Main Menu. 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. mortgage or a sponsor’s failing to pay maintenance on unsold shares, it is important to act swiftly. What is her first step?, Melissa just purchased a condop unit. In New York City, the transfer tax is 1% of the purchase price on properties less than $500,000, while it is 1. Negotiating with a sponsor. Main Menu. (and California!)Minimum downpayment and asset requirements in co-ops vs condos. Maximum allowance of subletting for a shareholder: Most co-ops. Co op rules and regulations in NYC can be extremely onerous for residents. Negotiating the deposit. 81-05 35th Avenue UNIT 1J, Jackson Heights, NY 11372. Hey showtime, you avoid the major ones by buying a coop at this price point. There may be case by case downsides but your lawyer will advise you. A sponsor is a person or business entity starting a condo or co-op through conversion or as new construction. , #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. ” 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. Obviously it’s a no-brainer, if you can afford it. 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. vacated and sold each year, and the sponsor's done much better overall with the post-conversion sales than on the initial 50%. 1ba. Brits bulk buying New York’s unsold sponsor units. Minimum sublet term: In order to deter short-term rentals, co-ops require minimum sublet terms of at least 1 year. 004 percent of the purchase price (which equals $4 per $1,000 of purchase price). primary residence). 2. 187 results. Board Approval Contingency. 5Bath on the 4th floor of an elevator building. That equates to $875 per month in common. 110-38 64th Ave #36/35B, Forest Hills, NY 11375. Why buying a co-op directly from the sponsor may be worth every extra penny. 9% for properties purchased for $25,000,000 or greater. 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. The details of the transaction need to be worked out and due diligence needs to come back clean. and filed with the New York City Register. The New York State Transfer Tax represents 0. 125% New York City tax) All other mortgages with initial loan balances of $500,000 or more. Business, Economics, and Finance. Why buying a co-op directly from the sponsor may be worth every extra penny. Most Common Contingencies in NYC Real Estate Purchase Contracts. Marketing for sale Sponsor (& Re-sale) Units in NYC. Exceptions include sponsor units that were held aside by. Higher rates apply for commercial transactions and multifamily properties with 4 or more units. No issues at all with the tenants. A sponsor unit is an apartment in a co-op or condo that the developer or investor has retained after selling the other units. How buying real estate in NYC is unlike anywhere else. Updated March 8, 2022. Today might be your lucky day on your apartment search! Introducing a sponsor unit, Junior 42bedroom at the prestigious The Virginia building. Any residential sale below $3 million will remain at the already established 0. 9% for sale prices of $25 million or more. 825% for the transfer taxes and $2000-3000 for. and filed with the New York City Register. If price > $499,999 then 1. Rental Unit in Financial District at 180 Water Street #302 for $3,495Buy Menu Toggle. 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. A sponsor unit is a co-op unit that belongs to the sponsor, the building’s developer. 4 All checks for closing adjustments aggregating in excess of $2,500. 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. (From a listing at 408 W. Top podcasts; Episodios; Podcasts; Iniciar Contraseña; Registrarse;. In a Prewar Co-op. RECOMMENDED IN. It's not the regulations of the co-op board, but rather it's the terms of the proprietary lease. A sponsor unit differs from other units in that it has never been sold before. “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. This two-bedroom, one-bath sponsor co-op, 163 Ocean Ave. 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. Each listing provides the specific income limits that the HDFC. If your buyer’s agent hasn’t already explained to you the differences in closing costs associated with buying a sponsor unit in NYC, then you should consider getting rid of your real estate agent after reading this article. S. The tax is as high as 3. 05% on mortgages under $500,000 and 2. in rare instances, the offering plan allows an investor to purchase bulk and retain sponsor privileges. Part of a 15-unit co-op built in 1912, the. February sponsor contracts totaled $48. 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. located at 111 Fifth Avenue, New York, New. NYS Tenant and Neighbors Coalition 212-608-4320. This large and bright 2Br/1. The median price per square foot was $1,514, a 21% increase from January and a 16%. Each apartment owner will be required to pay the assessment. Buy Menu Toggle. 425%. Rent. An icon in the shape of a person's head and shoulders. There are roughly 3,644,000 homes in New York City. 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. Online searches for sponsor co-ops, which are. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in the real estate market. 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. 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. Come visit. 4% for sales under $3 million. 175% of the initial mortgage principal (includes a 1. This two-bedroom, one-bath sponsor co-op 163 Ocean Ave. “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. Please reach out to me with any questions. 814 Amsterdam Avenue, New York, NY. 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. (For sales under $500,000, the mortgage recording tax rate is 1. Normally, the seller pays the transfer taxes on a sale, which, in NYC, amounts to 1. In most cities in the U. You pay NYC transfer taxes of 1% of the purchase price because it's under $500,000. Sponsor units are free from many rules and restrictions, making it easier for buyers to close and move in. The sponsor is simply the developer or builder of a new construction or re-development project. You might be able to negotiate with your landlord for a longer lease with a lump sum, but you wouldn't OWN at the end of it. Then go to the Location section and select the neighborhoods or boroughs you’d like to browse for homes in. 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. Use the filtering options available (number of bedrooms and bathrooms, square footage, year built, etc. 65% on sales from $3m. The exact time will depend on the property and whether you’re making an all-cash purchase or financing. However, this term can have a different meaning depending on whether the unit is in a. branch and doing business in New York State; 1. 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. experienced brokers and they are ready to help you buy or sell your piece of NYC real estate. 1 bath. That happened to Lincoln Towers, for instance. 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. HDFC buildings were created in the 70s, and 80s to allow tenants to break free from their “slumlords” to form cooperative buildings. Condo for Sale in Queens, NY: Gorgeous 1 bed 1. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. Broker Fees in NYC: Do They Still Exist? In May 2021, New York State affirmed that broker fees were legal. There are many advantages as well as considerations to buying a sponsor unit in NYC. 4, 2013. $330,000. Absolute NYC & NYS Seller Transfer Tax rates in YORK are 1. 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. You avoid the 1% Mansion Tax since it’s under $1mm. We’ll teach you everything you need to. This updated apartment has new appliances, new kitchen sink. What is a sponsor unit? What are the advantages to buying a sponsor apartment in New York City? What are the negatives to. It's located in 11415, Kew Gardens, Queens County, New York City, NY. 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. We have 41 properties for sale listed as sponsor unit rego park, from just $285,000. 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. Nice perks: free rolling racks and shelves, climate-controlled units, package acceptance, and a free storage shuttle for you and your stuff. After all, Cooperative is our middle name! Call us at (646) 201-4714 or email Brittney Baldwin at bbaldwin@ncb. Once upon a time, you knew you had finally made it in New York City when you could afford to buy a penthouse apartment. This typically involves the seller's NYC and NY state transfer taxes, and/or the seller's attorney fees. . If you have any additional questions, please contact us after reading this NYC Mansion Tax guide!. 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. 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. There are many terms in the real estate world but one that has been bandied about for a long time is “Sponsor sale”. Rental Listing Service; Closed Transactions; How it Works; Pricing; Resources Menu Toggle. 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. The earlier you have this, the better. 2. 4 percent transfer tax to New York State. SPONSOR UNIT, No Board Approval Needed, As Easy as buying a condo. 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. 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. 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. Pay Attention To Closing Costs. Save 6% when you sell or get a 2% commission rebate when you buy in NY & FL with Hauseit. . Unfortunately, the same could be said of buying real estate in New York City: It’s different here. Q. Save 6% when your sell alternatively get a 2% commission rebate when you get in NY & FL with Hauseit. 72% per year, or $7,200 per year according to average NYC property tax rates discussed in our article on NYC real estate taxes. We #lovebrooklyn!28 Apr 2022 · The Real Estate Broads of New York. The first step in buying a condo in NYC will be setting a budget for your purchase. National Cooperative Bank offers competitive rates and easy pre-qualification. 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. licensed real estate brokers licensed to do business in New York. 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. The first step in buying a condo in NYC will be setting a budget for your purchase. Mansion Tax must be paid on all real estate purchases over $1000000. Studio. $355,000. Who owns it, then? The building, typically. CONS: • Higher closing costs: New York City and State have transfer taxes of 1. “Sponsor listings” mostly are found in condo buildings, since. Here are five great sponsor units. S. There is an upside to buying a sponsor unit, most popular is that it usually is a co-op and with a sponsor. Why? Because anyone with good credit, who can get a mortgage, the specified down payment and enough reserve funds. 4M, a 54% increase from January and a 25% increase from last year. In addition to houses in 10453, there were also 4 condos, 1 townhouse, and 7 multi-family units for sale in 10453 last month. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. You should be aware of the fact that buying a sponsor unit does not necessarily guarantee that you won’t have to complete some sort of board application. 65% on sales by $3m. For a $1,750,000 co-op in New York City, the typical buyer closing costs would be $27,000. 2. Renters can expect to pay up to 15% of a unit’s first year’s lease to brokers. You will also be subject to New York State transfer taxes, which is 0. Right of Refusal Contingency. If the sponsor owns 22-25 units and they are larger than the others, the sponsors share allocation might actually be greater than 50%. Before you buy a co-op or condo — PDF version. For example, sponsors allocate common areas to individual units, and some sponsors measure the outside of the walls if it gets disclosed. You’ll need to know how much you can afford or want to spend before starting your search. 2. The property you purchase can be classified as a primary residence, a secondary residence, or an investment property. $749,210. licensed real estate brokers licensed to do. Below, see the insights we learned from the team based on their years of experience advising New Yorkers in. 825% for those that go for $500,000 to $2,999,999, and 2. By virtue of the fact that these are sponsor units, no board approval is required for these co-ops. Condo in Gramercy Park at 215 East 19th Street #15B for $3,995,000This includes a standard application, request for financial information (bank statements, W-2s from previous and current years, pay stubs, etc. 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. As a result, you are buying a sponsor unit from the building’s original developer or company rather than the previous owner. Both were sponsor units and have been on the market for months despite being fairly priced for the neighborhood. Common charges are $355 a month. (Though sponsor units do have their downsides, as well. $40,000) is the down payment of a house almost anywhere outside N. The most significant difference between buying a co-op and a condo is the ownership structure, says James Woods, Esq. You’ll need to know how much you can afford or want to spend before starting your search. The most expensive unit to enter contract was Unit 8401 at 35 Hudson Yards. 5 million. #4FE) Prices are based on the U. Ariel Property Advisors. HDFC apartments are also much cheaper than regular coop apartments. In sponsor sales, the sponsor attempts to pass those costs along to the purchaser. New York city Real Estate is made up with Co-ops, Condominiums, Townhouses and Rental Apartments. 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. Both unit types come with their. An Accessory Dwelling Unit (ADU) is a small, independent residential dwelling unit located on the same lot as your home. For example, a two-bedroom apartment may hold 250 shares in a cooperative, while a one-bedroom apartment expresses 150 shares. out this great listen on Audible. 2. 8% of the initial mortgage principal (includes a 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. Renovated, it includes wood floors, plentiful cabinets, a kitchen island, and recessed lighting. Pay a premium price for the convenience of no board approval; Re-sale poses the hurdle of board approval for the next buyer; Higher closing costs similar to new developments; When do sponsor units list for sale? 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. Sponsor units in NYC are more commonly found in co-op buildings that once operated as rental properties. Co-op in Turtle Bay. For buyers, sponsor-owned apartments usually carry a higher price tag than resale units, despite the wear and tear they might. Spacious 1 bedroom 1 bathroom apartment at Rock Hill Terrace in Bayside. 4% in NY State transfer taxes. 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. 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. “This could add 1. By. The benefits of buying into a. $225,000--bds; 1 ba--sqft - Coming soon. You’ll often encounter more rules in a co-op building vs a condo building. most of the time, you become like other unit owners. 175% on mortgages above $500,000, and that includes the tax for both NYC and NY State. Common Misconceptions. 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. This is one of the many reasons it’s always ideal for comparing pricing within a building. NMLS #507535. How to handle problems with a condominium board of managers. The Real Estate Finance Bureau reviews offering plans to ensure compliance with. A Chinese investor bought two sponsor units at 111 West 57th St. 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. This is the reverse of a traditional private resale where sellers pay the Transfer Taxes and cover their own attorney fees. 9 million and reselling it for $7. Sales of cooperative and condominium units are made pursuant to the terms and conditions of an offering plan. 425%. Buyer Closing Credit. $360,000. Main Menu. 825% of the purchase price onto your closing costs if the property is priced over $500,000, or 1. LISTING BY: EXP REALTY NYC. Sponsor units are created when a rental building is converted into a co-op (or condo) and some apartments are kept as investments by the developer—or “sponsor”—of the conversion. With 40 years of lending to buyers in New York City, NCB is the bank for co-ops. Associated with Compass. The NYC Transfer Tax is between 1% to 1. Buying a sponsor unit in a converted co-op or. 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. licensed real estate brokers licensed to do business in. Each owner actually owns their own residential unit, but shares the real property that is known as the common. • 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. This seems like an issue you’ve been asking all over Reddit this past week. 101 Jackson Ave Unit 1E, Mineola, NY 11501. “ Procuring cause” does not get defined precisely anywhere. Jul 12, 2019 - Explore Team Hauseit's board "Buying a Home in NYC" on Pinterest. When they refer to post-closing liquidity, co-op boards mean the amount of months’ worth of “rent” you. The Pros and Cons of Buying a Sponsor Unit in NYC. Share 0. In many cases downpayment go down to 10%, but more and more sponsors go by the building's standards about it. The NYC Mansion Tax consists of 8 individual tax brackets. It can take up to 10 to 15 weeks (or more) to find the right condo for you. 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. After you pay 400k in rent you’ll have had some nice memories. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. This is a 3-bed, 2-bath, 1,350 sqft property. There are a number of different types of coop sublet policies in NYC. Higher prices. The term “sponsor unit” in NYC usually refers to a co-op apartment that is being sold by the sponsor. 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. August 27, 2020. That depends on the sponsor, building and has to be discussed with your real estate attorney. You are not truly buying the property. Closing costs involved in buying a new condo in NYC are usually higher than in resale transactions. 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. What are the Benefits of Buying a Sponsor Unit? What are the Benefits of Buying a Sponsor Unit?Occupants who didn't buy were allowed to continue renting in the building. This 5,000 BTU unit is the best-selling model on Amazon, and is ideal for a 100- to 250-square-feet room. An offering plan is a document that details all kinds of important information on an apartment unit in NYC. $315,000. Glacier bought unsold sponsor units in nine co-op buildings, which was the equivalent of 255 apartments, 218 of which were not rent. RECOMMENDED IN SELL. But the range can be vast, depending on the co-op—anywhere from 10% down (rare) to 50% or more at higher-end buildings. This 688-square-foot, one-bedroom condo sponsor unit condo has an open kitchen with a breakfast bar, stained oak flooring, radiant heat flooring in the bathroom, and a washer and dryer. 425% for sales of condos, co-ops and one- to three-family houses. In March, according to StreetEasy, a four-bedroom on the 22nd floor was the condo’s least-expensive unit, at $6. SPONSOR UNIT with NO Board Approval and only 10% down! This spacious and sun-drenched unit features a beautiful. 9 million. Q Our building is 75 percent shareholders, 25 percent sponsor units (renters). Unfortunately, since the 421a tax abatement program got a major makeover in 2016, new developments with this type of abatement will become. . Find apartments with sponsor unit in Manhattan | 50 Rentals. 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. As CityRealty data shows, condos in New York's Downtown neighborhoods are in hot demand. Spectacular 14th floor one bedroom condo with private balcony and Manhattan skyline views. 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. 110-15 71 Road #2E. licensed real estate brokers licensed to do. (The average Manhattan apartment last year cost around $1. Furthermore, Dr. If you plan on financing, you should start looking at lenders and obtain a mortgage preapproval. This Kips Bay one-bedroom, one-bath unit is in an investment-friendly co-op building, which allows subletting from day one. 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. buying Co-ops family retiree sponsor unit. 425% for sales of $500k or less. 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%. 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. 5 results. You can find this luxury amenity at new developments like Jolie at 77 Greenwich St. 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. I understand the benefits of buying a00:08:54 - You’re searching for an apartment and you continue to see this every now in the description and it says “sponsor apartment, no board approval”. One of the most overlooked parts of the application process requires you to obtain personal reference letters (aka recommendation letters) from friends or colleagues who can vouch for your good character. See pricing and listing details of Forest Hills real estate for sale. For all residential transactions from $499,999 and less, New York City collects 1% of the sale price. 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. Appraisal Contingency. Contract of Sale—Condominium Unit. Set Your Price Range. Other perks of buying directly from a sponsor can be lower cost or a. Listing by E Realty International Corp. 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. It works this way: When you inspect a multifamily property, you’ll make a list of what. 2 bds. 98-120 Queens Boulevard, Unit 4G. A special category of apartments in New York City are called “sponsor units. A sponsor unit is an apartment in a building that’s still owned by the original builder/developer of the building (in the case of condos) or an owner of the building before it went co-op, who still holds “unsold” co-op shares. Buy Rent Sell. $859,000. RE: Hefetz to Olivieri Apt. Map. Select a minimum price (optional) and a maximum price. Tudor City homes for sale. Brooklyn Realty Specialists - Residential and Commercial Sales and Rentals, Condos and Co-Ops With Exceptional Service – Realty Collective. , between Broadway and Amsterdam Avenue, has high ceilings, a windowed kitchen, a windowed pantry and a new bathroom. 4% of the sales price for properties below $3 million, and 0. Recently Sold. 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. You’ll need to know how much you can afford or want to spend before starting your search. Buying a Sponsor Unit in NYC. All-cash buyers can expect to close in as little as 6-10 weeks. Let’s assume that property taxes are 0. The offering plan is a document that discloses important information about a condo or co-op to a prospective buyer.