the specified down payment and enough reserve funds. These apartments are sold by the building’s owners or the corporation that established the co-op, and you get to skip the dreaded co-op board interview, making the process much easier—and faster. Studio. 📅 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. At [a unit purchase price of] $600,000, it's about $12,000; at $1 million, it's roughly $20,000. No. “A tenant. and filed with the New York City Register. Negotiating with a sponsor. Go! Manhattan Homes. If you're buying a NYC apartment, there are basically three main types of situations that generally warrant a professional home inspection, says Stone. (and California!)Minimum downpayment and asset requirements in co-ops vs condos. The downside is that there are additional costs to buying one. )The Penthouse at The Wales, a new condo conversion of a 1905 loft building, has outdoor space on two levels and Central Park views. Listing by EXP Realty. If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. Main Menu. NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place. New Homes. 4% transfer tax to New York State. 5 million. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. That depends on the sponsor, building and has to be discussed with your real estate attorney. 9 million and reselling it for $7. 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. The amount of leverage you have depends on whether you are an early buyer and what kind of market it is. Buying a Sponsor Unit in NYC: Up to 2% When Buying in NYC: New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. 13 days on Zillow. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. In this week’s Buy Curious, guest broker Eydie Saleh of Mirador Real Estate shares her intel on co-op sponsor units so you can determine whether they may or may not turn you into a homeowner after all. This flip tax is still under the average 1%-2% for most NYC co-ops over $500k. 05% of the initial mortgage principal (includes a 1% New York City tax). 65% on those valued over $3 million. NYC Transfer Tax Calculator; Capital Gains Tax Calculator; Co-op Flip Tax Calculator; Rent Menu Toggle. Co-op in Turtle Bay. Why buying a co-op directly from the sponsor may be worth every extra penny. Condominium buyers acquire. September 26, 2023. We discuss the impact of the conversion on property condition, the relative pricing of converted units to new construction condominiums, its impact on homeownership rates, New York State and New York City tax and fee incomes generated, and the related economic activities that result. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. branch and doing business in New York State; 1. Here are articles about sponsor unit in the New York City area. For transactions that are $500,000 and higher, that rate goes up to 1. • 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. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. Blog; Forum; Calculators; Shop Menu Toggle. 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,. LISTING BY: SOTHEBY'S INTERNATIONAL REALTY. Listing by Alexander Madison Realty Inc. 227-07 Hillside Ave Unit Duplex, Queens Village, NY 11427. 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building. A. • 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. Additionally, buyers might be responsible for paying the sponsor's lawyer. Liquidity refers to the cash you have on hand, and co-ops typically do have liquidity requirements for people who want to buy a unit. 8 percent. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. 5 results. Subscribe to The Real Estate Broads of New York on Apple Podcasts, Google Podcasts, Stitcher, Spotify, or wherever you listen so that you. conversions in New York City from 1961 to 2020. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. . But the sponsorHi, I have noticed that many sponsor units I am looking at in brooklyn and queens are at least $20,000-$50,000 over market comps. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. 05% on mortgages under $500,000 and 2. 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. Sponsor units don’t require board approval, and there are co-ops in various types of unique circumstances where certain units may not be sponsor units but. Title Insurance: $0. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. These are the kind of deals developers are making in order to sell apartments in brand new buildingsOffering Plans for Co-ops and Condos in NYC. A guide to using a no-fee renovation loan from a NYC real estate firm. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. 075%. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. For transactions that are $500,000 and higher, that rate goes up to 1. Next, let’s assume this property has $1. New York City has about 75,000 pieds-a-terre. He has finished a postdoctoral schedule at Columbia University and has acknowledged adenine new job in New York City. We recently reported here that there has been an uptick in sales of sponsor-owned apartments in New York City co-ops and condos, driven largely by the renter-friendly Tenant Protection Act of 2019. located at 111 Fifth Avenue, New York, New. Transfer taxes (sponsor co-op and new condo buyers only): If you buy a brand-new condo or a co-op directly from the sponsor, you may also wind up paying a NYC transfer tax of 1 percent of the purchase price on purchases is $500,000 or less and 1. 2 bds. 84-70 -th Street #4S, Kew Gardens, NY 11415. I was in contract for a $450K studio but then Board declined my application. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. M. 425 percent on purchases of $500,000 or less), plus there’s a 0. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. Reads. 5 million. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. Jul 30, 2021Pros and Cons of Buying A Sponsor Unit. 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. 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. Co-op in Forest Hills. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. Yes sponsor rights can be sold. 300 ft². 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. How buying real estate in NYC is unlike anywhere else. LISTING BY: EXP REALTY NYC. 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. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. Picture an empty apartment. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. 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. Typically, the sponsor (or developer), of a co-op building, will have many exclusive rights when it comes to an apartment that it still owns, including but not limited to not requiring board approval to rent the apartment. Sponsor Unit - New York NY Real Estate. A condominium (condo) is a single real estate unit in a multi-unit development in which an owner has both of the following: separate (individual) ownership of a unit. 📅 Stay informed and up to date with what is going on in your city - whether. Here's a checklist of things to look out for in a New York City apartment. The median price per square foot was $1,514, a 21% increase from January and a 16%. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. The annual rent of a 2-bedroom apartment in NYC (approx. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. The most common requirement of shareholders is to live in the unit for one to three years before being allowed to sublet. 2. At the most basic level, “a sponsor unit is an apartment that has never been sold” before. It means that the sponsor cannot designate or nominate the majority of the managers. 4% of the sales price for properties below $3 million, and 0. National Cooperative Bank offers competitive rates and easy pre-qualification. In many cases downpayment go down to 10%, but more and more sponsors go by the building's standards about it. 4 billion in the the third quarter, 7% less than during the same period in 2022. This is a 3-bed, 2-bath, 1,350 sqft property. 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 approval to buy. Watch on New York City brokers define sponsor units as rent-controlled apartments in converted co-op or condo buildings that weren’t sold during the initial. E. 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. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. 5-2% of. All Rentals. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. You pay NYC transfer taxes of 1% of the purchase price because it's under $500,000. Nearly half of luxury units across seven buildings in the uber-exclusive Midtown Manhattan stretch — where apartments have sold for. Although uncommon, a rent-to-own agreement is one way to buy or sell a home in New York City. Post A Rental Listing. Exceptions include sponsor units that were held aside by. 425% for sales of $500k or less. “This could add 1. Sponsor unit - no board approval required. Queens County, New York City, NY . If the residents were in their 30s or 40s back then, they are now in their 70s and 80s. 425% of the purchase price if it’s under $500K. Buy Menu Toggle. Associated with Compass. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. New York. . You may want to contact one of the following tenant groups who can also advise you on finding an attorney if necessary. 3 bds; 3 ba; 1,700 sqft - Condo for sale. Mansion Tax must be paid on all real estate purchases over $1000000. For homes with sales prices over $500,000, the tax is 1. Open Houses. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. ”. Come visit. The new rates start at 1% beginning with properties of $1,000,000 or greater and gradually increase to a maximum of 3. A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. 175% of the initial mortgage principal (includes a 1. 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. One of the sticking points that stops some people from buying coops is that you're buying shares in the coop's corporation which gives you the right to live in a particular unit. 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. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. 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. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. Buying a sponsor co-op means that you’re exempt from co-op board approval, and you can forgo. In a typical resale transaction, such transfer tax is paid by the seller. This video explains the concept of sponsor units in the New York City real estate market. 425%. Street View. In 2008, it sold for $442,000, and in 2018, for $560,000, before ending up with. They often lack amenities other than a doorman, which means you usually pay lower maintenance fees. 4%. 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. 1 Bath. 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. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor sale, there is no board approval. Council 212-979-0611. In addition to the New York City transfer tax, you will also be required to pay a . 4 percent transfer tax to New York. The Pros and Cons of Buying a Sponsor Unit in NYC. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. Taxes are $497 a month. 814 Amsterdam Avenue, New York, NY. Contract of Sale—Condominium Unit. Skip main navigation. 425 to 1. , buying will most likely always make more sense than renting. The condo is a sponsor unit, so the builder hasn't sold it yet. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. Sometime you can buy unsold shares from the sponsor and keep unit as an investment property (vs. Moving to NYC after college? Here's how to do it . given I did like the unit, I initially offered to renogitate on the price given the greater than 5% discrepancy in sqft, yet when I pointed out this discovery to them, they immediately got quite annoyed and said no to negotiation. Queens homes for sale. One of the sticking points that stops some people from buying coops is that you're buying shares in the coop's corporation which gives you the right to live in a particular unit. (From a listing at 408 W. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. During the 1970s and 1980s, the City of New York acquired many residential buildings that were abandoned by their landlords and were in financial distress. It is asking $695,000. Currently on Streeteasy, income-restricted apartments in Manhattan. 05% for any property that sells for over $3,000,000. NYC levies a higher Transfer Tax rate of 2. With mortgage rates at record lows, it’s a great time to buy an apartmen. Escucha 50 Sponsor Apartments: Pros and Cons por The Real Estate Broads of New York instantáneamente en tu tablet, teléfono o navegador - no necesita descargas. You’ll need to know how much you can afford or want to spend before starting your search. NEW - 1 DAY AGO. 10018, or by. Right of Refusal Contingency. They essentially buy the unsold shares of the co-op, wait for the rent-stabilized tenants to move out, then flip the apartment and list it as a sponsor unit. 5. Attorney Fees: $4,000. vacated and sold each year, and the sponsor's done much better overall with the post-conversion sales than on the initial 50%. They're back: NYC buyers can expect more competition from foreign investors in 2023. Yes sponsor rights can be sold. Sponsor Unit No Board Approval Required. Getting an accepted offer is the first big step in buying apartment. Here are five great sponsor units. The apartment was listed back in November, which is the first time the apartment has been. The main difference to be aware of for sponsor unit purchases is that the developer or sponsor may trip to flip some of the seller's closing costs onto the buyer. 7 million and $2,665 per square foot) and lowest. Also, consider that most coops require that you show 24 months costs in cash post closing - if you pay all cash for the unit, you would still need to show 24x maintenance in a bank or brokerage account to get approval. 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. This is the fee associated with registering a mortgage with the state of New York. A “The tenant/shareholders in a housing cooperative are bound by the proprietary lease, bylaws, rules and regulations,” says Albert Pennisi of the law firm of Pennisi Daniels Norelli in Rego Park, Queens. 4 All checks for closing adjustments aggregating in excess of $2,500. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. 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 . When it comes to multifamily real estate investment, rent-stabilized housing can be an under-appreciated asset in the right circumstances. The boutique building at 100 West 15th St. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. This info includes the price, buying procedures, the. 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. Rising interest from overseas investors should put homegrown NYC buyers on alert. Normally, the seller pays the transfer taxes on a sale, which, in NYC, amounts to 1. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. lower_nyc. “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. Each owner actually owns their own residential unit, but shares the real property that is known as the common. In the past month, 2 homes have been sold in 10453. I am considering buying a unit from a sponsor who converted a commercial building into a condominium two years ago but decided to sell only two of six units atStudy with Quizlet and memorize flashcards containing terms like Your client, Georgette, wants to buy into a cooperative. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. NYC WEATHER & 7 Day Forecast; New York Times; Annualcreditreport. The lower rate applies to sales of $500k and below. If you are paying transfer taxes, the sponsor’s attorney fees and for your share. 4% of the sales price on all properties valued below $3 million and 0. A common rule of thumb for buying an apartment in NYC is to have roughly 30% to 35% of the purchase price saved in liquid assets even if you are only putting 20% down. Finally, a co-op charges a monthly maintenance , which includes the salaries of the superintendent and doormen, the cost of the building’s mortgage and property taxes, as well as water. Assisted FSBO Listing; Professional Photography; Virtual Staging; Custom Floor Plans; 3D Virtual. Buying a sponsor unit means that prospective purchasers can dodge the entire board application process, which can be arduous and stressful. I’m a stabilized renter in a co-op. 425%. However, let's say for example there is a $3 million mortgage on the building, 20 apartments total with everyone owning an equal amount of shares, then each unit would have $150,000 of building. There are a number of different types of coop sublet policies in NYC. So in Manhattan, where the median monthly rent is $3,100 (as of August 2021), that means an upfront fee of $5,580, on top of the first month’s rent and. CONS: • Higher closing costs: New York City and State have transfer taxes of 1. And lastly, many condos in New York City enjoy tax abatements. The two new laws are New York State Tax Law §1409 and New York Administrative Code §11-2105. 4M, a 54% increase from January and a 25% increase from last year. In a Prewar Co-op. There have been some past sales in the building but it is probably still majority rental. Co op rules and regulations in NYC can be extremely onerous for residents. 2. From Future New York Buying or Renting in New York City as a Foreign National + See the most popular NYC Buildings by Country Friday, October 20,. View 7030 homes for sale in Queens, NY at a median listing home price of $699,000. $499,000. , #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. 10453 is home to approximately 75,320 people and 4,921 jobs. A Chinese investor bought two sponsor units at 111 West 57th St. Your attorney will provide this and detail some important protections you must know before deciding to buy. The New York State transfer tax is . See pricing and listing details of Queens real estate for sale. 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. Please reach out to me with any questions. 60-70 Woodhaven Boulevard UNIT 3C, Elmhurst, NY 11373. 00:08:54;. 1 ba. Mansion Tax must be paid on all real estate purchases over $1000000. (The average Manhattan apartment last year cost around $1. Sponsor apartments tend to cost about 5-10% more than comparable non-sponsor units, but for many people who might not be approved by a co-op board (such as freelancers, foreign citizens, and the unemployed or retired) the alternative is buying a condo, which is much more expensive on average than a co-op. 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. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only. See pricing and listing details of Forest Hills real estate for sale. 6. He or she collects the rent is responsible for dealing with. 2. LISTING BY: DOUGLAS ELLIMAN REAL ESTATE. Financing Contingency. LISTING BY: R NEW YORK. It can also mean higher closing costs, however, and, in the case of. The exception is with a unit in a new development. 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. I said 50% of shares and OP said 50% of units. Unfortunately, since the 421a tax abatement program got a major makeover in 2016, new developments with this type of abatement will become. ∙ 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. 25th St. As mentioned above, offering plans can usually be declared effective once 15% of the units are sold in arms length transactions (not to the sponsor’s mom) and must be. Most Common Contingencies in NYC Real Estate Purchase Contracts. If you are buying a sponsor unit or new construction, the buyer usually covers the seller’s attorney fees (in addition to the Transfer Taxes). You can find the latest tax rates on the New York State Department of Taxation and Finance website. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. 004 percent of the purchase price (which equals $4 per $1,000 of purchase price). The purchase price for new development may include: Sponsor’s attorney fees. Common Misconceptions. 425% if it’s under $500,000. 4) transfer tax to New York state. Today we are talking about sponsor apartments. What is a Sponsor Sale; What is a Sponsor Sale. Deal of the Week; Most Popular; Open Houses. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. 405 215 E 24th Street New York, NY 10010. It will not only be difficult for the building to. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. So, what is a sponsor unit anyway? Essentially, it's a unit that's never been sold. 295 million for a spacious "studio" with private outdoor space in the East Village.