Does a no board approval sponsor unit translate into a higher price?

there are really two questions:
1) does it make sense for you to pay more for the apartment because there's no board approval required?
2) will the apartment be worth more than one with board approval required when you go to sell it?

The answer to (2) is obviously no, since the person you sell to will have to go through board approval. So, the questions are how much is it worth to avoid the hassle of a board and how much extra is it worth to you to be able to get into this apartment, since you don't think you could get it if you had to be approved. Just know going in that whatever gatekeeping charge you're willing to pay for the convenience is money down the toilet - it won't make the apartment more valuable when you go to sell.

The short answer is yes, no-board-approval translates into a higher price than the same apartment with board approval. Yes, it won't help when you go to sell it, and it may not be worth it to YOU, but it will be worth it to SOMEONE, and that's all the sponsor needs to know.

#2 here. I agree with you, #3 that it may be worth it to someone. But, it's of course worth it for OP to consider whether that's a cost he wants to pay for. Just want to make sure he realizes what the extra money is going for - and it's not equity.

No question #2.

Sounds a bit like a sales ploy on the part of the seller. In this market some sellers scoff at lower bids thinking their place is the best thing since sliced bread and can hold out for a higher price, only to find months later, when the place is still on the market that they should have taken that earlier bid.

You should find out for how long the place has been on the market and how eager the seller is to close (is it part of the owner's estate? If so there might be a family issue and they may want to sell quickly). Also they're going to make a nice profit no matter what, as the owner purchased the apt so long ago. This info will give you a clue as to whether you should hold your ground or bid higher.

Also ask yourself if your bid is realistic, considering comparable sales in the same building/nabe, and a discount for the rennovations. Just wondering, how much % below the ask did you bid?

All of that is true #6, but it doesn't really answer the question, which is does no board approval mean a higher price, the answer to which is indisputably "yes." That's not to say that the asking price isn't going to be too high, but there is no question that a sponsor unit requiring no board approval is going to sell at some premium to an identical apartment requiring board approval. One caveat: The fact that sponsor units often require the buyer to pay the sponsor's transfer tax and attorney's fee will obviously tend to reduce the premium the sponsor can expect from the absence of a board approval requirement.

I bid significantly below the asking price. However, I looked at the comperables. The only thing I found close to it was another apt that was on the market for 456 days (I kid you not!) and that sold close to what my bid was (and a lot less than asking price). The seller is the owner of an apt that had a rent controlled tenant in there. The owner is not family. I think it is a bit of a sales pitch also. The apartment needs a ton of work. It has nice bones, but needs to be entirely gutted. It's 100k of work minimum. It is not the only apartment I am interested in; its just that I did see good potential in it. It's prewar and has cute hallways and closets and moldings. I don't think the "no board approval" should translate into 114k above what the other apartment sold for. I think I will pass unless the owner comes to his senses and take my offer.

Yes, sponsor units generally sell for higher prices. Plus, the closing costs are higher because the buyer pays both the buyer and the seller's closing costs.

#6 here again. OP it sounds as if you're approaching this the right way. I say hold your ground and see what happens.

#8 $114 is way too much over the price of other similar apartment..Board or no Board don't do it.