This updated apartment has new appliances, new kitchen sink. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. How the home you purchase is classified can affect your taxes and the mortgage interest rate that you receive. . 4 All checks for closing adjustments aggregating in excess of $2,500. . After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. This large and bright 2Br/1. Any residential sale below $3 million will remain at the already established 0. Additionally, buyers might be responsible for paying the sponsor's lawyer. Main Menu. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. 5 million (May 22, 2023)Example: One unit of a two-family house is used for residential purposes, and the other unit is used for commercial purposes as a retail store. To negotiate a transaction that benefits both parties, work with a buyer's agent. the New York Telephone Company in 1929, has been emphatic. 5 million. You must pay the Real Property Transfer Tax (RPTT) on sales, grants, assignments, transfers or surrenders of real property in New York City. The sponsor is simply the developer or builder of a new construction or re-development project. Close to shopping, bus to main street, LIRR station and Bell Boulevard. And if you’re a buyer who. Sponsors will need to deliver a unit in accordance with both the Offering Plan and the Purchase Agreement. Although a co-op will not reject your application for a sponsor unit, they may require the submission of an abbreviated board application for the purposes of verifying your assets and. Exceptions include sponsor units that were held aside by. In my coop the rule is the Sponsor must sell the unit upon the death or voluntary move out of the Non-eviction tenant. Zillow has 187 homes for sale in New York NY matching Sponsor Unit. 75% New York. 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 typically takes between two to three months to close on a sponsor co-op apartment in NYC. 2 bds; 2 ba; 721 sqft - Condo for sale. Sale Contingency. Back to Top. . Rent. Sponsor units can sometimes be found in new-development condos, in which case the developer. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. The exception is with a unit in a new development. 📅 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. Sponsor units are desirable because they usually do not require the buyer to undergo the traditional co-op board approval process. 8 million, down from $27. 81-16 Langdale Street UNIT 250A, New Hyde Park, NY 11040. See more ideas about nyc, home buying, closing costs. In a Prewar Co-op. In a typical resale transaction, such transfer tax is paid by the seller. Mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000 or more. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. 2. Buyer having to pay transfer taxes applies to new and old sponsor condos. The 4,600-square-foot unit had an asking price of $13. The earlier you have this, the better. Reads. located at 111 Fifth Avenue, New York, New. Homes for Sale. Rising interest from overseas investors should put homegrown NYC buyers on alert. For sponsor sales, the flip tax is usually paid for by the buyer. Contract of Sale—Condominium Unit. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. NMLS #507535. Each listing provides the specific income limits that the HDFC. 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. 4% of the sales price on all properties valued below $3 million and 0. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. 825% of the purchase price if the price is over $500K and 1. Listing by Douglas Elliman. 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. 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. What is a Sponsor Unit? It's important to understand the definition of a sponsor unit and how it's somewhat different from a brand-new co-op or condo apartment that becomes available on the market. The tax is as high as 3. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. 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. 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. It means that the sponsor cannot designate or nominate the majority of the managers. Negotiating the deposit. 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. In 2019, 59 were created. . Exceptions include sponsor units that were held aside by the developer after the building. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. The downside is that there are additional costs to buying one. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. 📅 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. Sponsor Unit No Board Approval Required. Billionaires’ Row is a bust. 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. The NYC Mansion Tax consists of 8 individual tax brackets. New York, NY 10010. for a total of $34 million, including this three bedroom with views of Central Park. Price Cuts: One57 penthouse gets $11 million reduction; Upper West Side condop discounts 3- and 4-bed sponsor units (Jun 27, 2023) When, why, and how to negotiate the purchase of a furnished apartment + Fully furnished New York City apartments (May 24, 2023) Waterline Square penthouse leads Manhattan sales at $25. A Chinese investor bought two sponsor units at 111 West 57th St. However, this term can have a different meaning depending on whether the unit is in a. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. vacated and sold each year, and the sponsor's done much better overall with the post-conversion sales than on the initial 50%. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. 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. Share 0. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. After you pay 400k in rent you’ll have had some nice memories. The details of the transaction need to be worked out and due diligence needs to come back clean. That happened to Lincoln Towers, for instance. 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. 5Bath on the 4th floor of an elevator building. Landing a rent-stabilized apartment in New York City can be a lifeline for renters who would otherwise struggle to afford to live here. 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. What is the Benefit of Buying a Sponsor Apartment? Since most buildings in New York were converted into co-ops years ago, the opportunity to buy a co-op unit that has never. Co-ops are not considered to be real property since there is no deed and unit owners simply own shares in a corporation along with a proprietary lease. It works this way: When you inspect a multifamily property, you’ll make a list of what. #4FE) Prices are based on the U. Price cut: $100,000 (Nov 8)Determine your closing costs in advance when buying a condo, co-op, or home in NYC. 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. Nowadays alot of Coops are requiring 20% down to protect themselves and make sure only. A sponsor unit is a type of apartment unit, typically found in condominiums (condos) and co-ops. Hey showtime, you avoid the major ones by buying a coop at this price point. 7 million and $2,665 per square foot) and lowest. 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. 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. licensed real estate brokers licensed to do business in. (A TCO is a temporary certificate of occupancy, which means the building can be inhabited but there is still some work to be done on it. It's a lot, but you need it. NYC WEATHER & 7 Day Forecast; New York Times; Annualcreditreport. 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. The argument for buying is even more persuasive in a market with low mortgage rates. Map. 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. 5 results. 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. Your attorney will provide this and detail some important protections you must know before deciding to buy. 05% Mortgage Recording Tax (on loan amount) since it’s a coop and not a mortgage. But this apartment in Tudor City, 321 East 43rd St. Other reasons can include weak financials or lawsuits. 1 Bath. “This is mainly because New York City and New York State have transfer taxes that will be paid by a purchaser instead of the seller when buying from a sponsor,” says Halstead’s Liao. Exceptions include sponsor units…For example, let’s say that you are in contract to buy a co-op sponsor unit. 101 Jackson Ave Unit 1E, Mineola, NY 11501. New York rentals. This is the fee associated with registering a mortgage with the state of New York. 3. Pay Attention To Closing Costs. 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. Managing agents and boards must obtain primary residency information from unit owners and shareholders and submit the. Hauseit LLC co-brokes all listings. However, the real market for sponsor units is in cooperative buildings, most of which underwent conversion from rentals to co-ops over the past three decades. Most Common Contingencies in NYC Real Estate Purchase Contracts. In sponsor sales, the sponsor attempts to pass those costs along to the purchaser. Buy Menu Toggle. Estimate your buyer closing costs in NYC with Prevu's interactive calculator. 00:08:54;. Tend. Board Approval Contingency. 5 bath Condo with Balcony in the Luxury Building in the Heart of Rego Park. On market Nov 27. 187 results. $225,000--bds; 1 ba--sqft - Coming soon. “This could add 1. Thank you sharing your experience. 175% of the initial mortgage principal (includes a 1. 2. 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. It is asking $695,000. 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. No board approval required; Tend to be renovated; Cons of buying sponsor unit in NYC. You are not truly buying the property. 405 215 E 24th Street New York, NY 10010. In NYC real estate, a listing labeled “sponsor unit” means that the apartment is on the market for the first time. New York. Mansion Tax must be paid on all real estate purchases over $1000000. 425%. Here's why these units can be advantageous for NYC buyers. Y. NYC Real Property Transfer Tax, $ If price $499,999 then 1%. 925 percent, totaling $15,400. I’m a stabilized renter in a co-op. National Cooperative Bank offers competitive rates and easy pre-qualification. 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. Go! Manhattan Homes. Buyer Closing Credit; Search for Listings; Closed Transactions; Sell Menu Toggle. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. Since owners of co-op apartments are technically tenants vs owners of real property, the board of the co-op corporation which actually owns the building has enormous power over the residents. Rising interest from overseas investors should put homegrown NYC buyers on alert. In addition to houses in 10453, there were also 4 condos, 1 townhouse, and 7 multi-family units for sale in 10453 last month. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit? 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. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. The earlier you have this, the better. 📅 Stay informed and up to date with what is going on in your city - whether. (OneKey® MLS as Distributed by MLS Grid) For Sale: 2 beds, 2 baths ∙ 1200 sq. There are three people on the board, with the sponsor being one of them - all equal weighted votes. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. Pros of buying a sponsor unit in NYC No board approval process required: Sponsored co-op units can be a breeze to buy, mainly because the buyer is not. Brits bulk buying New York’s unsold sponsor units. 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. For transactions that are $500,000 and higher, that rate goes up to 1. Q. Tudor City homes for sale. If price > $499,999 then 1. If you can afford it, yes. ft. Sales of cooperative. Brooklyn Realty Specialists - Residential and Commercial Sales and Rentals, Condos and Co-Ops With Exceptional Service – Realty Collective. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. 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. Just note that while you save on the price, the monthly maintenance of $1,737 is on the high side. The transfer tax is based on the purchase price of the property. 2. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. 4%. If you pay 400k in cash, you’ll have memories and 400k in equity. How buying real estate in NYC is unlike anywhere else. Glencore Plc will buy a majority stake in Teck Resources Ltd. 72% per year, or $7,200 per year according to average NYC property tax rates discussed in our article on NYC real estate taxes. In addition to the New York City transfer tax, you will also be required to pay a . 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. No. 2. A sponsor co-op apartment is one that is owned by a building's original owner or the corporation responsible for converting the building from a rental into a co-op. 2 beds. ) And they’re right. Right of Refusal Contingency. NMLS #507535. Co-op in Forest Hills. That depends on the sponsor, building and has to be discussed with your real estate attorney. )The Penthouse at The Wales, a new condo conversion of a 1905 loft building, has outdoor space on two levels and Central Park views. RECOMMENDED IN. There's lots of new development in West Chelsea, including One High Line, which opened this year and has a one-bedroom sponsor unit for $2. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. The 421a tax exemption can bring your taxes down from 10-25 years. The exact amount will be dependent on the interest of each owner, in addition to the total assessed amount and the duration over. There are pros, cons and closing cost considerations when it comes to buying a sponsor unit in NYC. This typically involves the seller's NYC and NY state transfer taxes, and/or the seller's attorney fees. A buyer of a unit in a building or group of buildings that is under construction should first understand that the text of the offering plan governs the sponsor's obligation regarding the size and construction of the buildings, units and any ancillary spaces such as recreational facilities, parking spaces, or roof top cabanas, to name a few. That being said, nothing is official at this point. The boutique building at 100 West 15th St. What is her first step?, Melissa just purchased a condop unit. 425%. What is a Sponsor Sale; What is a Sponsor Sale. ) Here are a few major things the board will look at. Basically, a sponsor unit in a condo building is a residence that has been owned by the developer and it’s going up for sale for the first time. Apartments for Rent. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. This info includes the price, buying procedures, the. How buying real estate in NYC is unlike anywhere else. 425 to 1. Those making a purchase in NYC should allocate money for both local and state transfer taxes. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. The short answer: it’s an apartment that has never been sold. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. Sponsor unit - no board approval required. By Jennifer White Karp | July 18, 2023 - 2:30PM. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. 36 million for three-bedrooms. The annual rent of a 2-bedroom apartment in NYC (approx. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. $2,300,000. If you were buying an apartment for $1,000,000, that would add approximately $18,000 onto the purchase price. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. $330,000. You might also land a newly renovated apartment with prewar details. Business, Economics, and Finance. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. When buying a brand new condo or a co-op directly from the developer (also known as a sponsor), expect to pay a New York City transfer tax of 1% of the sales price on purchases greater than $500,000. REALTY QUEST NEW YORK INC. RECOMMENDED IN SELL. You avoid the 1% Mansion Tax since it’s under $1mm. 10 Things You Need to Know Before Renting in NYC; What are Sponsor Units in New York City Real Estate? Your Guide to Renting an Apartment in New York City; Latest Trends in New York City Real Estate: 2023; Top 10 Things to Consider When Buying a Home in. Title Insurance: $0. Each apartment owner will be required to pay the assessment. 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. 227-07 Hillside Ave Unit Duplex, Queens Village, NY 11427. Buy smart: Before you buy a new or pre-construction condo in NYC, get the answers to these essential questions. 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. Repair Allowance. 425 percent on purchases of $500,000 or less), plus there’s a 0. But if you have a great rent-stabilized unit, make it work! There are some other options you can try in the meantime: Install window inserts, glass or custom ones using soundproof material, seal gaps along windows with acoustic caulk, hang sound-dampening curtains to block outside noise, Install double-cell shades. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. 3 bds; 3 ba; 1,700 sqft - Condo for sale. John Gasdaska and Jonathan Conlon are expert, experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. NYC Transfer Tax Calculator; Capital Gains Tax Calculator; Co-op Flip Tax Calculator; Rent Menu Toggle. That’s because buyers are expected to pay city and state transfer taxes on co-op sponsor sales. Main Menu. Inspection Contingency. The offering plan is a document that discloses important information about a condo or co-op to a prospective buyer. Morningside Heights one-bedroom, one-bath co-op, $749,000: This renovated sponsor unit at 535 West 110th St. 2. You may also be able to negotiate on the deposit for the unit. The big advantage of a sponsor co-op--and the reason they are so sought-after--is that buyers do not. View property. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. 4 percent state transfer. The gut-renovated apartment has recessed lights with dimmers, but its northwest-facing. 65% for properties over $3 million. -20% | -$700,000. 1 Bath. 425% of the purchase price if it’s under $500K. 9% for sale prices of $25 million or more. The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq. Who owns it, then? The building, typically. Capital contribution fees. A special category of apartments in New York City are called “sponsor units. 800 ft². The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. Buy Menu Toggle. in Chelsea has 44 units on five stories and dates to 1865. See floor plan and full details here. 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. The Mansion Tax in NYC is a progressive buyer closing cost which ranges from 1% to 3. Unlike market-rate units, annual rent increases for rent-stabilized apartments are capped, so if landlords with these types of units raise rents at lease renewal time, they are limited to increases of a few percentage. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building. 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. In addition to the NYC transfer tax, New York State also applies a transfer tax on all properties sold within the state. 10018, or by. Basically the sponsor waives their right to evict on these grounds for themselves and their successors and assigns and in return stabilized tenants are incentivized to vote for the plan to convert. You pay NYC transfer taxes of 1% of the purchase price because it's under $500,000. (Estimated Timeframe: 30-45 Days) Necessary: When buying in a New Development or a Sponsor Sale, please disregard this step. 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. 814 Amsterdam Avenue, New York, NY. HDFC coop in Brooklyn. More On: luxury real estate. 9% of the purchase price on sales of $1 million or more. Open Houses. 25 million. There are many advantages as well as considerations to buying a sponsor unit in NYC. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. Online searches for sponsor co-ops, which are exempt from co-op board approval, currently bring up more than 300 listings, up about 50 percent since before the pandemic, Brick Underground finds. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. Buying from Sponsor Transfer taxes and seller’s attorney fees become the responsibility of the buyer when buying a sponsor unit. 10453 is a fairly walkable zip code in Bronx County with a Walk Score of 88. Here's a checklist of things to look out for in a New York City apartment. Financing Contingency. 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. Please reach out to me with any questions. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. They didn't give a reason but I was told by the seller it was my proposed renovations (ventless washer/dryer combo unit, jacuzzi, ventless fireplace). The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. A guide to using a no-fee renovation loan from a NYC real estate firm. However, it is likely that you will have to pay the seller's transfer tax (usually around 1. New Construction. , #405, is going for $975,000. Each owner actually owns their own residential unit, but shares the real property that is known as the common. Property types in NYC range from condos, coop, townhouses, multi-family properties to new construction and sponsor units. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. RE: Hefetz to Olivieri Apt. , 75 Wall Street, and Greenwich West at 110 Charlton Street. It’s in One Manhattan Square, a building that will have a 75-foot swimming pool, a basketball court, a bowling alley, a squash court, and a golf simulator. Common Misconceptions. 2. 2 bds; 2 baSubletting a Sponsor Unit in a Co-op. , #5K, in Prospect Lefferts Gardens, is on the market for $695,000, which is much lower than the neighborhood's median for two bedrooms, currently $899,000 according to RealtyHop. See morePros of buying a sponsor unit in NYC. 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. Buy Open Buy sub-menu. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. If you’ve been shopping for real estate in NYC, you may have encountered the phrase “sponsor unit. $40,000) is the down payment of a house almost anywhere outside N. 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. View 456 homes for sale in Forest Hills, NY at a median listing home price of $399,000. Other negative aspects of buying a sponsor unit. Why buying a co-op directly from the sponsor may be worth every extra penny. National Cooperative Bank offers competitive rates and easy pre-qualification. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. As CityRealty data shows, condos in New York's Downtown neighborhoods are in hot demand.