Each apartment owner will be required to pay the assessment. experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. This can be. It seems too good to be true but you wonder what is a sponsor apartment, do I own it the sam. It often indicates a user profile. 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. Other reasons can include weak financials or lawsuits. 925 percent, totaling $15,400. 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. coop . For Luis Vargas, the answer was to buy a sponsor co-op for his mom—one of the big incentives to buying these types of apartments is that you can skip the board approval process. The apartment is located in a prewar co-op building with a 24-hour doorman, a resident super, a laundry room, a bike. There is always a minimum down payment requirement which can range from 10%-50% down, depending on the Coop. It can also mean higher closing costs, however, and, in the case of. This one-bedroom, one-bath sponsor co-op, 211 West 10th St. 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. It makes sense to buy. The apartment, which is in a 31-unit building that is still selling sponsor units, has steadily improved in value. The first step in buying a condo in NYC will be setting a budget for your purchase. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. For example, a two-bedroom apartment may hold 250 shares in a cooperative, while a one-bedroom apartment expresses 150 shares. In many cases downpayment go down to 10%, but more and more sponsors go by the building's standards about it. The mortgage recording tax is 2. by REW November 23, 2020 November 23, 2020 0 4260. Since #3A is a sponsor sale, the buyer would pay the flip tax there and legal fees. 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. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. Board Approval Contingency. New York City developers and investors are seeing an uptick in bulk condo deals, thanks to an already soft market and coronavirus-related distress. At [a unit purchase price of] $600,000, it's about $12,000; at $1 million, it's roughly $20,000. The two bedroom, three bath, 515 West 29th St. The tax is as high as 3. These documents are usually pretty long, so set aside some time to read through it yourself. The Epic Journey of Building Construction in NYC: From Idea to Topping Out. Some co-ops allow for up to a 2- year period. Find rego park properties for sale at the best price. If buying a new construction unit, the Offering Plan (with any amendments) may be your sole source of diligence. Inspection Contingency. Title Insurance: $0. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. 2. 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. However, when a sponsor unit is purchased, the buyer is traditionally responsible for paying the transfer taxes. If you're a townhouse buyer looking to gain some extra square footage, and don't need the income from rental units, you should begin the process of conversion by hiring an architect to draw up plans for turning the property into a single-family. So, that’s it: no board approval,. , #6A, in the West Village is on the market for the first time since 2012,. It's a lot, but you need it. Be very careful when buying a sponsor unit at a price of approximately $970,000 or more. Conversion or Alteration. 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. S. Rental Unit in Financial District at 180 Water Street #302 for $3,495Buy Menu Toggle. and filed with the New York City Register. 4%. 84% of the purchase price. We have 41 properties for sale listed as sponsor unit rego park, from just $285,000. in new york city pls advise. 98-120 Queens Boulevard, Unit 4G. 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. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. 300 ft². While the low-interest-rate-fueled buying spree of the past few years burned through most of New York City’s residential inventory, it barely touched Manhattan’s newly built trophy apartments. HDFC apartments are also much cheaper than regular coop apartments. 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. 4 percent transfer tax to New York. 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. In March, according to StreetEasy, a four-bedroom on the 22nd floor was the condo’s least-expensive unit, at $6. ’s coal business, ending a months-long saga that transfixed the mining industry and setting the. 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 they don’t require Board approval for subletting. 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. Capital contribution fees. (Please keep in mind these numbers illustrate a point, and estimates shared here are subject to. Financing Contingency. 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. As a result, sponsor unit transactions can close faster with less hassle, although there are extra closing costs to consider during offer negotiation. This info includes the price, buying procedures, the. 4% for homes sold under $500,000, 1. 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. com. “A tenant. 425 to 1. 425 percent on purchases of $500,000 or more, plus a . The sponsor unit has. The sponsor will still need to assess your finances but as long as your offer is accepted—and assuming you can get a mortgage—the apartment is yours. Buyer Closing Credit; Search for Listings; Closed Buy;. The Pros and Cons of Buying a Sponsor Unit in NYC Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. See more ideas about nyc, home buying, closing costs. 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. We also have a blog post that goes in-depth on the topic - check it out!Great article defining a sponsor unit and illustrating both the pros and cons of purchasing one. This two-bedroom, one-bath sponsor co-op 163 Ocean Ave. 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. It's located in 11415, Kew Gardens, Queens County, New York City, NY. $225,000--bds; 1 ba--sqft - Coming soon. Buying a Sponsor Unit in NYC. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. The 4,600-square-foot unit had an asking price of $13. The NYS Transfer Tax was raised in Starting 2019 to 0. 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. A Chinese investor bought two sponsor units at 111 West 57th St. 2 bds; 2 ba; 721 sqft - Condo for sale. 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. In condo buildings, a sponsor unit is one currently owned by the developer and being put up for sale for the first time. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. With fewer residences, these co-ops or condos offer greater community involvement and decision-making power. All told, the transfer taxes in NYC can be between 1. . The exception is with a unit in a new development. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. 485. Aren’t New Developments Technically Sponsor Units? New developments are technically sponsor units, but NYC brokers don’t refer to them as such – they’re just called new developments. Set Your Price Range. Only eneral downside I can think of is that you pay higher closing costs as stated by #4 and #5. When you buy a sponsor unit, you’ll often hear that you’re buying “unsold shares. Contract of Sale—Condominium Unit. Nuances to Buying a Sponsor Unit Co op in NYC. LISTING BY: EXP REALTY NYC. He or she collects the rent is responsible for dealing with. NO FEE – No Board Approval – Sponsor unit Beautiful fully renovated Studio apartment at 5 Tudor Place. Minimum sublet term: In order to deter short-term rentals, co-ops require minimum sublet terms of at least 1 year. The earlier you have this, the better. Buy Menu Toggle. Street View. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building. 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. 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%. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. 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. REALTY QUEST NEW YORK INC. primary residence). . 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. The transfer tax is based on the purchase price of the property. . Regardless of whether you buy from the sponsor or from someone selling a unit, what you get in a coop is the same. 8 percent. You avoid the 1% Mansion Tax since it’s under $1mm. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. 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. Jul 30, 2021Pros and Cons of Buying A Sponsor Unit. Once upon a time, you knew you had finally made it in New York City when you could afford to buy a penthouse apartment. That happened to Lincoln Towers, for instance. Deal of the Week; Most Popular; Open Houses. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. Currently on Streeteasy, income-restricted apartments in Manhattan. Each owner actually owns their own residential unit, but shares the real property that is known as the common. 425%. If you’re looking to buy a home in the competitive real estate market of Manhattan, a sponsor unit might just be what you are looking for. Department of Housing and Urban Development’s AMI, set to create affordable housing options in specific areas. This may be negotiable when it is a resale but less so if it’s a sponsor unit. Studio. There are two types of sponsor units you may encounter while browsing real estate in NYC: condo sponsor units and co-op sponsor units. The system was enacted in 1969 when rents were rising sharply in many post-war buildings. 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. Q What should a buyer be aware of when purchasing a sponsor unit in a prewar co-op?. S. Buy Open Buy sub-menu. Homes for Sale. The NYC Mansion Tax consists of 8 individual tax brackets. The boutique building at 100 West 15th St. 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. Picture an empty apartment. licensed real estate brokers licensed to do business in New York and Florida, respectively, under license numbers 10991232340 and CQ1064175. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. They're back: NYC buyers can expect more competition from foreign investors in 2023. buying Co-ops family retiree sponsor unit. 8 million, down from $27. 1 bath. However, these can be ponderous tomes to read through. 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. By Jennifer White Karp | July 18, 2023 - 2:30PM. 118 Co-Ops For Sale in Yonkers, NY. 6. But they are no longer common. You may also be able to negotiate on the deposit for the unit. 05% on mortgages under $500,000 and 2. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. 2 bds. View 7030 homes for sale in Queens, NY at a median listing home price of $699,000. 62-54 97th Pl Unit 14B. 110-15 71 Road #2E. 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,. 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. 25 Tudor City Place #617. Top floor apartment with lots of sunlight, ample closets and hardwood flooring under the carpeting. Furthermore, Dr. The advantage of buying a sponsor unit in a co-op is that you get to bypass the board interview. 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. What is a Sponsor Sale; What is a Sponsor Sale. Why? Because anyone with good credit, who can get a mortgage, the specified down payment and enough reserve funds. ft. • 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. The New York City transfer tax is 1% for properties below $500,000 and 1. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. Using the figures above, the transfer. In a typical resale transaction, such transfer tax is paid by the seller. 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. 3. Buy Rent Sell. 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. Financing: If a sponsor holds a significant chunk of the building shares — usually 50 percent or more — banks and mortgage lenders are going to pass. RECOMMENDED IN BUY. Getting an accepted offer is the first big step in buying apartment. The lowest rate of 1% applies to purchases at or above $1 million and less than $2 million. If you're buying a NYC apartment, there are basically three main types of situations that generally warrant a professional home inspection, says Stone. Spectacular 14th floor one bedroom condo with private balcony and Manhattan skyline views. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. Manhattan Mini Storage offers access around the clock, 365 days a year, with no extra charge for bulky items. If the residents were in their 30s or 40s back then, they are now in their 70s and 80s. 4% of the sales price on all properties valued below $3 million and 0. Homes for sale; Foreclosures; For sale by owner; Open houses; New construction; Coming soon; Recent home sales;. The pandemic upended New York City’s real estate market,. coop . Sponsor units are not common in New York City real estate. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. 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. 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. 10018, or by. If the former, I don’t think it's possible to buy just one unit. But this apartment in Tudor City, 321 East 43rd St. Forest Hills homes for sale. That depends on the sponsor, building and has to be discussed with your real estate attorney. A guide to using a no-fee renovation loan from a NYC real estate firm. There are currently over 1,100 HDFC buildings in NYC, all of which receive tax breaks and other benefits to lower the cost of ownership. 2 million in 2019. 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. It is asking $695,000. When they refer to post-closing liquidity, co-op boards mean the amount of months’ worth of “rent” you. Illegal conversion is when an existing residential or commercial building has been changed to create an additional room, space, or unit without first. For buyers purchasing a. 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. 22 million. The first step in buying a condo in NYC will be setting a budget for your purchase. Aaron2, you're right. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. If you pay 400k in cash, you’ll have memories and 400k in equity. 9% applies to purchases of residential property valued at $25 million or more. This sweeping power vanishes, however, when a sponsor sells a unit. For transactions that are $500,000 and higher, that rate goes up to 1. New York rentals. Sponsor Unit - New York NY Real Estate. 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. The system has been extended and amended frequently, and now about one million apartments in the City are covered by rent stabilization. The gut-renovated apartment has recessed lights with dimmers, but its northwest-facing. The New York State Transfer Tax represents 0. T. ”. The building has a live-in super and a private courtyard, and is close to Montefiore Hospital, making it a good spot for medical residents. 2. Zillow has 187 homes for sale in New York NY matching Sponsor Unit. 5 results. We’ll teach you everything you need to. It discusses what sponsor units are, who sponsors them, and the adv. “Buying in a sponsor-owned co-op allows you to finance as much as the banks will allow you,” says Melissa Cohn, executive mortgage banker at William Raveis Mortgage. LISTING BY: R NEW YORK. (But it is high for Riverdale, where the median asking price for a one bedroom is $230,000, according to StreetEasy. Among more than 16,200 new condo units built since 2013 in New York City, roughly 4,100, or one in four, remain unsold. Why buying a co-op directly from the sponsor may be worth every extra penny. 625% for sales of $500k or more. 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. Compass Exclusives. This Clinton Hill two-bedroom sponsor co-op, 451 Clinton Ave. The NYC Transfer Tax is a new construction buyer closing cost of 1% for sales below $500k and 1. 425% for those $500,000 and up. Buying a condo in New York City is a dream for millions of people. 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. A grown child buying an apartment for a parent presents some unique challenges. Listing by E Realty International Corp. Estimate your buyer closing costs in NYC with Prevu's interactive calculator. NEW - 1 DAY AGO. Appraisal Contingency. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in. The sponsor is the person or entity who originally owned and converted the building from rental units to a co-op. For mortgages of one to three family houses and individual residential condo units with initial loan balances of $500,000. 2 beds. 425% on. once I buy it will it still be a sponsor apartment, and are there any cons to buying one. Most offering plans will stipulate that the sponsor relinquishes control of the board after 90% of the units are sold, or within 5 years of the first closing. 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. 2. 9% for sale prices of $25 million or more. 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. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. The new rates start at 1% beginning with properties of $1,000,000 or greater and gradually increase to a maximum of 3. In 2008, it sold for $442,000, and in 2018, for $560,000, before ending up with. Due to a change in state law, the Cooperative and Condominium Property Tax Abatement has changed for tax year 2022-23 (which begins July 1, 2022) and subsequent tax years. Most Common Sublet Policy: 1-2 years of subletting permitted after 1-2 years of initial occupancy by the shareholder. As in many cities, it depends on where you look and the state of the local housing market. Its iconic skyline is a testament to human ingenuity, ambition, and the relentless drive for…. New York City has a system of rent regulations known as “rent stabilization. Search NYC Apartments . The New York State Office of the Attorney General has promulgated regulations that govern the offer and sale of interests in cooperatives and condominiums. for a total of $34 million, including this three bedroom with views of Central Park. You might be able to organize with the other tenants into buying the whole building and going co-op, but that’s a huge undertaking. A guide to using a no-fee renovation loan from a NYC real estate firm. 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. 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. 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. There's a condo that I'm interested in but it's been on the market for more than 2 years. The new, conforming loan limit for mortgages that can be acquired in high-cost areas like New York City is $970,800, an increase from $822,375. 3 Seller is not a “sponsor” or a nominee of a “sponsor,” or a successor. Rent stabilized tenants are. (For sales under $500,000, the mortgage recording tax rate is 1. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. The median price for a two-bedroom apartment in Midtown East is $1,850,000, based on current listings on StreetEasy. 107-40 Queens Boulevard UNIT PH 18A, Forest Hills, NY 11375. It will not only be difficult for the building to. it depends on what is written into the offering plan. 800 ft². 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. Buying a sponsor co-op means that you’re exempt from co-op board approval, and you can forgo. ) And they’re right. Board Approval Contingency. Closing costs involved in buying a new condo in NYC are usually higher than in resale transactions. 4M, a 54% increase from January and a 25% increase from last year. 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. 2. There are so many questions, but all you need to know it's out there on the web just google "buying a co-op in NYC" and read all there is out there, really. Hauseit LLC co-brokes all listings. Sold 10/31/22. Come visit. The first step in buying a condo in NYC will be setting a budget for your purchase. 2. Co-op in Turtle Bay. setting himself a positive precedent by buying a sponsor unit for $4. 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. It's one of the last. in Chelsea has 44 units on five stories and dates to 1865. In the 1980s, when many buildings were converted into co-ops, the original tenants had the option to purchase. licensed real estate brokers licensed to do business in New York. 175% on mortgages above $500,000, and that includes the tax for both NYC and NY State. A sponsor can sell all remaining sponsor units as a bundle to another sponsor, coupled with all other sponsor rights/responsibilities in the building. A grown child buying an apartment for a parent presents some unique challenges. NMLS #507535. Many of my out of town buyers have often seen 'SPONSOR' unit Co-Ops, I thought it will be helpful to create a post so everyone can understand the difference between a traditional Co-Op and a Sponsored Co-Op apartment. 4% and 2. The residential unit is valued at $500,000 while the retail unit is. licensed real estate brokers licensed to do business in. Sponsor unit queens. And if you’re blessed enough to be buying a sponsor unit,. 17. Exceptions include sponsor units…For example, let’s say that you are in contract to buy a co-op sponsor unit. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. Nourish generated revenue of $1. “This could add 1. 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. A. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla345 East 57th Street, #16B$895,000. Exceptions include sponsor units that were held aside by the developer after the building. 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. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. If you’re looking to buy a sponsor co-op in New York City right now, you have more options to choose from, possibly a result of Covid deaths. Step 1: Figure Out Your Budget and Financing. coop . - Condo for sale. Exceptions include sponsor units that were held aside by the developer after the building. 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. Sponsor units can sometimes be found in new-development condos, in which case the developer. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. Sponsor Unit No Board Approval Required. Who owns it, then? The building, typically.