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A blog from CityRealty (Links below will take you to the 6sqft site)


View from The America (Brown Harris Stevens) View from The America (Brown Harris Stevens)
At the peak of the Manhattan real estate market, around the first quarter of 2016, there were 1,648 co-ops for sale in Manhattan (not in contract). Today, there are 3,832 co-ops available, a 133% increase. But while the number of listings has jumped, prices have fallen - as simple economics show, this is the result of an increase in inventory and a drop in demand. The average price of an available co-op in Manhattan has plummeted by nearly $1M from $2,752,248 in January 2016 to $1,779,947 today, or more than one-third (-35%).
This is truly a buyer’s market, but not everyone is rushing to take advantage of it. Some buyers are more excited about amenity-rich condos than the stately historic buildings that some consider a mark of making it in Manhattan, and still others are eager to avoid the notorious board interview. The latter would be advised to look for three little words: “No board approval.” These refer to sponsor units owned by the original owner or corporation, usually the one responsible for converting a building from a rental to a cooperative.
When a co-op listing says “No board approval,” that can come as a relief to some buyers. This means avoiding the board interview, which can require everything from submitting one's financial history to bringing one's dog to make sure it’s a good fit. The lack of a board review and interview can also result in a quicker purchase, especially at a time when less than tech-savvy boards have slowed down a buying process that has gone increasingly online in the wake of the pandemic.
However, “no board approval” is not and should not be treated as a get-out-of-jail-free card. In transactions such as these, the buyer will have to pay the transfer tax, as well as a premium for the ease of not having to go through the board process. Moreover, residents of these units will still be expected to abide by the board’s bylaws, including possibly getting renovations approved by the board.
We take a look at co-op listings that do not require board approval in neighborhoods that experienced the largest price drops. Full details may be found in the chart below. Please be advised that this compares available, not-in-contract co-op listings throughout Manhattan.

211-East-53rd-Street-01 All images of The Hawthorne via Halstead
From the listing:
High above the clamor of the city is this stunning one bedroom retreat with a lush planted terrace. No expense has been spared in the beautiful and thoughtful renovations. From the new kitchen with lots of counter space and storage, to the in wall sound system as well as accent lighting you really feel like you are home when you enter.

Closets, closets and more closets, thoughtfully hidden away are a wonderful surprise in your new home. The newly renovated bathroom has a huge soaking tub to wash away the stress of the day. Whether entertaining or just a quiet time at home, your terrace provides the tranquility we are all seeking today. No board approval required!
See floor plan and full details here.

490-West-End-Avenue-01 All images of 490 West End Avenue via Stephen P. Wald
From the listing:
This grand classic seven located in one of the Upper West Side's blue chip, prewar cooperatives offers a large entry hall, a formal living room with decorative fireplace, a paneled formal dining room with beamed ceiling, a butler's pantry leading to a windowed, eat-in kitchen with maid's room and bath as well as three additional, well proportioned bedrooms. The prewar details include high ceilings, moldings, a decorative fireplace and parquet floors. See floor plan and full details.

430-West-34th-Street-01 All images of Convention Overlook via Charles H. Greenthal Management Corp.
From the listing:
Excellent opportunity to personalize your own perfect studio apartment at Convention Overlook in the new hip Hudson Yards area. Convention Overlook was built in 1963 and converted to co-op in 1988. This 17-story building with 177 apartments also features a landscaped and furnished rooftop deck with 360-degree views of the city.

This full service building features 24/7 doorman, live-in super, laundry room, storage and bike room available, parent buying, co-purchases, gifting, guarantors, and pied-a-terre allowed. Easy access to all public transportation and all the shops, restaurants and conveniences of one of New York's liveliest neighborhoods.
See floor plan and full details here.

2-Horatio-Street-01 2 Horatio Street via Classic Marketing LLC
From the listing:
First time ever on the market at 2 Horatio, one of the most sought after buildings in the West Village. Newly available, residence #10L is a very special corner one bedroom offering a wood burning fireplace and world famous views to the south facing the financial district. Experience the prewar elegance of beamed ceilings, generous closets), windowed kitchen and bath plus hardwood floors. Best of all, this is an opportunity to purchase a desirable co-op with no board approval as it is a direct sponsor sale. See floor plan and full details here.

321-East-43rd-Street-01 All images of The Cloister via Compass
From the listing:
Be the first to live in this gut renovated, triple mint home with an extra large living room, wide plank floors, high 9' ceilings, designer custom ceiling lighting, and huge eat-in, windowed kitchen with custom cabinetry. There is a stainless steel Bosch cook top, Bosch dishwasher, Bosch Microwave, Bosch Oven, Caeserstone countertops, and tons of kitchen storage. A true Chef's delight! There is an enormous master bedroom that can easily fit a King-size bed and additional furniture, while also providing generous closet space. The second bedroom is generously sized and has ample closets. The large custom designed bathroom has a spacious bathtub, high-end fixtures, and custom cabinetry. See floor plan and full details here.

415-Central-Park-West-01 All images of 415 Central Park West via Douglas Elliman
From the listing:
Meticulously renovated prewar studio in a stately Central Park West building--no board approval necessary. Open kitchen features sleek stainless Bosch appliances, a Bertazzoni stove, high design ceramic floor tiles and backsplash, and gorgeous lava stone countertops including a large breakfast bar for ample seating. The bathroom is perfectly designed with elegant tiles and a walk-in shower with glass enclosure.

Brand-new insulated windows promise quiet serenity within. There are two large closets and wide plank white oak floors throughout the living area--the perfect pied-a-terre or first apartment.
See floor plan and full details here.

410-Central-Park-West-01 All images of Edith Apartments via Barshay Brokerage
From the listing:
If you don't want the difficulty of co-op board approval or you feel you don't meet most requirements for approval, then this apartment is for you! Prewar charm meets brand new modern renovation. Located on fabulous Central Park West.

Come home to this classic prewar Co-op doorman building and enter your beautiful two bedroom/two Bath oasis with Central Park views. As you enter this wonderful home you have a sense of tranquility with a huge open and lofty kitchen, dining and living area. Once inside you will find every room has a window, a rarity in NYC.

The windowed bathrooms offer Carrara marble, new internal plumbing and Kohler fixtures. The kitchen will bring out your creative chef in you. Beautiful white Shaker style cabinets with soft closure doors and drawers offer tremendous storage space.
See floor plan and full details here.

418-East-59th-Street-01 All images of The Grand Sutton via Sotheby's
From the listing:
This sun-flooded tenth-floor three-bedroom, three-bath at the Grand Sutton is spacious, with high ceilings, and is located just steps off desirable Sutton Place. No Board approval required for this north, south and west-facing cond-op with spectacular open city exposures and a private balcony. With only two apartments per floor and split bedrooms, your privacy is assured. The entry hall leads to an expansive and sun-drenched living and dining room with views of the 59th Street Bridge, the river and the Roosevelt Island tram.

The windowed kitchen, with a pass-thru to the dining area, has been updated to maximize storage and counter space. The apartment features three large bedrooms: the primary bedroom has two walls of closets, oversized windows, an expansive en-suite windowed bathroom and access to the balcony. The two other bedrooms, one with an en-suite bath, also feature abundant closet and storage space.
See floor plan and full details here.

235-East-87th-Street-01 All images of The Plymouth via Warburg Realty
From the listing:
No board approval is required for this brand newly renovated junior 4 unit in the Plymouth, a full service non-smoking cooperative building on the Upper East Side. Currently configured as a one bedroom with a generous dining area, the apartment can easily be converted into a two-bedroom unit. The spacious living room and bedroom face south with sunny open views. The expanded chef's kitchen is outfitted with stainless steel appliances, glossy white maple wood cabinetry, Caesarstone countertops, porcelain tiled floors, and a ceramic tile backsplash. The bathroom features a new sink, bathtub, toilet and vanity, ceramic floor tiles and porcelain wall tiles. Brand new flooring and numerous closets run throughout. Best of all this is a sponsor sale which makes for a quick and easy transaction. See floor plan and full details here.

300-East-85th-Street-01 All images of The America via Brown Harris Stevens
From the listing:
This stunning one of a kind, five-bedroom home is the largest residence offered in the building with spectacular city/river views from the 27th floor spanning approximately 2,750 square feet. Enjoy picturesque city views with three exposures: northern, eastern, and southern.

Features include gourmet eat-in kitchen with custom cabinetry, granite counters, Sub-Zero refrigerator, Viking gas range and Viking microwave, Miele dishwasher. Marble baths, excellent closet, and storage space featuring California closets, beautiful built-ins, crown moldings. Ceiling height approximately 9 feet, washer and dryer in the apartment! Only 3 apartments on this floor.
See floor plan and full details here.

64-East-111th-Street-01 All images of La Celia via Compass
From the listing:
New one bedroom with open layout. Generously sized rooms with near ten foot high ceilings and expansive over-sized windows. The full-sized open kitchen is a cook's paradise.

Contemporary accents and fixtures, wide plank oak flooring, marble tile and white granite counter tops compliment the spacious environment This newer construction mid-rise with common amenities available to all residents are landscaped community terrace, a community room, fitness room, laundry room and bike storage. There are no taxes until 2036 due to the 421a abatement. No board approval required.
See floor plan and full details here.

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Content Specialist Michelle Mazzarella Michelle is a contributing writer and editor for real estate news in New York City
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